Owning a property abroad, whether as a vacation home or for rental income, can be great, but in the end, the time will come when you want to sell. Maybe you want a little more freedom to cruise around the pacific coast or explore new exotic destinations rather than feeling like you are tied to one place. Maybe you want to upgrade your main home and need some cash injection.
Whatever the reason, selling your overseas property should not be any more complicated or problematic than selling back home. You already will be familiar with the legal processes and the real estate market from when you bought in the first place, and with a few simple tips, everything should be a breeze.
So if you are planning on selling property abroad, here is some advice that will make the entire process go smoothly.
Pick your moment
Choosing the right time to sell is just as important when selling property abroad as it is back home. There are always fluctuations in any market, and picking your moment will both make the sale easier and ensure you get the best price. For properties in tourist areas, this usually means picking the right season to sell, to ensure you get the most interested buyers and are making the sale when people are thinking about vacations and overseas investment.
Research the market
Vacation property prices are often somewhat more volatile than bricks and mortar back home. This might be because of local conditions, or the popularity of the area you’ve bought in. Therefore in order to value your property correctly, you will need to do your research. Take a look at other similar properties on the market on real estate websites, as well as in person. Check out current offers, and work out what the market will bear at the time you want to sell. You can also engage a real estate agent or professional appraiser to help you.
Invest in photography
You want to make sure that you show off your property as much as possible, and cast it in the best light, so an investment in high-quality professional photography is extremely worthwhile. Good photos can make all the difference to a listing, as the vast majority of potential buyers will come to your property from the internet. Indeed, for overseas properties, this is particularly important as plenty of buyers might be shopping remotely, and might not ever even see the house before the sale!
Give your property a makeover
If you are investing in professional photography, you want to make sure the model looks its best, so spruce up your property with a quick makeover! Give it a spring clean, make sure it is neat and tidy with as little clutter as possible, repair appliances if needed, and do a few cosmetic repairs like repainting walls and tidying up the garden. There’s no need to go overboard on pre-sale work – big projects don’t tend to add much to the value – but ensuring that everything looks nice will help attract buyers and make the sale go smoothly.
Get local advice
From real estate agents to local immigration lawyers, all overseas issues are best done with expert advice. Hiring lawyers, realtors, and appraisers who know the local area, understand the market, and can leverage their networks to ensure a better, easier sale, will pay off big time.
Selling a property overseas is not significantly different from selling one back home, and with these practical tips, you will be able to get the best price with minimal effort!