Sales figures of housing units have gained traction in the last few months with reports indicating the highest figures in India’s leading 7 cities since the year 2015. For those who have waited to sell their homes for some time, this could be a suitable period to embark on the process. It is vital to quote a realistic price since prices which are unrealistic will only drive prospective buyers away according to the Chief Business Officer at Square Yards, Sumit Jain.
Sellers may go through online real estate platforms for getting a fair estimate of the market prices for their homes. Online firms may also offer this service at a nominal cost as per experts. You can also take help from brokers/agents in the locality.
Make sure that your house looks tidy when you are showing around potential visitors. The house should have been suitably cleaned and de-cluttered. Keep all the documents ready since buyers usually desire copies of property papers while purchasing a home. After the sale, these documents will be needed by the buyer. Delays may lead to the deal getting cancelled. You should have the conveyance deed in hand along with the housing society papers and NOC, sanctioned house plan, allotment letter and the latest receipts of property tax payments.
Paint your house afresh and take the help of professional cleaning companies for preparing the property before you showcase it to potential buyers. You should take all necessary permissions to sell the property before listing it for sale. Doing away with old and unnecessary furniture may help in creating a more spacious look for the home. RWA (residents’ welfare association) members should intimate the association about the sale and take permission for the same.
You can list your property on real estate websites since the listing will be visible to thousands of prospective buyers and lead to a faster sale according to Jain. He also stated that while brokers did possess intricate knowledge about localities, they did not always have accurate data on pricing. Hence, the price that they quote may not always sync with the real market price according to him. Consulting property brokers is an option but one should always look at their track record and reputation.
Those who have taken home loans on their properties should get clearances from their banks accordingly. You should also clear all society, utility bill and property tax dues before selling the house. The bank will issue a letter stating the liability that is outstanding. After repaying this amount, the bank will return the property documents. You can then go ahead with the sale. Alternatively, you may provide the letter to the property buyer for pre-closure of the home loan. The buyer may apply for a new home loan with the same bank or another one. In case of the latter, the property documents are handed over to the new lender by the earlier one after the former has cleared the pending loan amount.
For a detailed report on this read the articles we were featured in:
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Published Date: April 8, 2022
