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2 [Edition datE]<br />
14<br />
What do I need to<br />
know when selling<br />
for the first time?<br />
People are often so focused on what<br />
it takes to buy a property that the<br />
thought of selling it never occurs to<br />
them. Home ownership is embedded in<br />
New Zealanders’ DNA, but most people<br />
experience changes in their lifestyle,<br />
family circumstances or work situation<br />
that will make them want – or need – to<br />
move on. Whatever your reasons, it’s<br />
important to take the time to think about<br />
what you want to achieve from the sale<br />
before you start the process.<br />
“Many people find it hard to be<br />
objective about their first home and this<br />
can have an impact on decision making<br />
when it comes to sale time,” says the Real<br />
Estate Authority (REA).<br />
“In this situation it can be helpful to<br />
look at it as an investment from which<br />
you want to get the best possible return.”<br />
A good way to start the process is to<br />
get an idea of the property’s current<br />
market value – either by using online<br />
tools, paying for a registered valuation or<br />
getting a current market appraisal (CMA)<br />
from a licensed real estate agent.<br />
While friends and family make good<br />
sounding-boards, you can’t beat the<br />
advice and guidance you’ll get from<br />
trained, experienced professionals.<br />
Depending on your needs and the type<br />
of property you’re selling, your support<br />
team is likely to include a lawyer or<br />
conveyancer, along with possibly a valuer,<br />
an accountant (if you have used the<br />
property for business purposes) and an<br />
insurer or lender. The other key figure for<br />
most Kiwi home sellers is a licensed real<br />
estate agent.<br />
More than 90 per cent of residential<br />
properties in New Zealand are sold by<br />
licensed real estate agents, who work for<br />
the seller in return for a commission that’s<br />
usually based on a percentage of the sale<br />
price.<br />
“It’s important to choose your agent<br />
well – remember that you are trusting<br />
them with what’s likely to be your<br />
biggest financial asset. Ask around for<br />
recommendations in your area and feel<br />
free to ‘interview’ a few before you make<br />
your final decision. Don’t forget that you<br />
can negotiate with them on the costs and<br />
the range of the service they will provide<br />
you – talk to experienced friends or<br />
family or your lawyer if you’re not<br />
sure how to do this. Some will<br />
provide the full suite of services<br />
for you, others will require you to<br />
run your own open homes. You<br />
generally pay for what you get,<br />
you just need to decide what you<br />
want.”<br />
Some people rush into selling<br />
a property without thinking what<br />
costs are involved because they’re<br />
dazzled by the thought of a nice big<br />
cheque at the end. Talk to your bank<br />
or lender about what to expect – you<br />
may need to spend money on preparing<br />
the physical property for sale as well as<br />
paying legal fees, marketing and moving<br />
expenses. Talk to the real estate agent<br />
before embarking on any renovations as<br />
they will be able to tell you what buyers in<br />
your area expect.<br />
Have you thought about where you’ll<br />
live when the property is sold? Could you<br />
cope if a buyer wanted a short settlement<br />
date and you had to move out sooner than<br />
expected? These are all things to consider<br />
before you start the process. There’s more<br />
information at www.settled.govt.nz.<br />
It’s also crucial to remember your<br />
obligations as a seller.<br />
Whether you sell with an agent or<br />
privately, you must be upfront about<br />
any issues or information that could be<br />
relevant to a buyer.<br />
Is there a gang house next door? Are<br />
there any signs of watertightness issues? Is<br />
there a stream at the back of the property<br />
that threatens to inundate the house after<br />
a lot of rain? Do you have the necessary<br />
consents and compliance documents for<br />
any work that was done? If you’re not sure<br />
what to disclose, talk to your lawyer.<br />
The best rule of thumb is to imagine<br />
yourself in the shoes of a potential<br />
buyer and think how you would feel if<br />
you discovered the seller had not been<br />
entirely truthful.<br />
“If that’s not enough motivation,<br />
consider that a buyer may have the right<br />
to cancel the sale or renegotiate a reduced<br />
price if you have misrepresented anything<br />
to them. They may even be able to take<br />
you to court and claim damages.”<br />
Selling a property can be stressful,<br />
but it doesn’t have to be life-destroying.<br />
Be thoughtful about your decisionmaking,<br />
seek advice from the experts and<br />
remember why you’re moving on.<br />
For independent advice on buying or<br />
selling property, check out settled.govt.nz.<br />
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