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50 Tips for Preparing to Sell

Tips 1 - 10 
This is the first in a series of tips on how to effectively plan your sale
  1. Be clear on your objectives Take a moment to clearly understand what your objectives in the sale are. Are you wanting more space, are you downsizing, are you disposing of an unwanted asset for financial reasons, do you just feel like it is time for a change? Are there multiple reasons behind the plan to sell? Write down your goals to solidify your thinking and then work towards that objective. If you fail to plan, you may plan to fail.

  2. Research your destination property - If your plan includes a new destination, begin by browsing the internet for the type of properties that are available in that region. You can browse what is currently for sale or browse the sold properties to see the actual prices people are paying. Sign up to receive email alerts of properties that fit your criteria.

  3. Check your finances -  Do you have a deposit ready to put down on your destination property, or is all your equity tied up in your current home? If you have equity in your home, you may be able to draw down on this value to obtain the cash needed to begin your purchase. Will you require a loan for the next property? This may be the time to shop around for a great home loan deal or refinance your current loan to get a better rate. You can start with your current lender but always compare what other deals may be available to you, sometimes a broker can secure a better deal than going directly through the bank.

  4. Decide whether to buy or sell first - Some people prefer to sell first in order to know exactly how much they will have to spend, Other people want to find their dream home first, secure it and then make arrangements to sell their existing property.

  5. Get to know a reputable real estate agent - Having a trustworthy real estate professional to call on for advice is vital for completing the process. An experienced agent will be able to advise on many aspects of the process as well as connect you with tradespeople and other professionals that may be needed to make you sale a success.

  6. Consider if you will need any other professional advice - Do you need to speak with your accountant to determine any financial or taxation implications of selling? Is a financial planner going to be needed? You will need a conveyancer or lawyer to prepare the contract of sale and Section 32 (Vendor's Statement) documentation in order to secure a purchaser. 

  7. Align your thinking with the other decision makers - Speak with your spouse, children or any other significant other who is coming with you to ensure you are all on the same page with the plan to sell. Do they share your vision of moving/selling and how will the decision impact you all. Will any compromises be needed to keep everyone happy with the plan to sell?

  8. Consider staying put and renovating instead of selling and moving - Is it practical to just renovate and stay in your existing property or will the cost outweigh the benefits? Do you just feel like a change regardless of any possible changes? Is it cheaper and more simple to just buy what you want? Speak with a builder to explain your vision for your existing property to see if it is practical and affordable.

  9. Understand the costs of buying and selling - Be prepared to pay the necessary expenses such as stamp duty on your purchase price, marketing expenses, conveyancing fees, agents fees and the cost of any preparation works that may be needed before going on the market.

  10. Set a deadline to be in your new home - A plan without a timeline to achieve it is often not going to happen and will remain just a dream. You don't need to rush this but having some boundaries around when you would like to have completed the process will enable and empower you to complete the necessary steps to achieve your goals.

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