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Last Updated: Feb 6, 2017 - 2:32:04 PM |
As we all know Real estate transactions in the Bahamas can be tricky and there are many misconceptions wrong ideas circulating in the public mind on the subject of buying and selling real estate. These real estate myths form the basis of faulty decision-making during one of the biggest, most important purchases most people make in a lifetime. Hopefully today’s Lets Talk Real Estate will shed light on 2 of the most common myths that lure home sellers into making expensive mistakes.
Number 1 - Selling real estate is easy, so I can sell the home myself. This is the most unfortunate of home selling myths. In our information-rich age, many people assume that all you need to sell a home is a sales contract, a book that explains the transaction process and a “For Sale” sign in your front yard. Without the guidance of a realtor who knows the local market, you might overprice the home, which may result in a significant delay in the process of finding a buyer. The seller might also mishandle important steps in the process, such as the choice of contingencies, inspections, title clearance, deadlines and disclosures. Expensive real estate lawsuits often arise as a result of disputes over undisclosed material defects that you as the seller might unintentionally fail to mention on the disclosure form. Many “FSBO”(FOR SALE BY OWNER) transactions tend to fall through or even to end up in litigation. Finally, you might discover part way into the process that you have neither the time nor the energy required to sell your home.
Number 2. I should remodel my home before selling. There is no guarantee that the renovations you have in mind will be attractive to prospective buyers. Remodeling can be expensive, and many owners find that they are not able to recover their investment in materials and labor when the finally sell the home. You might make the mistake of over-improving your home in relationship to other properties in the neighborhood. Also, do not expect to get a hundred-percent return on your investment in home upgrades such as a garden window or a new air conditioning system. The increase in the market value of your home may not cover the cost of such improvements. A more cost-effective approach is to improve your home’s curb appeal with landscaping, and freshen your home with a new coat of paint.
Our goal at James Sarles Realty is to assist you in selling or buying your home at the best price for both buyer and seller because if it is not a win win for both the buyer and seller it is not a good deal. Until Next week.
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