Ask yourself these four questions before you make your first move.
I still have an outstanding mortgage. What is my first step?
You will need to find out how big your outstanding mortgage is and if there are any early redemption penalties. Also, you must obtain a rough estimate of the current market value of your property and what will be the net profit obtained after minusing out the outstanding mortgage payments. In addition, you have to bear in mind that chargeable assets (properties) sold less than five years after acquisition will be liable to Real Property Gains Tax (RPGT).
How do I determine what price do I sell my home for?
Carry out your research and get to know the local market inside out. Get a few real estate agents to give you a valuation of your property. The highest value is not necessarily the best, however. Ultimately, you will have to keep an eye on what the other asking prices are in the area. Buyers will usually try to negotiate a discount, hence it is advisable to top up 5-10% to the figure you are prepared to accept.
What can I do to boost my home value and sell it off faster?
You will have to show off your home to sell it faster. To do so, you will have to prepare it for staging – tidy up and get rid of unwanted items, give it a fresh coat of paint, fix those little damages and get some renovation works done. An added plus is that you will be able to enhance your property’s value as well.