Buying your first home can be one of the biggest financial challenges in your life because it requires lots of research and planning to avoid mistakes and lower risks. Similarly, selling a home also requires a lot of preparation and research to ensure you get a good price as well as do not get into any disputes. Seniors planning to sell their homes may require additional preparedness. Here are some important points that can help seniors ascertain their readiness for selling their homes.

Are You Emotionally Prepared?

After living in a home for a very long time, people often develop an emotional connection with it. So, before you plan to sell your home, seniors must ascertain their readiness and make up their minds about it. Also, discuss your decision with your family members and get their consent. Take your time to get mentally prepared before you go ahead with the decision to sell your home.

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Check The Market Condition

The realty market is very dynamic, and the value of your property would be determined depending on the demand and supply situation in the market. So, always do your research about the market condition. Estimate the value of your property and compare it with the price of a similar property available in the market at a similar location. If you think that you can sell your home at a premium over the regular market price or equal to it, you may go ahead with your decision. Avoid selling your home in a rush as you may end up getting a much lower value than what you can get with proper preparation.

Keep The Papers Ready

Before you plan to sell the home, keep your property papers ready and in one place. Check if all the taxes and bills related to your property are paid. If you have recently finished the home loan repayment, get the no-dues certificate from your lender.

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Get The Repair Work Done

Often a property that has been maintained properly is sold at a good price compared to a non-maintained property. So, you should get the repair work done before you show your property to a customer. Little makeovers such as polishing the floor and furniture, freshly painted walls, changing the curtains, etc. can help a lot in fetching the right value for your property.

Choose Property For Your New Home Before You Sell The Existing One

Have you decided where would you live after selling your home? If not, decide before you sell your existing home. Buying a new home could be a challenging task. You need to decide on things like the ideal location for your next home, arranging the funds for buying your home, the tax implications of selling the existing home and buying a new one, etc.

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It’s always better to hire a legal advisor to take care of the agreement with the customer, and registration of the property. If you plan to purchase a new home on a loan, then check with your banker in advance about the loan eligibility and other requirements.

The author is an independent financial journalist.