{"id":5138,"date":"2019-03-29T05:15:22","date_gmt":"2019-03-29T04:15:22","guid":{"rendered":"https:\/\/www.mon-agent.lu\/selling-in-luxembourg\/guides-for-sellers\/vendre-appartement-luxembourg\/"},"modified":"2019-04-09T06:40:18","modified_gmt":"2019-04-09T04:40:18","slug":"selling-an-apartment","status":"publish","type":"page","link":"https:\/\/www.mon-agent.lu\/en\/selling-in-luxembourg\/guides-for-sellers\/selling-an-apartment\/","title":{"rendered":"Selling an apartment in Luxembourg"},"content":{"rendered":"<p>[vc_row content_width=&#8221;grid&#8221; triangle_shape=&#8221;no&#8221; bg_type=&#8221;bg_color&#8221; bg_override=&#8221;ex-full&#8221; bg_color_value=&#8221;#ffffff&#8221; css=&#8221;.vc_custom_1554615131053{padding-top: 50px !important;}&#8221;][vc_column][vc_single_image image=&#8221;3880&#8243; img_size=&#8221;large&#8221; alignment=&#8221;center&#8221; style=&#8221;vc_box_border&#8221; css=&#8221;.vc_custom_1554091020743{padding-bottom: 25px !important;}&#8221;][vc_column_text css=&#8221;.vc_custom_1554460248852{padding-bottom: 25px !important;}&#8221;]<\/p>\n<h2>Read on to find out what you need to know to sell FAST AT THE BEST PRICE:<\/h2>\n<h3 class=\"dark-bg\">Step #1 \u2013 Decide When To Sell Your Flat<\/h3>\n<p>There isn\u2019t any easy answer to the oft-asked question of:\u00a0<em>When should I sell my flat? <\/em>Important considerations include:<\/p>\n<ul>\n<li><strong>Time of year<\/strong> \u2013 Real estate in Toronto is seasonal, with December and January generally being the slowest months. Of course, there\u2019s something to be said for listing your <em>flat<\/em> when competition is low too.<\/li>\n<li><strong>Current competition in your building<\/strong> \u2013 Because <em>flat<\/em> are seen more as commodities than houses (there are many similar units), the amount, quality and price of the current competition must be taken into account.<\/li>\n<li><strong>Current competition for similar flats in similar buildings<\/strong> \u2013 While less important than what\u2019s going on in your building, if you have a one bed+ den and there are more on the market than usual, that will impact how long it takes your <em>flat<\/em> to sell.<\/li>\n<li><strong>State of the real estate market<\/strong>\u00a0\u2013 Interest rates and consumer confidence affect prices.<\/li>\n<li><strong>Your personal goals<\/strong>\u00a0\u2013 If you\u2019re moving out of the city or have already bought a new property, then that timing will likely override everything else.<\/li>\n<\/ul>\n<h3 class=\"dark-bg\">Step #2: Prepare Your Flat for Sale<\/h3>\n<p>When preparing your flat for sale, keep these 3 goals in mind:<\/p>\n<ol>\n<li><strong>Declutter to make the space look as big as possible\u00a0<\/strong>One of the biggest challenges of flat living is space. Remove personal items,\u00a0extra armoires and anything that could distract potential Buyers. \u00a0Smaller furniture will make the rooms look bigger, so consider swapping out that King sized bed that takes up the whole bedroom for a smaller one, and replacing the L-shaped couch with a more compact version.<\/li>\n<li><strong>Make sure every room is staged to its optimal use\u00a0<\/strong>It\u2019s OK if you\u2019re using your second bedroom as a walk-in closet, but convert it back to being a bedroom during the listing. Buyers don\u2019t often have great imaginations, so put a dining table in the dining room and a desk in the den.<\/li>\n<li><strong>Clean, clean and clean again!<\/strong>\u00a0The cleaner your flat is, the faster it will sell. Buyers won\u2019t just look at surfaces \u2013 they\u2019ll look inside your closets, your kitchen cupboards and your bathroom vanity. Make sure everything sparkles!<\/li>\n<\/ol>\n<h3><b>Special Considerations for flats<\/b><\/h3>\n<p><strong>Storage \u2013\u00a0<\/strong>The last thing you want to communicate to Buyers is that the flat doesn\u2019t\u00a0have enough storage. Store off-season clothes offsite, \u00a0get rid of all those kitchen appliances and the second set of dishes and minimize your toiletries.\u00a0Make sure cupboards and closets aren\u2019t overflowing (3\/4 full is a good guideline).<\/p>\n<p><b>Parking and Lockers \u2013\u00a0<\/b>Don\u2019t use them as a dumping ground for all extra stuff. They\u2019re a valuable part of what you\u2019re selling.<\/p>\n<p><b>Smells<\/b>\u00a0can linger in a flat, so make sure you don\u2019t cook foods with strong odours (fish, curries, etc.) while your flat is for sale. Clean the litter box at least twice a day. And don\u2019t even think about smoking in your flat. \u00a0If you have smoked in it in the past, consider getting a \u2018smoke bomb\u2019 to take the smell away. A good carpet and window covering cleaning and a fresh coat of paint can go a long way to eliminating odours. \u00a0Avoid the use of strong air fresheners as that can turn a Buyer off too.<\/p>\n<p><strong>Neighbours<\/strong>\u00a0It never hurts to let your immediate neighbours know you\u2019ll be selling. Hopefully, they\u2019ll be considerate (e.g. no loud music during showing hours) \u00a0\u2013 if you get a good price, that\u2019ll help their value too!<\/p>\n<h3 class=\"dark-bg\">STEP #3 &#8211; BE READY<\/h3>\n<p class=\"dark-bg\">Gather all your documents &#8211; Your real estate agent will ask you for copies of your heating, electricity and water bills, utility and tax bills, to take the time to photocopy or scan. All current and manual warranties must be collected as well.<br \/>\nMake a list of renovations and repairs &#8211; Make a list of all renovations and repairs that have been done. Be prepared to discuss potential problems with your real estate agent &#8211; it is mandatory to inform the potential buyer of any problems or defects, rather than being sued later.<br \/>\nMake an extra set of keys &#8211; In order for your real estate agent to show your apartment, it is more convenient to make a duplicate key.<br \/>\nHave an Energy Pass established &#8211; If you do not have one or if yours is more than 10 years old. Remember that it is mandatory to transmit this Energy Pass to the new owner at the time of the notarial deed.<\/p>\n<h3 class=\"dark-bg\">Step #4: Pricing Your flat for Sale<\/h3>\n<div class=\"entry\">\n<p>Determining the\u00a0<strong>value of a flat<\/strong> is generally easier than valuing a house because there are likely identical or nearly identical comparable sales in your building. In determining the value of a flat, real estate agents and appraisers will determine the price per square foot of recent sales and use that as a basis to determine the value of your flat. For example, a 50 sqm flat may be worth 500\u20ac psm (per square meter) or 600 000 \u20ac.<\/p>\n<p><strong>It\u2019s important to note:<\/strong><\/p>\n<ul>\n<li><strong>Diminishing psm returns on size<\/strong> \u2013 the bigger the flat, the lower the cost per square foot (as the flat gets bigger, each square foot becomes less valuable as there are more of them)<\/li>\n<li><strong>Height<\/strong>\u00a0<strong>Matters\u2013<\/strong> the higher the floor, the higher the cost per square foot (buyers are willing to pay more for a flat on a higher floor)<\/li>\n<li><strong>Views are Important<\/strong>\u00a0\u2013 the better the view, the higher the cost per square foot (views can be extremely valuable, especially if they are of Lake Ontario or the CN Tower)<\/li>\n<li><strong>Exposure Matters<\/strong>\u00a0(whether the unit faces south, north, east or west) will impact value<\/li>\n<li><strong>Good Layouts<\/strong>\u00a0<strong>are Valuable<\/strong>\u2013 Buyers will pay more for layouts with more usable space rather than lots of hallways or a big foyer<\/li>\n<li><strong>Corner units<\/strong>\u00a0are worth more than non-corner units<\/li>\n<\/ul>\n<p>How well the flat shows will also impact price, including how it is staged, how clean and clutter-free it is and whether it smells like the litter box or what you ate for dinner.<\/p>\n<p>While comparable unit sales in your building are the most important consideration in valuing your flat, your real estate agent will also look at the units in your building currently for sale (i.e., the competition), as well as recent sales and competition in nearby\u00a0<em>similar<\/em>\u00a0buildings.<\/p>\n<p><strong>When it comes to determining a flat pricing strategy you can price\u00a0 at market value or price above market value and negotiate.\u00a0 [Related: <a href=\"\/en\/sell\/pricing-strategies-for-home-sellers\/\" target=\"_blank\" rel=\"noopener noreferrer\">Pricing Strategies for Home Sellers<\/a>] Keep in mind:<\/strong><\/p>\n<ol>\n<li><b>Supply and Demand<\/b><\/li>\n<li><b><\/b>Because there are generally multiple units that are identical or near-identical in a building, Buyers may not feel the desperation that they often feel with a house \u2013 if they miss out on buying this flat, there\u2019ll likely be another similar one come on the market soon.<\/li>\n<li><b>Less Emotional Connection<\/b> \u2013 We often see House Buyers fall in love, for example, with the original turn of the century stained glass windows, professionally landscaped backyard or prime location of a particular house. With more similarities than differences, traditional flats don\u2019t tend to create the same emotional reactions in Buyers. That doesn\u2019t mean people don\u2019t fall in love with flats \u2013 they do \u2013 but because Buyers know how much the same unit one floor above sold for, they aren\u2019t apt to pay 100 000 \u20ac over the price.<\/li>\n<\/ol>\n<h4><strong>Other factors that will affect the price of your flat:<br \/>\n<\/strong><\/h4>\n<ul>\n<li><strong>Upgrades from the builder \u2013<\/strong>\u00a0while they won\u2019t add as much value as you paid for them, they will help differentiate you from the other flats available for sale<\/li>\n<li><strong>Renovations<\/strong>\u00a0\u2013 don\u2019t generally add much value to newer flats, but can add a lot of value in older flats<\/li>\n<li><strong>Ceiling height<\/strong>\u00a0\u2013 taller\u00a0is better<\/li>\n<li><strong>Maintenance fees<\/strong>\u00a0\u2013 if maintenance fees are significantly higher than average, prices will generally be lower<\/li>\n<li><strong>Parking<\/strong> \u2013 generally adds 25 000 &#8211; 50 000 \u20ac to the price of a flat<\/li>\n<li><strong>Locker or en-suite storage<\/strong>\u00a0\u2013 definitely in high demand<\/li>\n<li><strong>Outdoor space<\/strong>\u00a0\u2013 balconies and terraces are in high demand<\/li>\n<li><strong>Amenities in the building<\/strong>\u00a0\u2013 while some Buyers don\u2019t want the amenities because of the higher maintenance fees, others want the concierge\/pool\/theatre room\/guest parking<\/li>\n<li><strong>Location<\/strong>, location, location<\/li>\n<li><strong>The ratio\u00a0of Renters to Owners<\/strong>\u00a0\u2013 Buyers prefer flat buildings where the majority of the people living there are owners<\/li>\n<li><strong>The reputation of the building<\/strong>\u00a0\u2013 the demographics of the residents, noise proofing, quality of construction, legal problems, the effectiveness of the Board of Directors<\/li>\n<\/ul>\n<\/div>\n<h3 class=\"dark-bg\">Step #5: Marketing<\/h3>\n<p>One of your real estate agent\u2019s most important jobs will be making sure potential Buyers see your flat. With thousands of flats for sale in Toronto, standing out from your competition is critical. A comprehensive marketing campaign for a flat differs than one for a house in the following ways:<\/p>\n<ul>\n<li><strong>Most flats are smaller than houses, so photography and videography can be a challenge.<\/strong>\u00a0Experienced professionals with wide-angle lenses should be able to capture a room without making it seem smaller or bigger than it truly is. If your agent suggests taking the pictures themselves, run!<\/li>\n<li><strong>Unless your unit is on the first couple of floors and facing a busy street, a for sale sign\u2019 will be of no use.<\/strong>\u00a0Being able to capture flat Buyer attention online is that much more important.<\/li>\n<li><strong>Your target Buyer<i>\u00a0is<\/i>\u00a0out there<\/strong>\u00a0\u00a0\u2013 they may be first time buyers, the parents of first-time buyers, an international investor, a recent divorcee, a newly married couple, seniors who\u2019ve just sold their family home or a young couple with a baby on the way. Smart real estate agents will go to great lengths to profile your target Buyer and create a marketing campaign to reach them.<\/li>\n<\/ul>\n<div class=\"entry\">\n<h3 class=\"dark-bg\">Step #6: Showings<\/h3>\n<\/div>\n<p>When Buyers make an appointment to see your flat, keep the following in mind:<\/p>\n<ul>\n<li><strong>Leave the flat!<\/strong>\u00a0There\u2019s nothing more distracting for a Buyer than having to walk around the owner.<\/li>\n<li><strong>Be flexible with showing times<\/strong>\u00a0\u2013 There\u2019s a lot of competition out there, so make it convenient for Buyers to see your flat.<\/li>\n<li><strong>If you have a tenant in your flat<\/strong>: you\u2019ll need to provide them with 24 hours notice for showings. The sale will be less intrusive to them if it\u2019s quick, so their cooperation \u2013 in de-cluttering, and keeping it clean \u2013 will go a long way.<\/li>\n<li><strong>Make it easy for Buyers to see the facilities.<\/strong>\u00a0Make sure the agents have easy access to a FOB so they can show your building\u2019s facilities.<\/li>\n<\/ul>\n<h3>STEP #7 \u2013 OFFER<\/h3>\n<p>Your persevered job carried its fruits and you get an offer of a purchaser. Here is in what to wait for you:\u00a0the offer of the Purchaser will be introduced to\u00a0your estate agent, who will transmit it to you.\u00a0It\u00a0will contain some important points of negotiation:<\/p>\n<ul>\n<li>Your contact details<\/li>\n<li>The contact details of the Purchaser<\/li>\n<li>The description of your property<\/li>\n<li>The offered price<\/li>\n<li>The date\u00a0before which you must answer<\/li>\n<li>The delay for the <strong>financing condition<\/strong> of getting of the loan<\/li>\n<li>The date of taking possession<\/li>\n<li>The date of the notarial act<\/li>\n<\/ul>\n<p>Once you receive an offer, you have 3 choices\u00a0:<\/p>\n<ol>\n<li><strong>Accept offer<\/strong>\u00a0:\u00a0Congratulations, you\u00a0sold your good\u00a0!<\/li>\n<li><strong>Make one counter-bid<\/strong> (with better conditions and \/ or prices for yourself). The Purchaser in this point can accept your counter-bid, or make one other counter-bid, or leave.<\/li>\n<li><strong>Decline offer<\/strong>.<\/li>\n<\/ol>\n<p>Negotiation is an art, and if you chose well your estate agent, he is going\u00a0to give you with solid advice, to get you the price which you want. The final decision on price during the sale of your good\u00a0belongs to you, but an estate agent is a\u00a0strategical negotiator in\u00a0your sides.<\/p>\n<h3>STEP #8 \u2013 THE NOTARIAL ACT<\/h3>\n<p>The D-day finally arrived. Before leaving to the notary, make sure not to have forgotten:<\/p>\n<ul>\n<li>the original of your energy Pass that it will be necessary to give to the Purchaser.<\/li>\n<li>keys and all doubles<\/li>\n<li>to have read all counters (water, electricity, gas \u2026)<\/li>\n<\/ul>\n<p>The sum of transaction will be transferred to you by the notary in days according to the signature of the act.[\/vc_column_text][mkd_blockquote text=&#8221;If you still have questions about selling your apartment in Luxembourg, call us and we will be happy to answer all your questions to help you sell at the best price.&#8221; title_tag=&#8221;h2&#8243;][\/vc_column][\/vc_row][vc_row triangle_shape=&#8221;no&#8221;][vc_column]<div class=\"templatera_shortcode\"><div data-mkd-parallax-speed=\"1\" class=\"vc_row wpb_row vc_row-fluid mkd-section vc_custom_1554461328051 mkd-content-aligment-left\" style=\"\"><div class=\"clearfix mkd-full-section-inner\"><div class=\"wpb_column vc_column_container 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style=\"color: #ffffff;\"><strong>Expect More !<br \/>\nMore expertise, more services, more marketing,<br \/>\nbut fixed agency fees of 9000\u20ac !<\/strong><\/span><\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1554459188701\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<div class=\"subtitle\" style=\"text-align: center;\"><span style=\"color: #ffffff;\"><a style=\"color: #ffffff;\" href=\"\/en\/selling-in-luxembourg\/selling-with-us\/\" target=\"_self\" rel=\"noopener noreferrer\">Find out how [blogtitle] helps sellers <i class=\"fa fa-angle-right\"><\/i><\/a><\/span><\/div>\n\n\t\t<\/div>\n\t<\/div>\n<\/div><\/div><\/div><\/div><\/div><\/div>[\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"Thinking of selling your home in Luxembourg? Expect More ! More expertise, more services, more marketing, but fixed agency fees of 9000\u20ac ! Find out how [blogtitle] helps sellers","protected":false},"author":1,"featured_media":3881,"parent":3680,"menu_order":0,"comment_status":"closed","ping_status":"open","template":"full-width.php","meta":{"footnotes":""},"class_list":["post-5138","page","type-page","status-publish","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.mon-agent.lu\/en\/wp-json\/wp\/v2\/pages\/5138","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.mon-agent.lu\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.mon-agent.lu\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.mon-agent.lu\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mon-agent.lu\/en\/wp-json\/wp\/v2\/comments?post=5138"}],"version-history":[{"count":16,"href":"https:\/\/www.mon-agent.lu\/en\/wp-json\/wp\/v2\/pages\/5138\/revisions"}],"predecessor-version":[{"id":5594,"href":"https:\/\/www.mon-agent.lu\/en\/wp-json\/wp\/v2\/pages\/5138\/revisions\/5594"}],"up":[{"embeddable":true,"href":"https:\/\/www.mon-agent.lu\/en\/wp-json\/wp\/v2\/pages\/3680"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.mon-agent.lu\/en\/wp-json\/wp\/v2\/media\/3881"}],"wp:attachment":[{"href":"https:\/\/www.mon-agent.lu\/en\/wp-json\/wp\/v2\/media?parent=5138"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}