In 2005, a couple from the United Kingdom paid €190,000 for a property in Spain. When the housing market bubble burst in 2008, prices plummeted dramatically, and the couple placed the apartment up for sale for a pittance of €100,000 in 2009 before seeking expert help. Despite this, they were unable to find a buyer. As a result, they were forced to rent out their residence.
What caused this to occur? Because they made three critical errors: they did not contact experienced agents, did not choose the best time to sell, and did not correctly value the home.
To prevent such blunders and effectively sell your overseas property fast, we recommend that you follow the measures outlined below.
Publicise your sale.
According to the National Association of Realtors, three-quarters of house purchasers begin searching for residential property on the Internet. As a result, unless the property is really valuable and is likely to sell off-market, it’s best to list it online in most circumstances. Market across Europe, Scandinavia and the USA.
Find property platforms that offer interenational marekting.
Find the ideal time to sell.
The greatest periods to sell property are during the stages of expansion and the peak of its lifetime, when values are at their maximum and profit may be maximised from the sale. Those sellers who use the property personally during the time they wish to sell, on the other hand, do not always have the opportunity to wait for the right time.
It is also vital to consider the season you want to sell. Many people list their houses for sale in April or May, receive offers during the summer, and then seal the deal in the fall. Property is rarely put on the market before the holidays or in the middle of winter, when many people are away and not seeking housing. However, other customers are unconcerned with the season. For example, one of Tranio’s partners finalised a deal on December 31st since the customers, in this case, had a tradition of spending each New Year in a new house. The purchasers paid lavishly and to the seller’s profit because they were in a hurry and had a celebratory spirit. When selling the property during the off-season, you may take advantage of fewer residences on the market while still finding real buyers seeking a new home.
Contrast the property with comparable offers.
Please take the necessary procedures to obtain a preliminary assessment of the worth of your home; it is advised that you search through similar offers on real estate web portals and deduct around 5% from the average price (since many properties sell at a discount). This allows the owner to estimate the price and decide whether or not to sell under these market conditions. A more precise estimate can then be obtained from a real estate agent or an appraisal firm.
Calculate the associated costs.
Sellers of real estate must pay capital gains tax and realtor, solicitor, and notary commissions. Whether the seller intends to buy another house right away, it’s good to do some preliminary budgeting to determine if there will be enough money to complete the new acquisition. Make your residential property appealing to sell it quickly. Put your house in order before selling it by doing the following:
Give it a thorough cleaning;
Remove any superfluous objects: remove excess furniture to make rooms appear larger, remove family photographs and personal belongings (according to Big Yellow Self Storage (UK), sellers add an average of €4,811 to the house value by tossing trash away, and another €921 by hiding family portraits);
- enlist the services of a professional to fix faulty appliances or utility connections;
- make aesthetic repairs (if necessary), such as altering the colour of the walls to neutral colours;
- tidy up and prune the area around the house
- It is not advisable to overspend on pre-sale repairs: pricey improvements such as constructing an additional bath or retiling the roof do not usually pay off.
Hire real estate agents.
When selecting a real estate agent, consider the quality of the website, client testimonies, experience, the agent’s expertise in the desired market sector, and their competency and attitude toward the buyers’ preferences. Professionals should be hired to evaluate your property. Property evaluation is best left to realtors and expert appraisers.
The global world has made real estate an easy deal. Individuals and investors from around the world can purchase real estate through international marketing. Now sellers can easily reach buyers from across Europe, Scandinavia, and the USA to present their offers and market their house investments. Contact us today to buy or sell your property overseas fast.