No one is immune from mistakes, especially a person who does not have the necessary skills and knowledge in a specific field. Owning a house and managing it wisely are by no means synonymous terms. Successful investors and entrepreneurs turn to real estate agencies not so much to save time, but for their security. Buying and selling is clearly not an area in which you can rely on yourself. Of course, those who don't take risks don't drink champagne. But they also learn, as a rule, only from their own mistakes...
Unobvious mistakes by the seller
It is still worth starting with the obvious - money. The amount of your profit depends on several factors at once: market trends, the location and size of your property, the availability of repairs and their quality, and most importantly - on your ability to correctly evaluate all these aspects, not to overestimate the value of your pride of ownership and not to underestimate it for fear of , that there will be no buyer. Without proper experience, you can only rely on the prices of similar objects, without taking into account the features of yours. A professional expert surely knows how to evaluate your property so that the declared figures are acceptable to both parties to the contract. Surprisingly, not only your income depends on the wrong estimated value, but also your expenses. You will learn more about this in the next section, but for now, here are some other mistakes you can make:
- the house, apartment or any other object must be prepared for viewing. The buyer gives a visual assessment and forms an opinion about the entire object based on it. Professionals have learned to notice small defects that need to be corrected at a glance. Spending a few hundred on a minor cosmetic repair or replacing parts will save you a few thousand in profit.
- the legal side includes compiling and checking a considerable pile of documents. Power of attorney, inheritance, co-ownership, ownership - in addition to the purchase agreement itself, you will also need other documents, among which there are both basic and those that are needed only in specific cases. Are you sure you are ready to retrain as a lawyer to conclude just one agreement? Before selling your apartment, you need to find the same buyer. Where and how to place ads, which photos to provide and what to write about the object - all these questions inevitably arise for the seller, and over time, more and more of them appear. Incorrect advertising will doom even the best offer on the market to failure
- guaranteed success your house you can get from… fraudsters. Taking advantage of your lack of information, they are easily swayed and provide believable fake documents. Players of the real estate market are always on the lookout, so fraud can affect you from the other side as well. seeing an ad from the owner, a potential buyer tends to think that you are a wolf in sheep's clothing
- not quite a scam, but still a nasty thing - dumping or duplicating your ad with underpriced prices. This is done by unscrupulous realtors who seek to attract the attention of customers with a beautiful picture, in order to then offer them a similar object from their database
If this list of errors is not enough, we can provide you with another one. Any contract begins with communication. A real estate expert carries on his shoulders not only the baggage of knowledge about the market, but also the skills of public speaking, persuasion, and building trustful communication. Understanding the client's psychology sometimes plays a key role in the realtor's work. Buying real estate is expensive and places a lot of responsibility on everyone involved in the process. Therefore, it is important to be able to attract a person to yourself and convince him of the correctness of the decision made.
Why should the seller pay?
You will learn better about taxes from us than from uncommunicative employees of the relevant service. Previously, we introduced you to the list of additional costs that are waiting for buyer. But the seller will also have to pay for the opportunity to earn, no matter how strange it sounds. We recommend that you accept your fate and prepare for everything in advance, because without paying the necessary taxes, the notary will not be able to confirm the legality of the transaction, and therefore it will never take place. While the beginning of this chapter was not a happy one, the sales tax is not as dire as we make it out to be. Overall, you won't have to pay that much. The joy of successfully closing a deal with the head compensates for minor costs:
- the state duty is 1% of the apartment's value, but there are nuances... The result of the expert assessment may not always coincide with the amount that satisfied both sides of the contract. If you managed to sell your apartment at a higher price, we can only sincerely congratulate you. But if the official price turned out to be lower than the appraised value, there is little to be happy about and not only because of this very fact - you will still have to pay tax on a large amount of the specified amount
- fairly recent innovations also do not play into your hands - now the military levy must be paid both by the buyer and the seller. Its size, as in the previous case, depends on the value of the real estate and is 1,5% of your profit. But, again, there were nuances. the additional fee applies only to those who are obliged to pay personal income tax
- this tax for individuals does not apply to everyone, so do not rush to count bills. You will have to face it only in a few cases: a) this year you have already managed to sell your other real estate (the amount of the tax is 5%); b) you hastened to say goodbye to the property without living with it soul to soul for 3 years (the amount of the tax is 5%)
It is worth noting that each tax has its own exceptions to the rules and special categories of the population, which are bypassed by additional costs.
As you can see, when talking about possible difficulties in independently conducting all processes related to the sale of an apartment or home, we did not want to scare, but to warn. We hope that the knowledge we have shared with you will help you avoid mistakes. We recommend not to feel the patience of wayward luck and seek help from proven ones experts. With us, buying and selling real estate takes on a completely different meaning and turns from a time-consuming process into a short moment from the first meeting with a realtor to the last signature on the contract.
