Real Estate Matters | The most important questions to ask when you sell

Juliet Risdon

Juliet Risdon is a Director of JML Property and a property investor.
Having established the company in 1994, JML Property offers Investment Property & Homes. It specializes in managing properties for owners and investors, and providing attractive and comfortable homes for tenants.

In the last three parts of this series we look at the final stage of home ownership or property investment. The part where you sell !
All property transactions are sizeable when compared with most other decisions.
It follows then that we should give these transactions the extra time and attention that they warrant, but this does not always happen.
In many instances it isn’t so much an issue of motivation, but rather not knowing the right questions to ask. This series deals with key questions that we CAN, and sometimes SHOULD, ask.
Knowing the answers to these questions can help to avoid misunderstandings and, in many cases, will save time, money or both.

If you decide to sell for whatever reason, it is natural to be concerned that you are making a good decision and getting the maximum value at the time for your property.
The trouble is you may sell and find yourself without property.
Of course it is important to do your homework about any potential property you are considering to sell, and with so many things going on you may forget to ask your agent the most important questions about selling.
The list below is in no particular order and is a suggested starting point to help identify some important questions to ask

Why am I selling?
It pays to know not only what we are selling, but also ‘why’ ?
The why is of course the motivation, and pays to be clear on exactly why you want to rid yourself of this property.
It can be a long, relatively slow process. Knowing the ‘why’ behind the decision will help keep you focused as the sale progresses.

What price do i want to achieve?
Knowing your price range will give you a clear advantage over many sellers in the Macau market.
Nobody wants to deal with an owner who keeps changing the price.
Now this is not to say that maximum price can’t be achieved, far from it. Instead, just be clear on the highest realistic value, and this can be shared with everyone involved.
At the same time please refer to the next point for your ‘bottom’ end of the range.

What’s the minimum amount I am willing to accept?
Establishing a minimum price will give you your price range if you have already asked and answered question 2 above.
This minimum price should be kept to yourself and not shared with anyone.
If you are asked for your best price you can always respond by saying ‘make me your best offer and you will find out’.

If this were YOUR house, what would YOU sell it for?
OK, you cant guarantee and honest answer to this question, but it certainly IS a fun one to ask the agent.
The answer might surprise you enough to make you re-consider the sale.

What tax should I pay?
The good news is that there is no Capital Gains Tax on Macau property at the present time, unless a property is sold less than two years after it was purchased.
Properties purchased for less than one year pay a special duty of 20% of the sales price whilst property that was bought between one year and two years before will be charged a 10% special duty.

That’s all for this week. Next week we look at another 5 questions in the second of this 3 part series.

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