How to Sell your Residential Property in India?

The residential properties age like us with time, needing frequent care, repairs and high maintenance. This is not a good thing from the point of view of your finances as regular repairing work can make a dent in it.  One way you can tackle this situation, even before it transpires, is sell the existing home and buy a new one. You will get excellent choices in new residential projects in Lucknow, so there is nothing to worry. However, as far as selling part is concerned, you can create a win-win condition in this case also just by following a few critical points. Read below to know what these components are.

Tips on selling residential property in India

Watch out for capital gains!

Property is your asset and the profit you make out of selling it is taxable. If you possess any property for less than three years and sell it, then you will have to pay higher capital gains tax rates. But, if you live there for more than three years, you will pay long-term capital gains tax, which is comparatively much low. So, be careful of this so that your profit is more.

Fair pricing is the first step towards gains!

Pricing plays a critical part in attracting buyers. However, you have to ensure that the price you announce for your property is not too high or low as high pricing can put off your potential buyers and low pricing can affect your profit. To keep a balance, you have to do a good research of the market conditions. Visit neighbouring areas to find out how much is being asked for a property or check real estate websites. This exercise will give you an idea of the value you can put for your home. To attract more buyers, you can offer some discounts also, for instance, by lowering the overall price of your home a bit compared to other options available in your locality.  If the real estate market is upbeat, you can imagine grossing impressive gains.

Repairing work should be thorough!

Since first impression creates the last impression on the mind of the people, it’s essential that you make your home look perfect. Fix broken furniture, chipped-off paint, or water leakage issues and others before you show it to someone. Make all corners of your home neat and clean so buyers feel happy when they look at it.

Property documents have to be aligned!

Right from taxation, RBI Form IPI 7, and bank certificates to clear title papers, everything should be kept ready. This will help you in speeding up the process and taking last-minute tension away.

A licensed broker can be useful!

By hiring a broker, you can save your time, efforts as well as energy to a great extent. He will not only bring potential parties to your place, but will also deal with negotiations and documentation. Just make sure you check his background and the amount of fee he charges before assigning him this work.