Living in while selling your home

Press, 23 September 1987, Page 61

Living in while selling your home

By the Real Estate Institute Most people when offering their homes for sale do so while they are still in occupation but a few move out when in a position to do so simply, as they usually put it, to give buyers full rein. Staying put while the home is on the market usually is necessary because a house is not a commodity that can be sold over the counter in a few minutes. One of the main reasons for remaining in residence of course is the need to sell before you have the means to repurchase. But even if this necessity is not present it is sometimes best for prospective buyers to see the place furnished, even if not lavishly, rather than be left to view bare walls and floors.

We saw a reason for this not long ago when a home was put on the market at a premium price. The owner moved out before buyers had a chance to look it over. He left neat lawns and flower beds, with an attractive selection of paint colouring from new redecoration to provide the external wrappings and there was also a beautiful view. But in moving out the owners took away their furniture and with it many bright touches added during their occupation which, if they had been left, could have shown the house off to better advantage. Without them the house interior looked just like any other .of its type and buyers saw no reason for paying

a premium price for something lacking the appearance of premium quality. If the,furniture had been left the vendor would not have had to surrender valuable things to a buyer if it had been made clear at the outset that they were not being sold with the house. However, if he had allowed them to remain prospective purchasers would have gained a more interesting impression of the place and been given a knowledge of what could be done to warrant the payment of a premium price.

Also the vendor could have sold any of the items as chattels if he had been offered a satisfactory price for them. In moving' out before, offering

the place for sale the owner was giving an assurance of early possession to the ultimate buyer. But this advantage is often more illusory than real because vendors are normally willing to set a possession date which will suit the buyer’s wishes. One of the main things to be done in opening up a house to buyers is to rectify any obvious defects. It is not suggested that expenditure should be incurred at too high a level to provide spectacular results unless the extra cost can be related to an expected higher price. The real • estate agent can advise you on what might be done.