Tips for sellers and buyers

1.  Mistake #1: Buying an overpriced property: Because the market value of a property fluctuates, it is always important to do research on the real estate market and the value of your property to make you aware if you are getting what you paid for.

_

2. Mistake #2: Using bad comparables: You have to ask for how much the properties in the neighborhood were sold, and not how much they asked for it. The asking price does not constitute the actual value of the property. Giving a high price is a common mistake that they make. They should also take into consideration that there are other factors to consider such as the floor area, lot area, condition, features, etc.

_

3. Mistake #3: Using unreliable sources: Make sure that the people that you talk to with regards to the real estate market really know what they are saying. Getting the wrong advice on your property may lead you to losing money rather than getting profit.

_

4. Mistake #4: Misinterpreting the real estate market: Investments are always made based on statistics and gut feeling. But not all investments turn out the way you expect them to be, in spite of all the factors that favor it. Be cautious in dealing with the real estate market.

_

5. Mistake #5: A sloppy preliminary inspection. To determine the real value of the property, a thorough inspection is needed to assess the condition of each area of the house. It will take much time to do this but it would be worth it in the long run.

_

6. Mistake #6: Making a low estimate: When listing down all expenses, costs, and time frame, always be meticulous about the details and make allowances on your estimates. Do not forget other costs like taxes, utilities, interest, and insurance.

_

7.  Mistake #7: Making a very high estimate: You have to make allowances on your estimates but do not go overboard because it might frighten the buyers from buying your property because of the high expenses.

_

8. Mistake #8: Paying little attention to fine details: Small details that add character and style to the house are usually the ones that trigger the sale to be closed since it imparts a certain homey feeling that enables the buyers to see themselves living there. And it won’t even cost you that much.

_

9. Mistake #9: Overspending on improvement of the property: If you plan to live in it, then you can do all the improvements that you want on it. If you plan to have it rented out, take care of the basics. If you plan to sell it, make only the necessary improvements that will enhance your property or else your expenses will just eat up your profit.

_

10. Mistake #10: Selling the property as it is: If you want to make a good profit on your property, you have to spend a little bit to improve on its appearance. You cannot demand a high price on your property if you sell it as it is, or even to just rent it out. Prospective buyers will just point out all defects that they see and they will haggle for a lower price.

_

11. Mistake #11: Doing the improvements by yourself: You think that you will probably save on labor costs if you do the improvements on your own but each day that the property stays on your hand, and does not move or does not earn any profit is a loss as well. Get two or three people to help you finish the job faster and thus being able to get profit earlier.

_

12. Mistake #12: Not having enough money: Additional repairs always crop up during the improvements are being made and chances are, you are not prepared for it. Add an extra 10% to your estimated cost to be able to have the funds to cover for it.

_

13. Mistake #13: Not preparing the necessary documents: Selling a house needs a lot of paperwork and inspections. Make sure that you have completed them. Not having the complete documents on your property may discourage a prospective buyer from purchasing your house.

_

14. Mistake #14: Waiting a long time for the price that you like: You may not need the money at once so you think you have time to wait for the buyer who would offer the highest price but the longer your property stays on the market, the more expenses and losses you incur.

_

15. Mistake #15: Incomplete written agreement: Whatever your buyer or renter and you decide on must be put down in writing. All details, no matter how insignificant it may seem to be at first, should be written down. You have no hold on verbal agreements so you might as well be sure and have it written down and duly signed by both parties so if ever problems arise, you can refer to it.

_

16. Mistake #16: Including a lot of freebies: Some buyers agree on getting your property on your price but ask to include a lot of things with it, like changing the paint, fixing the garden, putting up new cabinets and other stuff. Improvements are usually shouldered by the seller but not to the extent of catering to what your buyer wants. You may end up giving more than you should, thus losing money.

_

17. Mistake #17: Bad customer service: You will deal with a lot of people in the duration of investing in real estate. From the agents, to inspectors, bank employees, loan agents, to the nosy neighbors, they all need to be dealt with efficiently, politely and in a diplomatic manner.

_

18. Mistake #18: Not listing your property: Listing your property on the market makes it accessible for potential buyers to see. If they know about it, it has a better chance of getting sold.

_

19. Mistake #19: Hiring irresponsible people: Know the people that you hire, from your real estate agent to your gardener. It will save you a lot of stress knowing that you and your property are in good hands as well as saving a lot from expenses incurred by unprofessional behavior.

_

20. Mistake #20: Selling your property on your own: Making improvements on the house by yourself is hard enough. Adding to it the listing, marketing and paperwork that goes with selling it is harder. Hire a professional. They know what to do and you will not end up making these mistakes.

spacer
agent image
agency logo
Jenna Tong
Vice President
MIRACLES REALTY GROUP PTE. LTD.
jennatong@mrg.com.sg
CEA Licence No.:
L3010524I / R026756F
+(65) 8298 3379