How do you go about selling your property?

Luxembourg real estate sales strategy

Are you a property owner looking to sell your apartment or house in Luxembourg? To sell a property in the best possible way, there are a number of factors to consider. There are several steps to follow. Here we give you our top tips for setting up an effective sales strategy.

Sell your property in Luxembourg as quickly and efficiently as possible. 

Strategy to sell faster and better

To sell your property in Luxembourg, it's not enough to set a price. What's more, given the soaring property market in Luxembourg, many owners may be tempted to increase the sale price. But is this the right strategy?

Determine the fair value of your property

Do you want to sell your property as quickly and efficiently as possible? First of all, you'll need to determine the fair value of your property. This fair value is the price a buyer will be willing to pay for your house or apartment within a reasonable timeframe.

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

How do you determine the right price for your property?

The right price for your property depends on a number of factors.

Estimate the "market value" of the property

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

Don't hesitate to consult real estate ads. You'll be able to determine a range of asking prices for equivalent properties in your area.

In addition, the latest trends in the Luxembourg real estate market should provide you with additional information on market developments.

Also assess the future prospects of the local real estate market. Are public transport developments underway in your area? Find out more from your local authority. Perhaps these developments will boost your selling price.

Evaluate possible renovation work

When a potential buyer visits your house or apartment, he'll take note of all its defects. Does the paint need redoing? Is the kitchen outdated? Are the bathrooms outdated? Is the terrace in bad shape? These are all items that the potential buyer will deduct from the asking price before making an offer.

Want to sell your property? Take a critical look at your property and evaluate the renovation work required by a buyer. Don't hesitate to carry out small repairs. Sometimes all it takes is a lick of paint to make a room look its best. You'll give the impression of a clean, well-maintained apartment. Your buyer will be all the more inclined to pay the asking price.

Showcasing your property's assets

In your ad, highlight the assets of your apartment or house. Is your property conveniently located, close to schools, shops and public transport? Do you have a large balcony or terrace? A huge garden? These are all assets your future buyer will appreciate. Highlight these assets in your ad text and photos.

You should also take into account any disincentives to selling when setting your price. What's more, expect the sale to take longer to complete. It's worth noting that since the Covid's confinement, the absence of an exterior is an impediment to sale. The same applies if your property is on the 3rd floor without an elevator. There's no point in making visits that would not have taken place if the buyer had been aware of these weaknesses.

Calling on real estate specialists

To find out the right price for your property, don't hesitate to call in several real estate agents to have it appraised. On the other hand, beware of valuations that are too high. Your apartment or house may stay on the market too long. A property that takes a long time to sell depreciates by itself.

Once the property has been appraised at its fair value, it's time to think about marketing.

How do you 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 strategy will he use to sell your property as quickly as possible?

Selling your property in Luxembourg

If you decide to sell your property yourself, advertise it on real estate portals. Highlight its strong points. Remember to tidy up your property before taking photos. Remember to take photos in daylight. Highlight the brightness of your apartment or house.

Don't forget to check out private sales sites and social networks. In Luxembourg, there are specific pages on facebook. Use word-of-mouth. Luxembourg is a big village, don't forget that!

Putting together the sales file for your property

Prepare all the necessary documents for the sale of your property. 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:

  • Co-ownership accounts and 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 for sale
  • Plans and building permit for a single-family home or apartment building if you have them
  • Proof of ownership
  • Mandatory energy passport for sales and rentals

Visits to your property by potential buyers

Your apartment or house is for sale and you're getting requests to visit it? Here are a few professional tips to apply during visits.

Play up the "Wow" effect at the beginning or end of your visit. Don't forget that visitors' questions and comments are not personal. They're just asking all the normal questions you'd expect when buying a future home.

Do you have an offer to purchase? Congratulations! But don't hesitate to ask about the creditworthiness of your potential buyers. Negotiating the price is as important for them as it is for you. Do the buyers already have a banking agreement? Do they have sufficient funds of their own? Don't hesitate to ask for financial proof before signing a compromis de vente with a buyer.

Signing a preliminary sales agreement in Luxembourg

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

  • names and addresses of parties, seller and buyer
  • designation of the property for sale: address, cadastral reference, details of the property, ....
  • sales price and payment terms
  • existence of any easements
  • date of signature of notarial deed and name of notary, with planned date of entry into possession and handover of keys
  • any occupancy indemnity in the event of delay in handing over the keys
  • loan suspensive clause under which the buyer is not obliged to buy if the loan is not approved within 4 to 6 weeks. To be released from this commitment, the buyer must provide you with at least one, and possibly two, bank refusals within the allotted time.
  • clause pénale (penalty clause) obliging the potential buyer to pay compensation to the seller in the event of withdrawal from the sale. This indemnity is generally set at 10% of the sale price agreed in the compromis.

Registration of the sales agreement

Registration of the compromis de vente with the Administration de l'Enregistrement et des Domaines makes it enforceable against third parties. Registration must take place within 3 months of signature. The registration fee is 12 euros for a compromis with a suspensive clause, and 7% of the sale price in the absence of a suspensive clause. The 7% represents an advance on the notary's fees.

Notarial deed signed in Luxembourg

The compromis de vente formalizes the contract between buyer and seller. The notarial deed formalizes the change of ownership. It is usually completed within 2 months of signing the compromis. 

The deed of sale can be drawn up by any notary in Luxembourg. Regardless of where the property is located. Legal warranties run from the date of signature of the notarial deed. 

The deed of loan will be signed by the purchaser at the same time. 

The notary's fees will be paid at that time. They are generally payable by the purchaser, but can be agreed otherwise between the parties.

Our advice for the smoothest possible sale

Do you want the sale of your home to go as smoothly as possible? You're already thinking about your future home. If you're already on your way to a new expatriation, save your nerves.

That's why we advise you to call on the services of a real estate expert. You'll save time and, above all, worry. A real estate agent is fully conversant with the local, commercial, legal and financial environment involved in selling real estate. He or she will accompany you throughout the sales process and advise you in your best interests. The agency commission shouldn't be an obstacle. It's more than worth it when you know what a real estate agent can do for you. 

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