When it comes to selling a property, there are so many questions to ask and answer and the amount of information available can be overwhelming. This article breaks some of it down for you.
Many thanks to Harriet Kibbe for continuing to provide us with developments of the local Nyon Real Estate in real-time! She provides our readers with insights and great tips in dealing with the local real estate market.
The start of a new year is the perfect time to take stock of the past year’s accomplishments and to make plans for the year ahead. When it comes to real estate, how do you know if you are making the right decisions? It is important to stay well informed in this ever-changing market.
How much is my property worth?
Getting an agency or bank to provide you with an independent valuation of your property is the first step. The next step is deciding what to do with the property. A few questions that I ask clients who are trying to figure out what to do with their properties are:
- Do you need the money from a sale to finance another project and if so, by when?
- Do you want recurring income from renting out and re-take possession of the property at a later date? A rental that washes its face should cover its costs and have a small profit; a single unit should give you 3,5-4% gross return, or you will be losing money eventually.
- Is your mortgage expiring soon? We are all expecting interest rates to increase, so if you’re not sure if you want to sell, look at renewing at a favourable fixed interest rate as soon as possible and ideally without early repayment fees.
Quick tip: figure out what the early repayment penalty fees might be with your lender.
Whatever your situation, it is always helpful to discuss with several professionals – notaries, brokers, bankers, architects… Anyone who can bring a new perspective and potential solutions to the table!
Harriet has lived in the Geneva-Nyon area on and off since 1988, growing up as part of the transient international community. Having moved several times she has always offered her help to newcomers and people from the international community to assist in their integration and understanding of the region. Access Harriet’s previous Living in Nyon article on trends in construction here.