According to the results of a recent survey, 56% of Britons with second homes abroad are considering selling up in 2011 as their overseas properties become too expensive to keep, service and enjoy.
Of those surveyed by Currencies.co.uk, a large percentage of people wanting to sell had second homes in Spain, and the vast majority of respondents wanted to sell directly because of negative financial reasons.
If you have a home overseas and you want to get rid of it in 2011, this article will show you how to sell your property abroad as quickly and as well as possible. Where once your dream to own a property abroad was perhaps lifestyle driven, it’s perhaps unsurprising that now with the dire state of the economy in the UK and the fact that we are all being fiscally impacted by the downturn, many want to sell up abroad and keep their outgoings much reduced.
Tales of property markets in the likes of Spain and Bulgaria crashing have thankfully reduced significantly as real estate economies have balanced out after peaking far too high for sustainability. For a vendor this is perhaps the only positive news in an environment where there is little else that’s good to be said about property abroad!
House prices have fallen right across Europe, mortgage lending on second properties has dried up, the general appetite for real estate (particularly in the form of holiday, second or investment properties) has greatly diminished, and so you have an environment where people want to sell up and get out, but even if there are buyers interested, financing is exceptionally hard to come by.
As a property owner who wants to get rid of a home abroad in 2011, this means that you need to work hard to sell quickly and as well as possible. The good news is that there are ways and means for making your property as attractive as possible so that you stand the best chance of getting a good and quick sale.
Table of Contents
1) Finish What You Start!
In this environment, buyers don’t need to have an imagination – therefore you need to finish up any DIY jobs you’ve started and don’t rush the finish. Pay attention to doing a good job – and if you don’t heed this advice, don’t expect your potential buyer to pay the asking price! By not finishing what you start, you’re giving your buyer carte blanche to haggle hard on price.
2) Clean Up
No one imagines themselves living in a hovel and so your buyer will want to see a very clean home that they can make their own – even if they turn it into a pigsty as soon as they move in. So, clean your house!
3) Present a Blank Canvas
Buyer’s need to be made to feel that they can make your home their home – so get rid of family photos, all those bits and pieces you have personalised the property with, and present as neutral a canvas as you can.
4) Clear Out
Space sells, so cut back on the furniture and furnishing, knickknacks and accessories you have filling up your property abroad. Pack up your excess stuff and move it out.
5) First Impressions Count
The first impression your buyer will have will be of the outside of your property – so, is your paintwork neat, are your shutters free from peeling paint, are your rubbish and recycling bins out of sight, is your garden neat and is your pool clean? Details, details! They all count.
6) Make the Most of Your Best Features
What is it about your property abroad that makes it stand out? Is it the view, the location, the great pool or the high quality kitchen? Whatever makes your home stand out from the crowd, market that to the best of your ability!
7) Define the Space
Are you currently using a bedroom as a storeroom? Well stop it! Do you have a dining table crammed into the kitchen making the space seem much smaller? Get rid of it. Clearly define each room so that a buyer can see what they are getting for their money.
8) Market the Lifestyle
You bought a second home abroad for the lifestyle – even if your property is an investment property, you bought it for the lifestyle. Why? Because it’s an investment because you can rent it out to those seeking the lifestyle it offers. So, explain to buyers what they can enjoy from your property – the sunshine, the laid back pace of life, the stunning views, the joy of having a getaway abroad… Don’t make your buyer have to work too hard to imagine it – sell it to them, put the lifestyle on a plate and serve it up.
9) Attack the Sales Process from Multiple Angles
Put your overseas property on for sale with multiple agents, get it on the Internet, hand out flyers and post it on your social networking pages. Tell anyone who helps you sell it that they’re in for a reward (maybe an extra 0.1% for an estate agent, or a £50 bonus for a friend?) Incentivise others to help you sell and work hard at getting your property noticed.
10) Be As Flexible As Possible
Finally, because money is tight, borrowing is difficult and times are tough, you need to be able to be as flexible as possible on price, buying terms, viewing times and so on. In other words, to sell your home abroad you need to be as flexible as you possibly can be.