Tagged: staging

Selling an Inherited Property

inheritanceWhen an inherited property lands on your lap, it often seems reasonable to reach a final decision to sell it off. Perhaps it is superfluous to your needs, too large, small, old, expensive to maintain or just not something you could use at this stage of your life.

According to Maltese law, as an heir to the property, you would have had to prepare a valuation of the property, apart from having an official Land Registry site plan endorsed with proper site measurements by an architect. These documents would have been presented to the notary in charge of preparing the necessary deed, by virtue of which the property was devolved to you.

If the immovable property was the residence of the deceased person, then you, as a direct descendant, would not have had to pay any tax on this part of the inheritance.  Once all the inheritance procedures are followed and complete, you will be in a position to resell the property.  Your notary will have guided you on aspects related to the valuation of the property, and advised you accordingly. This means that you will have researched and asked around, to find how much the property stands to be evaluated at the current market conditions.

The previous law stated where the majority, but not all have agreed to sell, it restricted the heirs to sell the said inherited property only after five or ten years depending on when the inheritance took place.  This had caused numerous grief for the community not to mention the vast number of vacant properties.

In the latest 2016 Budget, this period of time was reduced to three years, thus encouraging heirs to agree finally and speed up the process of making available more properties on the market.

Within the White Paper, the Government also reduced the stamp duty to 2.5% on the value of the property if the contract of the new property is executed between the 1 January and 31 December 2016. Furthermore, the rate of final withholding tax that will be levied on transfers of restored property, effected in 2016, will be reduced from 8% to 5%.  The property must be within an Urban Conservation Area (UCA).

The above incentives have been created to further entice heirs to sell their properties, take ownership, restore and increase the supply of saleable homes on the market.

It is probable that the property will need to be cleaned and cleared of personal belongings, and possibly also completely vacated of furniture and furnishings prior to a sale.  If it does not interest you to carry out this chore yourself, there do exist individuals and companies that will come to the property and vacate it at a pre-established fee.

Alternatively, you could approach an auctioneer to try and sell pricier and finer items at a profit.  If need be you could also organise a garage or house sale which you can advertise locally and enrol some family members to help you on the day or weekend assigned for this event.

Once the property is empty, you should approach a reliable real estate agency to provide you a market value again.  At RE/MAX Malta, we have an extensive history of properties that have are on the market and that have been sold which  may guide you through a proper comparative market analysis in order to value your property correctly.

If the property is pretty run-down, we may advised you to give it a quick facelift in order to make it more attractive to possible buyers.  This should not alarm you because many times a property can be excellently embellished by a few simple and easy steps, such as cleaning the front garden of dead vegetation, and INHERITANCEreplacing broken light bulbs. Any junk or remaining clutter should also be removed.

When the property is still in a relatively good condition, and if it still includes some furnishings, our selling experts may suggest that you go along with the proposal of staging the property in a professional way.

This will entail the involvement of staging experts, namely an interior designer and photographic services (all organised by the agency itself).   Staging will do a world of good for you if you want the necessary exposure to the property and sell quickly.  In this case, we may suggest that you enroll in the Exclusive Added Value Listing programme, which is a dedicated Selling system which has proven to sell homes within 90 days.

Contact one of our offices today to understand your possibilities more clearer or send us a request via the request form.

Preparing a property for sale

Preparing Your Home For Sale - House of Character

Preparing Your Home For Sale - House of CharacterIn the fast-paced real estate market, selling a property is a big deal. This is not only because of the market’s competitive nature, but also because of the preparation that has to be undertaken with the property itself. When selling a property especially one that has been lived-in, such as a family home, it is imperative to present it in the best way possible.

Cleaning may not be enough—it might just be the time to put yourself in buyers’ shoes, and prep up your property for selling. Considering the large number of properties that viewers get to view when on the hunt for the right property, it becomes clear that to make your mark on the market, first impressions really do matter.

It is very common that viewers get a strong feeling about a property just from viewing the outside, mainly because this is the first thing they see. So first things first—take a good look at the facade and exterior of your house and make sure to clean the windows, fix the chipped stones, trim and prune the plants, and give a good scrub to the porch and face of the house.  If its an apartment, make sure your welcome mat isn’t in tatters and the walls are painted clean.  Adding some colour in the shape of flowers or potted plants helps to add vitality and give a feel-good vibe to viewers entering the property for sale.

Upon entering a house, the first thing someone perceives is usually the space, and what makes up this space? Light, furnishings and colour. First of all, you want to make sure the light is right, by fixing any light fixtures and removing or changing any heavy curtains that are obstructing natural light from flooding in. Since natural light is an utmost priority, avoid viewings which happen in the evening after dark. According to a recent real estate insights survey brightness is the major aspect that either turns on or puts off the buyer.  Then make sure the furnishings aren’t too big for their rooms—too much furniture may take away the merits of a spacious, well-lit room, as well as make viewers feel cramped.

If you have any pending paint jobs you might as well go ahead and paint over in neutral colours. As much as you like your rainbow living room, it might put off potential buyers, as it all boils down to individual taste.  When selling your property you must always think as if you were the buyer.   After scouring clean thepreparing your home for sale - property in st. julians house it might be time to get into the details. Take some extra time to tighten up all the little loose ends of the house—missing screws from doorknobs and hinges, loose or squeaky furniture, fixtures (bathroom faucets) that need replacing, and so on.  Another important detail is to take away some of the very personal items like family photographs, any wild pieces of art or furniture. Leave only items that are neutral. Neutrality is important because it helps viewers envision themselves inside the house.  Indeed a clean palette allows for better visualisation of what could be and could become.

On the other hand, if you think that the house feels too empty or impersonal, adding something as simple as indoor plants can change how a room looks and feel.  Making potential buyers envision themselves living in the house is crucial— and is part of the process of selling your home. Here are some simple tricks that can help you achieve this. Try and make some spots around the house look appealing for specific activities by placing two or three items related to said activities—a book and coffee tray next to soft furnishings for a reading area. Be aware that viewers have all their senses pricked, and will be out to notice especially things that are off colour, so be sure to avoid obvious oversights. Don’t cook anything with strong odours before viewings are due, enquire whether viewers like pets beforehand, and close the toilet seat!

You need to get the price right.  No matter what changes you make, how nice you doll up the house, or tricks you may utilise to sway a buyer, if you do not price your home correctly – your home may stay on the market.  Read our for page on Pricing your property correctly for more information.

Finally, be nice to potential buyers, offer some refreshments and share some nice stories about the house, and you should be set to make some great impressions!