Guyana Real Estate:  How To Sell Your House In Guyana

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Are you ready to sell your house? Selling your real estate in Guyana or any part of the world is always a big deal. But if you want to make this move, this article will help you do it.

Read this article to understand how you can sell your property fast and get the most money.

Let us get started!

How to Sell Your House in 10 Steps: Real Estate in Guyana

Here is our guide for selling real estate:

1. Determine whether you are ready to sell.

You need to decide if you are ready to sell your house. This stage is a critical one in the home-selling process. Here are some questions you may ask yourself to know if you are ready:

  • Am I ready to move out of my home? Homeowners can develop an emotional attachment to their property. You will need to be prepared to let go. 
  • Do I have the money to cover the cost of selling the house? The process of preparing the home for sale and hiring the right people will cost money.
  • Did I establish enough equity in the house to sell it? You will need to consider how much you owe and how much the home is worth. The house should be worth more money than you owe on your mortgage.

Once your answers are yes, you might be ready to proceed with selling your real estate. 

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2. Determine the financial situation.

You should have a fair estimate of the value of the home and the expense associated with selling it. Once you have this information, you should be able to calculate your estimated profits. 

With this in mind, list any expenses associated with selling the real estate. You may ask yourself a few questions to understand the financial situation.

Consider any outstanding mortgage debts, rates and taxes, water bills, and other utility bills. The legal fees to complete the process. What is the cost of an evaluation needed? Is there a need to clean up the property, and what will it cost? 

Having an overview of all of those costs will assist you in avoiding any surprises and delays during the process.

» Learn about opening of a personal or business bank account in Guyana.

3. Select a real estate agent in Guyana to sell the house.

Even if you can sell your house yourself, it is not always the best option. Using a professional real estate agent is a good idea. You have the option of hiring a local real estate agency in Guyana or an online real estate agent. Using an agent will help you sell your home quickly and may also allow you to negotiate a better price for a house for sale in Guyana.

Interview several agents to ensure you get the best fit for your home and neighborhood. Make sure you and the estate agent can agree on a reasonable fee. In most cases, the payments for real estate services will vary depending on the valuation and location.

Bonus tips:

  • Allow buyers to bring their real estate agent to view your home.
  • Do not linger in the house during the process.
  • Consult with your agent before marketing the property.
  • Before listing the house for sale, seek the real estate agent’s advice on any necessary changes.

4. Decide on a realistic price for selling your home.

Right from the start, price your home right. The pricing of the house should be realistic because buyers would not want to pay more than the comparable sale. Do your research to know the local market and get an idea of what the selling price of homes is around the community or on websites like Zinctop Reality.

When the house is priced too high, you may turn off potential buyers. Too high pricing can backfire, but you do not want to underestimate the value of your home either.

To remedy the situation, you can get an evaluator to value your real estate. When you have the evaluated price of the home, add 5% to cater to a buyer who will try to negotiate a discount. 

Bonus tip: Avoid multiple reductions in the price of the house.

5. Unclutter and prepare the Real Estate for sale in Guyana.

Preparing the home for sale will increase the perceived value of the house to your potential buyers. The less stuff the buyer sees in the building, the bigger the spaces will look. This strategy will help to make the home appear larger internally.

Begin by removing any excess clutter and tidying up the surrounding area. You should begin the process of decluttering the house early. Uncluttering early will also help reduce your workload when it is time to move out. 

» Learn about using a Free PayPal or US banks account.

 6. Hire a conveyancing solicitor 

You will need a conveyancing solicitor to deal with the legal paperwork for the sale of your home. It is better to have a solicitor before you begin negotiations. This approach may illustrate to potential buyers that you are serious about selling.

Be sure to choose a reputable conveyancing firm versed in Guyana real estate. The firm should have the required solicitors to take you through the sale process.

It may be best to get a quote from more than one conveyancing firm. Compare the rating costs of the quotations to see which best suits your budget. After selecting the firm you want to use, you may agree to the legal terms of selling your house. 

7. Provide the relevant information 

At this point, you should provide all pertinent information for the home’s sale. This information should show the buyer all relevant information about the property, such as any debts or disputes. Also, who owns the property, and so on?

8. Formally accept an offer of sale

After receiving an offer through the estate agent, you will need to accept or reject the sale offer. If the sale offer is not acceptable, refuse it or negotiate a better offer. Another option is to reject the sale offer and wait for a better one to come along.

Whatever option you select, you will need to formally accept an acceptable offer.

» Learn about ISPs in Guyana 2024; Which is right for your home?

9. Agreement of Sale and contracts 

Now that you’ve formally accepted an offer, it’s time to finalize a few details.

The buyer will need to know when the contract will be exchanged and when the keys to the property will be handed over. It is important to note that once contracts are exchanged, you are legally bound to the sales agreement. The buyers are also legally bound by the agreement to purchase the property.

10. Complete the sale of the property

You are now ready to accept payment and hand over the keys under the terms of the sale agreement. When the buyer makes the payment, the solicitor begins the legal process of transferring ownership.

Your home has now been sold, and it is time to pack your belongings and hand the keys to the new owner.

Remember to finalize all financial arrangements for the sale of your home with your solicitor and estate agent.

That’s all. You have successfully sold your home in Guyana in TEN easy steps.

Congratulations!!!!

Real Estate value in Guyana

The value of real estate in Guyana is determined by the location, type, and size of the property. Guyana has three types of properties. State-owned land, titled land, and industrial estates are among the properties included in this category. Most state-owned lands are leased for a set period of time.

Properties in and around major towns, such as the capital Georgetown, are more expensive compared to others regions. A four-bedroom, four-bathroom house near the city costs between $350,000 and $400,000 US dollars . This price range, however, would be lower if it were sold in Linden.
In terms of land, a five-acre plot of land located about 20 miles from the capital will cost between $2 and $3 million USD. The value of these lands is rapidly increasing as a result of the discovery of oil in Guyana.

Both local and foreign investors can buy land to conduct business in Guyana.

FAQs about Real Estate in Guyana

A Step by step guide to selling your house in Guyana

How to Become a Real Estate Agent in Guyana?

To work as a real estate agent in Guyana, you must be at least 18 years old and a high school graduate or holder of a general certificate of equivalency. They must also complete a 75-hour salesperson pre-license course and have a police report (criminal background check) from a local police department. This police clearance report should be no more than 60 days old before picking up the license. In Guyana, this is a worthwhile venture because you can earn a decent real estate agent salary.

Why should I use a real estate salesperson in Guyana?

In Guyana, you should hire a real estate salesperson because they are more than just a “salesperson.” This person will act as an agent for the seller or buyer, advising and directing them. A real estate agent can also help you buy or sell a home. This agent receives payment for his services. Use only a licensed real estate agent who is a member of your local multiple listing service (MLS). The real estate agent is your representative when buying or selling a home. 

How Much Will I Make When Selling My House?

There are several factors that determine the amount of money you will receive when selling your house in Guyana. These factors include the solicitor and real-estate charges, any outstanding balances on the house, and the price for selling the property. You need to have this information before selling the house to determine your estimated profits or losses.

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