Low interest rates and the COVID-19 pandemic have combined to shift the trend of renting a home to buying one. With it being a great time to sell your home, MortgageMe shares some insider knowledge on how to get the deal signed fast
The South African Reserve bank cut interest rates in 2020 to try and mitigate the impact of the COVID-19 pandemic on the economy, which contributed to significant movement in the residential property market and put property investment within reach of more people, especially first-time home buyers who found it possible to make the jump from renter to homeowner sooner than they’d anticipated.
With interest rates still at record lows, this means that if you have been thinking of selling your home, now is the time to take the leap. If you have been trying to sell for a while, here are some mistakes you may have been making and how to fix them:
1. The price isn’t right
If you want to sell your property in a reasonable amount of time, you need to ensure that the price is market-related from the start. An emotional attachment to your home may cause you to set an unreasonable price for the property, and some sellers inflate the price to make room for negotiation, but this, in fact, just deters potential buyers. Seek advice from an experienced estate agent who works in your area as they will have information on house prices in your area and the accepted offers of recent sales.
2. The exterior has been neglected
However good your home’s interior looks, if the exterior is in bad condition, that is the impression that will stick with viewers. First impressions are important, so take time to spruce up your garden by mowing the lawn, pruning unruly shrubs, and tidying the flowerbeds. Consider adding some pot plants to your entrance and colourful bedding plants to your borders.
3. There is too much clutter
We all have some clutter in our homes but tend to become blind to it over time. Try seeing your home from a stranger’s perspective and get rid of excess stuff to maximise the perceived space in your rooms. Either put it into storage, bin it, recycle it or donate it. This will make your life easier when it comes time to move. If you hide it away in cupboards, lets just hope nosy prospective home buyers don’t go snooping!
4. The kitchen is letting you down
When people buy houses, it is often the kitchen that seals the deal. It is one of the most important rooms in the house, and is worth the most per square metre, so it needs to look good. If you’re willing to spend, consider replacing the cabinets if necessary or upgrading the countertops. Alternatively, upgrade the fixtures, reface your cabinets, apply fresh paint where possible or simply declutter the countertops.
5. Bad lighting is putting buyers off
Ensure your house is bright and airy – this gives the impression of spaciousness. Clean the windows, put in brighter light bulbs, add more lamps and trim any trees or bushes outside that may be casting too much shade. Mirrors add to the brightness and make rooms look larger. And please ensure all your light globes are working, it’s the small things sometimes!
6. The paint job is old
One of the most affordable ways to brighten up your décor is to give the walls a fresh coat of paint. If you can’t wash off snuff marks or children’s footprints (while asking how they ended up all the way over there), painting over them works like magic. Light colours also give the feeling of space. However, avoid white and bright colours – rather go for neutrals that will appeal to more people.
7. Small problems are creating bigger ones
Now is the time to make all those minor repairs you’ve been putting off, such as cracked tiles, broken windows, chipped paint and broken doorknobs. Small defects can give a prospective buyer the impression that there are more, perhaps bigger, problems hidden away. If you can justify a handyman for a day because the list is just that long, it is a worthwhile expense.
8. Your home needs a spring clean
Spring clean your home, making sure every element sparkles and the rooms are spotless. Deep clean your carpets and curtains, get rid of limescale in your bathrooms, clean the grouting, wax wooden floors and remove odours. If you don’t have the time or energy to do this yourself, hire a cleaning company. And spend the time getting the house ready and clean for Sunday show days, even if it means getting rid of mess-makers for a few hours.
9. Not enough storage space
When showing your home, a clever trick is to partially empty your cupboards and then arrange the remaining contents neatly to look tidy and spacious. Buyers are always on the lookout for storage space.
10. Your advertising isn’t attracting buyers
The pictures you post on your listing are the first images of your home people will see. Make sure they are impressive and if you aren’t too skilled in photography, perhaps hire a professional. Consider also adding a video tour to your listing, so buyers can take a tour before they visit.
11. Selling points buyers can’t necessarily see but might just seal the deal
If you’ve spent money on features of your house that you thought were necessary and beneficial, make sure your estate agent has that list and is actively selling these points. We’re talking about solar heating for a pool, a solar geyser, piped in gas, ceiling insulation and reliable fibre in your neighbourhood etc.