Preparing to sell your property

This time, you’ve made up your mind: you’re going to sell your property! But how do you go about it to ensure that everything goes smoothly and you get the best possible price? myLIFE reviews the various aspects to consider and highlights the main points to bear in mind for each of them.*

It’s a beautiful morning in Roeser. Myriam and Michaël are standing in their garden, gazing at the house they have loved so much. 27 years of life together in this place is no small thing! Their three daughters have left the nest and the house has become too big. That’s why, after much thought, they decided it was time to sell and start a new chapter in life. But how should they go about it? Being rather methodical, Michaël decides to proceed systematically, considering in turn the different aspects related to this future sale. He has even drawn up his own checklist for this purpose.

Practical considerations

To begin with, Michaël and Myriam decide to establish a sales schedule. It’s a bit tedious, but it’s worth it. By taking the time to plan each stage, from putting the property on the market to signing at the notary’s office, they not only give themselves the means to manage the sale well, but also to conduct their own search for a new property. Aware that there will always be unforeseen events, they have left a little leeway in their planning.

Once the plan is in place, they decide to consult a real estate expert for an accurate evaluation of their house, including a comparison of the prices of similar properties recently sold in the municipality. This will prevent them from setting a price that is completely out of line with the market.

To maximize the appeal of their house, they embark on some preparation work. They repaint the walls, repair the plumbing, and do a thorough cleaning. Fans of Home Staging, they declutter and depersonalize, remove family photos and overly personal items, thus allowing potential buyers to better project themselves in their future home. Finally, they hire a professional photographer to take quality photos and stand out when they post their ad on specialized websites. Once this is done, they will be able to organize viewings to present their property in its best light.

Administrative considerations

Myriam and Michaël know that they must gather all the necessary documents: the title deed, the energy passport (EP), which is mandatory, as well as an inventory to be completed with the future buyer to avoid any potential disputes after the sale. They have also kept a binder with the contacts of the various suppliers who carried out renovations in their house. A nice little extra to help the future owner if needed. Finally, they are considering going through a real estate agent, weighing the choice between a simple or exclusive mandate, while inquiring about the fees and included services (advertising, viewings, etc.).

It is important to find out about the differences between a private sale agreement and a notarized deed, as well as about the suspensive conditions and ancillary clauses to be included.

They still take the time to find out about the differences between a private sale agreement and a notarized deed, as well as about the suspensive conditions to be included to protect both parties and ancillary clauses such as the date of entry into possession.

Financial considerations

As with many homeowners, Myriam and Michaël discussed at length before agreeing on the selling price. And for good reason: this price is determined by various factors, such as the size of their house, its overall condition, and its location. The surrounding context also matters, and they are aware that the location near the city can drive the price up. After talking with their real estate agent, they set their initial price while remaining open to future adjustments based on visits and offers received.

In setting the price, they did not take into account the notary fees, which are generally borne by the buyer.

Tax considerations

To avoid any unpleasant surprises, Michaël and Myriam also took the time to find out about the tax implications of the capital gain since they are selling their house at a much higher price than they bought it for 27 years ago. As it is their main residence, which they have always occupied since the purchase, they are relieved to find that there is, in principle, no tax on capital gains. Their research convinced them that things are not always so simple. They will call on an expert if they ever have to sell another property in the future.

As it is their main residence, which they have always occupied since the purchase, they are relieved to find that there is no tax on capital gains.

Of course, they will carefully store all documents related to the sale in order to properly complete future tax returns. They also plan to consult a tax specialist when filling out their tax return to fully understand the tax implications of the sale. They will then discuss with their banker how best to invest the capital gains.

Legal considerations

To ensure a sale that complies with the law, they chose to have the preliminary sales agreement drafted by a notary. They make sure to include specific clauses relating to suspensive conditions, such as the buyer obtaining a loan. They also check whether there is a right of first refusal on their property, which could influence the sales process. Since it is a single-family house, they do not have to consider the possible impact of a co-ownership regulation. On the other hand, there is an easement that crosses their land and could affect the way future owners wish to use it.

Logistical considerations

To avoid any misunderstandings and potential disputes after the sale, Myriam and Michaël have drawn up a list of the furniture and fittings included in the sale. Even though they’re not there yet, they are also organizing their move in parallel with the sale, to avoid costly overlaps. On this occasion, they plan to get rid of a lot of items so as not to overcrowd a future, smaller home. They are also looking into renting a storage unit. It’s amazing how much you can accumulate in 27 years!

Relational considerations

Throughout this process, Michaël and Myriam will strive to maintain transparent communication with their real estate agent, potential buyers, and the notary. They plan to use digital platforms to facilitate the exchange of information, while keeping written records of discussions.

They consciously decide to remain open to negotiation, both on the price and the terms of sale. They have made a firm resolution to stay calm and objective, even when faced with criticism about their property. The goal is to sell at a price that suits them, not to become friends with the future owners. This is a situation that is not always easy to manage emotionally.

After several months of preparation and procedures, Michaël and Myriam are finally ready to sell their house. Thanks to meticulous preparation and special attention to every aspect of the process, they hope to get the best possible price. This experience has not only allowed them to better understand the real estate market, but also to properly prepare for their future purchase at the same time.

* Content translated from French by the BIL GPT AI tool