REAL ESTATE ADVICE

7 Home Selling Mistakes To Avoid In Nigeria

Trying to sell your home in Nigeria, especially when you’ve not done it before – can be really time-consuming and also emotionally challenging. No one will want to put time and energy into anything and not want the process to end well same with real estate. All home sellers have the ultimate goal of seeing their property sell quickly and at a high profit. Yet in many cases, houses can languish for months on the property market with little to show for the time and effort.  This could be due to some common mistakes on the part of the home seller.

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There are so many factors that add up to the success of a sale but for that to happen you need to avoid some common errors. To help you with that, keep the following home selling mistakes in Nigeria in mind so you get to maximise your profits and sell your house more quickly.

1. Selling your home on your own

In Nigeria, you often see homeowner choosing to sell their property on their own, hoping to save the fees associated with a real estate agent. Yet this can end up being a costly mistake. A real estate agent will be able to do the adequate research on your property and also helping you with the process.  Selling your home alone could end up costing you more than if you had hired an agent if you don’t know what you’re doing.

2. Working with the wrong real estate agent

There are a lot of incompetent agents all around so you need to be careful who you hand over your property to. If you hire a realtor that is inexperienced or who doesn’t have your best interest in mind it could seriously hinder the sale of your home. The wrong agent can badly price your home pursue a limited marketing campaign or waste time with buyers who are less than serious. It’s worth taking the time to compare your options and find a good real estate agent to work with.

3. Overpricing your property

This might seem the right idea at first but it can backfire by reducing your potential clients. If you hire a competent real estate agent, you won’t have to worry about overpricing your property as he/she will be able to advise you about the right price for your building.

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4. Overcapitalisation

You need to talk to a professional before you upgrade your home. some people in Nigeria decide to upgrade their homes before selling without talking to a real estate agent.  Some go overboard with repairs and renovations and eventually lose money. Spending too much on renovations could backfire, and you may never recoup this investment.

5. Not advertising your house sale

You need to market your home if you plan on selling it. You could have the most desired property in your neighbourhood but if no one knows it is on sale, it won’t attract any buyers. Use a variety of advertising methods to help entice buyers, including ads in newspapers, signage outside your home, word of mouth advertising, and internet listings.

6. Not being flexible

If you are trying to sell your property in Nigeria, you need to be flexible. If you are trying to reach out to a wide range of potential buyers, you will need to employ some form of flexibility to close the sale. You need to be flexible when you are examining offers. Instead of flat-out refusing them, you could try making counter-offers to negotiate a win-win situation.

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7. Not reading the contract

Selling a house can be tedious when it comes to the financial and legal side of it. You should make sure you read all the documents regarding the sale of your property. After you’ve signed this legal document, you must abide by all of its terms and conditions. Be sure that you read through the full contract thoroughly, going through it with a solicitor before you sign anything.

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Jemimah Abimbola

A creative bibliophile, a lover of words, a tennis guru and a foodie.

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