Are you thinking of selling a home in PNG?
If you’re considering putting your home on the market then you need to do one important thing first – PREPARE your home for the real estate market. In case you’re baffled on how to go about doing this, Hausples has got you covered with our guide to preparing your home for its potential sale.
As any Papua New Guinean knows, Home sales in PNG are fairly stable at the moment with the market coming down from the boom times experienced at the height of the PNG LNG project. In addition, banks and financial institutions are being more stringent in ensuring that applicants fit their lending criteria with regard to one’s affordability which is utting further pressure on the market. Despite this, any homeowner can’t still achieve an excellent sale price for his or her home with a little planning and some investment in time and marketing dollars.
The first step in achieving you desired price when selling a home in PNG is to source the expertise of a properly qualified real estate agent rather than relying on your own wits and whims.
Hausples caught up with Strickland Real Estate’s Gayle Nast to get tips on fixing up a home before going head on with the inevitable sale. As a real estate professional that’s been in the game for 21 years, Nast explains that it’s imperative to involve realtors as they are objective and this is particularly so when it comes to real estate in the major cities of Port Moresby and Lae.
“It is wise to use the services of a professional real estate agent to conduct the negotiations for price, settlement, what stays with the property [assets] and any other aspect. The real estate agent is non-emotive and impartial whereas some vendors [sellers] and purchasers can become very heated and emotional during the negotiation and selling stage. By engaging a professional real estate agent, you can prevent the stress of negotiations and sometimes end up with a very positive result…”
Having worked in both the real estate markets of Port Moresby and Sydney (Australia), Nast is well-versed in ensuring that the vendor makes a successful sale.
First decide when is the best time to sell your home
Nast stated that the vendor’s inclination to sell their home hangs on the absence of any financial pressure. Therefore, the nonexistence of financial pressure plus the vendor’s willingness to sell is equivalent to the best time for the vendor to make a sale. Moreover, PNG vendors have a lead in being able to sell their home at any time without being influenced by climatic changes.
“Typically, Australian and New Zealand Real Estate markets focus on the spring period. However, this focus isn’t applicable here in PNG, mainly due to the fantastic climate,” explained Nast.
Second hire a respectable solicitor or lawyer
To ensure that there are no legal pitfalls after the property is sold, it is absolutely critical to hire a qualified legal adviser and this is particular important in Papua New Guinean given the majority of land is subject to state leases. According to Nast, there are often technical legal issues involved with selling PNG property and so it is paramount to obtain advice about the aspects of legal documents associated with the sale and settlement of a property. She added that the use of a solicitor would ensure that all paperwork and titles pertaining to the sale of the property would be accessible to the vendor.
Nast recommended that a number of essentials be cross-checked against the paperwork such as the following:
- Check out, compare and interview several real estate agents
- Compare their marketing strategy, recent sales and negotiation skills
- Ask for referrals from previous or current clients
- Ask for their professional opinion as to what the property would sell for
- Finally ask what their commission is for the successful sale of the property
Third, know the target market for your home
In addition, vendors should also determine who the target market is for their particular property so that they market to that audience appropriately. As stated by Nast, the target market is determined by the property being offered for sale. Therefore, buyers can range from first-home buyers to second and third-time home buyers. And when it comes to buyers, it’s all about leaving them with a lasting first impression where they are captivated with your property. So ultimately, the vendor’s goal is to make certain that their property’s presentation is impeccable.
“Presentation makes the property welcoming, neat and tidy…tidy up outside, especially any pet mess, rubbish [and] ensure that the steps leading to the home are safe and secure,” stated Nast.
In all, keeping in mind all the above points is key to making your very own successful sale. Whether you own a timber or clad house, pylon or stilt style, selling your home can and should deliver to you a good return.
Copyright Hausples.com.pg, article by Pauline Mago-King