A private home sale is a complex and usually lengthy process in which you as a seller can quickly make mistakes. In this guide we will introduce you to the process of selling a house. We explain the most common mistakes when selling a home and give you important tips to avoid these mistakes.
How does a private house sale work?
A private house sale consists of four process phases, preparation, marketing, processing and handover.
Phase 1- Preparation
The first phase is the preparation phase. In this phase you should determine the value of your property and set the offer price. In addition, you should compile or apply for all important documents for the house sale.
If necessary, you should also prepare your house for sale, i.e. make cosmetic repairs and remove personal items so that they do not interfere with the photos for the exposé and during the viewing appointments.
Phase 2- Marketing
After preparation comes the marketing phase. In this phase, you should define your marketing strategy based on your target buyer group, create an exposé and advertisements, as well as make viewing appointments.
Phase 3- Processing
Once you have found a buyer, the processing phase begins with sales negotiations. Here you should check the creditworthiness of the buyer before drawing up the purchase contract with the notary.
Phase 4- Handover
In the final phase there is an appointment with the notary and the contract is signed. After the buyer has paid the purchase price for your house, the notary will make the entry in the land register. The sale of the house is complete when the keys are handed over.
1st mistake: The wrong time
Preparing for a house sale is just as important as the house sale itself. And that includes carefully considering when you want to sell your house. The time of sale can be decisive in determining what sales price you can achieve for your property.
In order to get the optimal price for your property, it is essential that you observe the property prices in your area in advance when you sell your home in order to identify possible trends in price developments.
You should also keep an eye on the development of interest rates. This is the only way to ensure that you can find a buyer for your home and sell the property at the best price.
2nd mistake: The real estate market value is unknown
When you sell your property, it is relevant to know the current market value of your house or apartment. As an owner, you may still remember the price you once paid for your home.
You are also likely to have the costs for any repairs, renovations and improvements. But if you have owned a property for a long time, it is not unlikely that the current market value will deviate significantly from the purchase price originally paid.
Generally speaking, property prices are determined by supply and demand. The value of a property also depends on other factors such as the location, equipment and condition. In the property valuation, it is important the correct valuation method to use for your type of property.
To ensure that the valuation is carried out correctly, you should hire an expert to assess your home. Thanks to the valuation, the real estate expert can determine an appropriate sales price for your property.