Tips for dealing with tricky job of selling the family home
TASKED with the job of selling the family can be daunting for children and partners, but with these helpful expert tips, the potholes in the emotional road ahead may be skirted.
Sydney Real estate agent Michael Minogue from 1st City Minogue + Doak has been involved in the sale of many family homes and has encountered a range of selling issues particular to dealing with the sale of an elderly parent's home.
Lose the emotion
"Yes, it's the family home and yes, it's worth squillons because we had such a lovely life living there, but at the end of the day, someone else isn't going to invest in your emotion," Mr Minogue says. "They will invest in the feel of it; people will connect with that."
The buyers will purchase based on the market, not on your emotion.
Talk among yourselves
"A beneficiary will rarely agree with an executor who has to make the hard decision to sell," Mr Minogue warns. "It has to be bedded down on the process and the decision-making process."
Also, be prepared that rarely does a home sell for what was the agreed list price.
Renovate or not?
"You don't necessarily need to do a renovation," Mr Minogue says. "You need think about your target market and who you think is going to buy it.
"Make the home presentable to that market. If you leave it clean enough for someone to move in immediately, but unrenovated, a prospective buyer will be able to see what needs to be done to make the home suitable for them to live in.
"You might say let's give it a coat of paint so that it appeals to the price where we want to be so you can help them into the property, so they can see themselves living there," he adds.
"A lot of people make the mistake of renovating with dollars in their eyes thinking 'we are going to get millions' when in fact their renovation could eventually detract from the eventual price of the property because no one likes the renovation."
Styling the home is another way to improve the presentation of the home and is usually much more cost effective than a renovation.
"Your agent should be honest enough to walk you through this process," Mr Minogue adds.
His top tips for choosing an agent are -
- Find one that will help you with the decisions on how to prepare the home for sale which are in your best interests."It's the one that cares about you that should be getting the business," Mr Minogue says.
"Look for an agent that is going to go the extra mile and spend the time finding out what you want to achieve out of the sale," he says.
- Interview up to three agents to the find the one that suits your needs.
- Look for referral agents through friends and acquaintances so you don't go in cold when contacting an agent.
- List with an agent who will attend all inspections.
- Avoid listing with an agency because of its name. Rather, target a specific agent to get personal service. An agent with a lot of listings may not have time to look after your sale.
- Avoid an agent that wants to market themselves using your money.
- Ensure the agent is prepared to deal with all parties involved who are authorised by the executor to be involved in the sales conversation.
- There is always the back-stop of the Department of Fair Trading if you think the agent has lied to you.