“I know about investment. It’s really obvious – you buy property, let it sit for a couple of years and then sell it and reinvest” ~ Melanie Brown.
Although the quote above from the former Spice Girl member is rather over-simplified, there are plenty of truths in it too. Investment is not just about knowing when to buy but also knowing the proper time to sell. This remains true whether you are investing in stocks or property.
It may seem like a daunting task, especially for beginners, but with a little knowledge and tips, anything is achievable. And we’re here to help you through this journey.
Here are 5 important things you should know when selling your property.
1. Selling property to foreigners can be complicated
Properties in the country which are priced below RM1 million cannot be sold to foreigners. This rule makes sense as the government would want to make more affordable homes available to its citizens.
After that, all intended purchases of real estate property by any foreigner would require approval from a state authority. Approvals are subject to payment of a consent fee or 2 per cent of the sale price, whichever is higher. This approval is purely at the discretion of the state authority and could take as long as 6 months.
However, the purchase of industrial property does not have to go through the same approval process.
2. Know the proper market value of your property
They say information is power and knowing the current value of your property is a critical piece of knowledge to have. Thankfully, websites such as Brickz save investors from hours of research time.
At the site, everyone will have access to reliable, accurate, and up-to-date information on transacted properties in Malaysia. They are a reliable source of information too as they get their data from the Valuation and Property Services Department (JPPH). This is the government agency which officially records a property transaction once the stamp duty for the Sales and Purchase is paid.
3. Consider getting help from a professional real estate agent
Engaging the help of a professional real estate agent is beneficial as they will be committed to you, and will be willing to spend their effort and time in promoting your property. However, before hiring them, be sure to do background checks on them to ensure they are the right ones for the job.
First of all, make sure that they are registered real estate agents or negotiators. This will protect the purchasers as well as the owners from getting involved in any possible legal cases. Also, check the agent’s property listings on the web and ask some questions about the property market in the area. This is to ensure they are familiar with the territory.
4. Be smart about renovations
A good first impression matters so increasing the appeal of your property is of paramount importance. Making the proper renovations and landscaping will help achieve that.
However, some renovation areas are more effective than others, such as the following:
- Kitchen – Many experts say this area is the heart and soul of any home. This is where families gather together and interact on a daily basis. Be sure to set up an atmosphere where potential buyers would love to spend their time in
- Bathroom – This is also an area which hugely influences a buyer’s decision to purchase. Make sure you not only have a modern look here but also one which induces a sense of relaxation
- Entrance – This is literally where the first impression starts. Some good landscaping will not cost you much but could significantly improve the value of your property
- Outdoor space – If your property has such an area, be sure to highlight it. Whether it is a balcony or garden, proper decorations will make it seem like an extra room and an extension of the house
- Walls – it may sound simple but a fresh coat of paint makes a huge difference compared to old and dated ones
5. Use multiple marketing channels
This is the reality of all types of modern marketing – all channels must be utilised, be it online or offline. Failure to do so decreases your chances of finding the right buyer.
Therefore, make sure the agent you pick is well-versed in a variety of marketing channels.