Pitfalls to avoid when selling a property
Last month a leading estate agent told the Scotsman newspaper that many would-be sellers make simple blunders that can knock value off their property. “Sometimes improvements and changes you have made might make the property less attractive to buyers.
“So before you start marketing your home, it’s worth taking stock and making any necessary alterations, to give you the best chance of securing your asking price,” said Mark Bentley, president of the National Association of Estate Agents.
Amongst the common issues identified by Mr Bentley were the condition of the property’s interior, bad presentation and not being energy efficient.
“In our experience a much more significant issue is not knowing how long your lease has left to run, if you are selling – or buying – a leasehold flat,” says Clive Scrivener, Partner at Scrivener Tibbatts.
“It’s not currently a legal obligation for an estate agent to explain the difference between a freehold or leasehold property. But it should be. Many leaseholders haven’t a clue how much the value of their property decreases depending on the length it still has to run,” he concludes.
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