A Sellers’ Guide – Things You Should Know Before Selling Your Property in Sri Lanka
When you are selling a property in Sri Lanka, there are important things that you need to pay attention to. So you are able to get better offers and make the sale fast.
No one likes when their property stays on the market for a long time, especially if you need the money urgently. On the other hand, having to sell the property for a lower price is no fun.
Whether you are into property development or selling a property for the first time here’s our guide for property sellers in Sri Lanka to get the best out of their deal.
Start with market research
Before deciding on your price, you need to understand how the property market in Sri Lanka behaves at the time. Check the price range the current market is offering for your type of property. If the prices don’t seem good, you can always wait till the market becomes a sellers’ market.
Maybe you need to sell quickly or get an unexpected offer. When the sale is time-sensitive, make sure you are getting the best price for your property.
The right price to sell
Some people value properties based on the amount they spend on land development or construction costs. Don’t select your price or increase it because that’s how much money you need. Make sure it’s fair and at the same time competitive. So no party lose during the process.
When selling a property in Sri Lanka, there are several elements to consider for determining the value of your home. If you think you don’t have the expertise to value your property. Get the opinion of an expert.
This is way better than relying on online land price calculators.
Also, be sure not to ask for a higher price initially, assuming that it will give room for negotiations. Higher prices can instantly turn away many potential buyers. So always be sure to price your property correctly for its value.
Consider expert opinion
Unless you are well-seasoned in the real estate market, get the help of an expert for the process. This can be a professional real estate agent, broker or, friend or family member. You might not know how to value your property right and end up asking for a higher or lower price. Both of which will be a disadvantage for you. If you are hiring a broker or a real estate agent, they will be able to help you negotiate a better price too. Also, an expert will save you time, money and hassle during the selling process.
Advertising
Where you advertise your property places a huge role in how fast you can sell it.
When selling a property in Sri Lanka, there are a few options that you can consider. You can hire a broker and let them handle the advertising for you. If not, you can turn to a property listing service or an online property selling website like Ikman.lk.
Online advertisements are very popular, and placing your ad on the right online platform will give more exposure to your ad. You can list your ad under the property for sale category within a few minutes.
Be sure to create a highly detailed ad description to give all the details and add images for more interest. This is essential if you are selling a house in Sri Lanka. Make sure to prepare the property and take high quality photos, so everything looks looks nice and clutter-free. Also, be sure to double-check your contact number before you hit publish.
Showing the property
Once you get a potential buyer to buy your property, give them the opportunity to see the place. Go with them when they visit the property and show them around. This way, you are able to highlight the important features and benefits of having the property.
However, be sure not to sell it hard and make the buyer uncomfortable.
Documentation
Signing the documents is the most important step in a real estate deal.
Once you and the buyer decide on a price, you can go through the legal process for the property transfer. Make sure to get the help of an attorney for the process to ensure everything is legally sound.
Usually, the cash transfer of the deal happens after signing the documents. You can expect an advance payment upon document signing, and the buyer will agree to transfer the rest on an agreed date.
Conclusion
Whether it’s land or a house, or any other commercial building, selling a property in Sri Lanka can be stressful. The decisions you make during the process will save you or cost you a lump of money, which is why you need to make sure that you are making all the right decisions even when you are in a rush to sell it. The process is difficult to navigate, and valuing your property and selling it involve many factors to consider.
In this guide, we hope that you will get a better idea about the essential parts of the selling process of a property so you are able to get the best value.
