Selling or renting a property is a way to turn heritage into an extra source of income.
To relieve the pocket, but for this operation does not bring headaches it is necessary to meet certain requirements, according to specialists.
Among the factors that determine the sale or faster rent of a house or apartment are the price, the form of payment, the conditions of the property, the area where it is located, access to it and the attitude of the owner.
In addition, it is necessary to take into account the expenses derived from these operations, which are mainly the payment of the notary in case of sale, or an accountant or lawyer for whom he will lease the property.
Another important point to consider is the paperwork that these transactions imply, it is necessary to take into account the notary, lawyer, professional appraisers, real estate agents and accountant to tax liability derived from the sale or rent of the property.
Step by step
- Determines the waiting time
This element is fundamental to know the margin of negotiation that you have. For example, if I urge you sell or rent because you need cash, the negotiation time should be reduced and with this the post obtain a client with greater advantages.
If on the other hand you are in no hurry to lease the property you can afford to wait for the right buyer or renter, which will certainly allow you a higher profit margin. In the case of hiring a real estate agency or professional, usually contracts of a year are established to offer the house through a commission that is obtained with the sale of the property.
- Documentation in order
Experts recommend that all papers be in order, as there are occasions when the property is not legally owned by anyone who wants to dispose of them, such as when the owner dies and the succession of good has not been done. Another factor is when the deeds of the property have errors that may prevent or hinder the accreditation of the property, such as failures in the description, location or name of the owner. The documents that you must have are: property title or deed registered in the Public Registry of the Property. Water and property bills duly paid, electricity and telephone bills in addition to additional services Official identification and a sketch of location to facilitate the location.
- Define the price
Determining the value of immovable property depends on several factors, such as location, accessibility, services, land use (whether residential or commercial), development of the area, size and construction materials. The ideal is to hire a professional appraiser in the case of the sale, to ensure that you are not asking for much more than is really worth, or on the contrary, that we are devaluing the property.
However, it is necessary to specify that in these cases when doing the transaction before a notary, the latter can legally request the valuation of an expert to determine the real value of the house.
In the case of rent it is possible to take this price as a parameter to secure the property and ask for a reasonable amount for the lease.
- Conditions of the house
When a house is well preserved there is a greater possibility of selling it quickly or asking for a higher price per rent, so it’s important that you consider investing in maintenance, says Lopez. The AMPI recommends making the necessary repairs of cracks, leaks, pipe damage, and so on. Check Water, electricity and gas facilities. It is also important to keep it free of debris, debris and adequate ventilation and lighting.
- Contract
Explaining in detail the requirements and conditions of the purchase or rent is essential to have a contract that covers both the buyer and lessee, as the seller or lessor. “This document is more important in the case of income, since the relationship is more durable and the risks are enhanced,” according to Sara Barajas.
For sale, it is necessary that it be endorsed by a Notary or Public Broker, which gives legal certainty to both parties. For rent, experts recommend establishing in the clauses information about the state in which the property is delivered and the conditions required for its return, the obligations of the landlord and the tenant, the amount of rent, date of payment and penalties in Case of delays. In addition it serves for the owner to be covered in case the tenant contracts services and does not liquidate them.
Also clauses can be established where the causes of termination of contract, such as arrears in payments, public disorder, etc., can be established.
- The market
Finally the demand and supply of the local market must be taken into account, since this will determine the it when it takes to sell or rent the property and the bases of the negotiation. For example, in a place where the traffic problem is critical, due to schools, shopping malls, traffic regulations, etc., the market will be favorable for buyers, even if the sector is plagued by sellers.
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