How to Sell Your House in Retirement
Retirement is a time when many people choose to downsize from the family home and move into more manageable accommodation, such as one of the Retirement Communities Australia villages. If you have lived in your family home for a long time, it may have been a while since you went through the selling process. Here are some suggestions to help you prepare, and get the best outcome from the sale of your home.
What method of sale will you use?
There are three main ways that you can sell your home: • Auction. This method of sale can net you a higher price than expected, especially if you have a few people competing to buy. You are protected by a reserve, so you don’t have to worry about receiving less than your property is worth. Auctions also create a sense of urgency, which can make for a faster sale. • Private treaty. Private treaty sales allow for negotiation, and it is easy for a buyer to make an offer, as there is a stated price. Private treaty is a common, tried and tested method of selling. • Tender. Selling by tender means that you sell to the highest bidder. By not disclosing the amount you are prepared to accept for the property, you can generate competition and find out what the market is prepared to pay for your property.
Choose an agent
Selling your home is an incredibly important job, and if you are planning to use an agent it’s essential that you find someone you trust and feel comfortable with. It is a good idea to speak to a few different agents rather than choosing the first one you meet. Here are some questions you may want ask prospective agents: • What other properties have you sold in the area? • Do you have any prospective buyers who might be interested in this property? • How long have you been a real estate agent? • What is your fee/commission structure? • How much would I expect to pay in advertising costs? • What do you think my property is worth? Different agents use varying commission structures, so make sure you read the fine print before you sign anything, and don’t hesitate to ask if you don’t understand. Most real estate agents work on commission. Commissions can vary considerably between agents and areas, so it’s a good idea to do some research. Around 2-3% of the total sale price is generally normal. In some cases, this will include advertising and marketing costs, in others you will be required to pay extra.
Prepare your home
There are a number of things you can do to increase the appeal of your home when you are getting ready to sell. Even small cosmetic changes such as a fresh coat of paint can make a big difference to how your home is perceived. A few things to do before you invite potential buyers into your home include general maintenance and making small repairs around the property. If you have coloured walls, it’s a good idea to repaint them in a neutral colour, and clean any carpets or floors. De-clutter wherever possible to present a clean and fresh appearance. Although selling your home may seem like a daunting task, the benefits of downsizing, particularly to a Retirement Communities Australia village, are enormous. With a modern, lower maintenance property, you will be able to spend more time relaxing and enjoying your retirement, and less time looking after a large family home.