How can you best sell your property?

Are you the owner of an apartment or house and want to sell your property? To sell a property in Luxembourg at the best price, there are several factors to consider:

• Determine the fair value of your property
• Highlight the strengths of your property
• Follow the steps of the sales process

Here we give you our best advice for implementing an effective sales strategy. This will enable you to sell your property in Luxembourg as quickly and effectively as possible.

Sell your property as quickly and profitably as possible

To sell an apartment or house in Luxembourg at the best price, it is not enough to simply set a price. Many other factors come into play when optimizing a sale. Furthermore , given the booming real estate market in Luxembourg, many owners are tempted to increase the sale price. But is this the right strategy?

Determine the fair value of your property

Do you want to sell quickly and at the best price? First of all, you need to determine the fair value of your property. This fair value is the price that a buyer will be willing to pay for your house or apartment within a reasonable time frame for the seller.

Defining the fair price of a property is one of the key elements of an effective sales strategy. By getting as close as possible to the fair price of your property, you give yourself the best chance of selling quickly and at the best price. This is especially true in Luxembourg, which is a buoyant but complex real estate market.

Estimate the "market value" of the property for sale

The market value of a property can be assessed in relation to equivalent properties for sale in a similar market. Is your house the only one for sale in the area? Is your apartment considered a rare find? These are all assets in your market.

Don't hesitate to consult real estate listings. This will allow you to determine a range of asking prices for properties equivalent to yours in your area.

In addition, the latest trends in the Luxembourg real estate market, which you can consult here, should give you additional information on developments in the real estate market in Luxembourg.

Also assess the future prospects of the local real estate market. Public transportdevelopments are underway in your area, such as the upcoming tram lines as part of the Mobility Plan 2035. Check with your local municipality. Perhaps these future developments will boost your selling price.

Assess any renovation work that may be needed

When a potential buyer visits your house or apartment, they will note any flaws. Does the paint need to be redone? Is the kitchen outdated? Are the bathrooms aging or "stuck in time"? Is the terrace poorly maintained? These are all things that a potential buyer will deduct from the asking price before making an offer.

Do you want to sell your property in the best possible conditions? Take a critical look and assess the renovation work that a buyer will need to do. Don't hesitate to carry out any minor repairs that are necessary. Sometimes, all it takes is a fresh coat of paint to enhance a room. You will give the impression of a clean and well-maintained apartment. Your buyer will be all the more inclined to pay the asking price.

You can find real estate price simulators online, such as the tool developed by Nexvia or the one developed by Nextimmo. They will help you evaluate the price of your residential property.

Highlight the strengths of your property to sell it more easily

In your ad, highlight the strengths of your apartment or house. Isyour home in a great location, close to schools, shops, and public transportation? Do you have a large balcony or terrace? Do you have a large garden? These are all assets that will be appreciated by the future buyer of your property. Highlight these strengths in the ad text and photos.

Also take into account any potential obstacles to the sale when setting the price of your house or apartment. Expect the sale to take longer to complete. It is important to note that since the Covid lockdown, the lack of outdoor space has been a hindrance to sales. The same applies if your property is located on the 3rd floor without an elevator. Make these points clear when you first contact a potential buyer. There is no point in arranging viewings that would not have taken place if the buyer had been aware of these weaknesses.

Call on real estate sales specialists

To go further and find out the exact price of your property, don't hesitate to call on several real estate agents to have it appraised. They know the market and probably have a list of clients who may be interested in your property.

On the other hand, be wary of overly high valuations. Your apartment or house may remain on the market for too long. A property that takes a long time to sell depreciates in value.

Once the property has been valued at its fair market value, it is time to think about marketing it.

What steps should you take to sell your property?

If you decide to sell your property through a real estate professional, ask them about their strategy. What are their references? What marketing will they use to sell your property as quickly as possible?

Are you selling your property yourself?

If you decide to sell your property yourself, advertise it on real estate portals. Highlight its strengths. Remember to tidy up your home before taking photos. Remember to take photos during the day. Highlight the brightness of your apartment or house.

Don't forget private sales websites and social media. In Luxembourg, there are specific Facebook pages. Spread the word. Luxembourg is a small place, don't forget!

Prepare your home to sell it at the best price

To sell your apartment or house, it's not enough to just place an ad. You need to arrange your home so that a potential buyer can imagine themselves living there when they visit.

Of course, everything must be clean and tidy to show that you take good care of your home. A neglected home will give the impression that you don't maintain your interior. Potential buyers will think that you don't do the necessary work to keep your property in good condition. Subconsciously, buyers will think that they will have to do a lot of work once they have purchased the property.

In addition, your interior design should be sufficiently neutral. This will make it easier for visitors to imagine living in your home. Now is the time to think about home staging. The colors of the walls should be neutral. The decor should not be too personalized.

Also remove any photos that could allow buyers to recognize you as the sellers. Luxembourg is a small country. And sometimes, people simply don't want to live in the house of someone they know, whether closely or distantly... Even if it's just because their children go to the same school.

Put together the sales file for your property

Prepare all the necessary documents for the sale of your home in advance. These documents will be requested either by your potential buyer or by the notary in charge of the sale. Here are the documents you need to prepare to sell your property:

• Accounts and co-ownership regulations with the latest minutes of general meetings for an apartment
• Statement of condominium charges, gas, electricity, and fuel bills.
• Proof of boiler maintenance.
• Insurance statements for the property to be sold
• Plans and building permits for a single-family home or apartment building, if you have them
• Proof of ownership
• Energy performance certificate required for sale and rental

Show your property to potential buyers

Is your apartment or house up for sale and you have viewing requests? Here are some professional tips to apply during viewings.

Create a "wow" effect at the beginning and/or end of the viewing. Impress your potential buyer right from the start of the viewing. Win them over at the end of the viewing. They will leave on a positive note. Is the buyer sitting on your sofa or turning off the lights when leaving a room? That's a good sign...

Also, remember that visitors' questions and comments are not personal. They are simply asking all the normal questions they would ask when buying their future home.

Have you received an offer? Congratulations! However, don't hesitate to check the creditworthiness of your potential buyers. Negotiating the price is an important part ofthe process, both for them and for you. Do the buyers already have a bank agreement? Do they have sufficient personal funds? Don't hesitate to ask for financial documentation before signing a preliminary sales agreement with a buyer. You are just as committed as they are.

Sign a preliminary sales agreement

The preliminary sales agreement is a very important step. It seals the agreement between the parties. A preliminary sales agreement is a definitive contract between the buyer and the seller. The preliminary sales agreement must include at least the following elements:

• names and addresses of the parties, seller and buyer
• description of the property for sale: address, cadastral reference, details of the property, etc.
• sale price and payment terms
• existence of any easements
• date of signature of the notarial deed and name of the notary with expected date of transfer of ownership and handover of keys
• any occupancy compensation in the event of a delay in handing over the keys
• suspensive clause whereby the buyer is not obliged to purchase if the loan is not granted within 4 to 6 weeks. To be released from their commitment, the buyer must provide you with at least one, or even two, refusals from banks within the specified period.
• Penalty clause obliging the potential buyer to pay compensation to the seller in the event of withdrawal from the sale. This compensation is generally set at 10% of the sale price specified in the preliminary agreement.

Register your preliminary sales agreement

Registering the preliminary sales agreement with the Registration and Domains Administration makes it enforceable against third parties. This registration must take place within 3 months of signing. The registration fees are around ten euros for a preliminary agreement with a suspensive clause and 7% of the sale price if there is no such clause. The 7% represents the advance on notary fees.

Sign the notarized deed of sale for your house

The preliminary sale agreement formalizes the contract between the buyer and the seller. The notarized deed formalizes the change of ownership. In Luxembourg, this is generally done within two months of signing the preliminary agreement, provided that everything is in order.

The deed of sale can be drawn up by any notary in Luxembourg, regardless of the location of the property concerned. The legal guarantees apply from the date of signature of the notarized deed.

Notary fees are paid at this point. They are generally payable by the buyer, but may be subject to a different agreement between the parties.

Our advice for the smoothest possible sale

Do you want the sale of your home to go as smoothly as possible? Are you already thinking about your future home? If you are already preparing to move abroad, save yourself some stress.

To do this, we recommend that you call on the services of a real estate expert. You will save time and, above all, a lot of hassle. A real estate agent has in-depth knowledge of the local, commercial, legal, and financial environment related to real estate sales. They will guide you through the entire sales process and advise you in your best interests. The agency commission should not be a deterrent. It is more than offset by what a real estate agent can offer you.

Find out more about housing in Luxembourg