1. When should I start selling?
If you start too early, you will reduce the number of interested buyers because most will not want to wait too long before they can take possession of their new home or investment. You may therefore not sell within a reasonable time, which will make other buyers suspicious, because they will imagine that there is a problem with the property. Starting too early can therefore be dangerous.
On the other hand, if you start too late, you may find yourself in an emergency situation where you may be forced to accept a bad offer. It is therefore essential to aim for good timing.
For “normal” objects we always recommend taking into account a period of 6 to 8 months between the beginning of the process and the expected sale. We count 2 weeks to start with the sale of your property, about 3 months to find a buyer, 1 month to obtain the buyer’s bank agreement and 2 to 3 weeks to fix the notarial deed. This leaves a reserve of 1 to 3 months for possible contingencies (e. g. if the buyer does not obtain a bank agreement) or simply as a security reserve.
On the other hand, if it is an “abnormal” property (e.g. a very expensive house or one requiring a lot of work or a property of a very particular style or with some major weaknesses such as a flat without parking or elevator…) more time should be allowed.
In any case, we will advise you on a case-by-case basis to get the job done.
2. How to determine the right price?
Determining the right price is as important as it is difficult. Even good agencies, which are familiar with evaluation methods and have the necessary experience because they make many sales each year, can sometimes have quite divergent opinions.
For this reason, we always recommend obtaining 3 different estimates from reliable agencies. Then, compare these estimates and, if necessary, challenge the agencies with the estimates of the other agencies.
It is precisely this whole process that Homexperts performs for you, in order to be able to give you sound advice and to select, together with you, the best selling price, but which is nontheless realistic.
3. How am I taxed?
First of all, if it is your own principal residence, there is no tax.
For all other cases (sale in the event of an inheritance, sale of a property for rent or a second home…), read our article “Taxation of real estate capital gain” dedicated exclusively to this theme.
4. How to coordinate the sale with the purchase of a new property?
There is no miracle answer to this question, because it depends mainly on your state of mind. Some people want to avoid risk at all costs and therefore want to sell first, in order to be sure of the price they will get before committing to the purchase of a new item. Others do not want to sell until they are sure they have a new home.
The best way to go ahead is to call us, so that we can understand your situation and your state of mind and give you informed advice. We can also help you find a new home more easily.
5. Do I need to renovate before putting my property up for sale?
Very often, it’s a bad idea. Many owners think they are doing the right thing by investing to increase the potential value of the property, but unfortunately this is often more of a waste than anything else. Why? Simply because the buyer will probably have other tastes and may not appreciate the renovations. Imagine that you are repainting your apartment and the owner will want a different color… Or that you are renovating the kitchen or a bathroom, which will not be to the buyer’s liking….
However, if your deck is not waterproof or there is a leak in the house, the work is important to solve the problem and reassure the buyer.
We therefore advise you to do as little work as possible and to limit yourself in all cases to work that affects the objective quality and not the subjective beauty of the property.
6. Do I have to remove all the furniture first?
In general, it is advisable to remove as much furniture as possible before the visits. Interested visitors will be able to project themselves better into the building if they are not influenced by any furniture. If this is not possible (we know that sometimes time constraints do not allow it…) take out at least all the personal belongings (paintings, photos, decoration, clothes…) to leave only what is really too difficult to remove in the time available.
Do you have any further questions?
Feel free to contact us by email (info@homexperts.lu) or call us 585 506.
What about taxation?
There are a lot of rumours and misinformation out there. We invite you to read our extensive dossier on capital gains tax on property sales to avoid any unpleasant surprises.
