How not to lose money when selling your home?
Putting your beloved house for sale is no easy task and selling your home it at the right price is even more difficult. Many property sellers do not know the actual worth of their house, and sometimes they do not know how much they owe.
Without knowing these fundamental facts, saving money on your house for sale can be challenging. Luckily, here you can get to know several ways to help you not lose money when selling your house.
Hire Listing Agent:
The first step to selling your house is listing the property on property portals. It is important to hire a listing agent, as a reliable and experienced agent can squeeze every dime possible on your property. People sometimes hire real estate agents who charge lower commissions, but it is incorrect. Suppose a reliable real estate agent from a renowned property company charges 1% extra from others but provides better marketing and services. In that case, they are providing 10% of the profit.
Hire a reliable real estate agent who has detailed knowledge of your area. He should have been working in the same neighborhood for plenty of years to familiarize the homes on the market. He/she should be aware of all the features of houses on the market and their selling prices.
The real estate agent will guide you about the actual price of your house according to the current market status. They will also guide you about the right time to sell your house to avoid loss. Remember that following your agent’s advice while dealing in the real estate market can land you more profit than expected.
Price your home accurately:
Pricing the home rightly is the most important thing. Listing at the right price shortens the property time on the market and avoids any wrong perception problem. Here is how you can put effective listing price:
- Comparing prices: Before putting your property on the market, research the prices of sold homes in the same neighborhood within the last three months. Look whether prices are going up or down? What is your competition and what features will you look for if you buy that house? Consider the prices accordingly and keep them in line with sales.
- Open Houses: Look for what’s trendy in the neighborhood and other sales in the area. Note what makes the houses more attractive, which features buyers are more interested in, and what they do not care about. If you can create desire in buyers’ hearts, they will take an emotional decision, and it might not be a practical or affordable decision.
Prepare home for sale:
Preparing a home for sale means getting little repair jobs done and maintenance jobs done for better prices. Paint, repair, landscaping helps to upgrade the home feature, and it also provides more chances of selling faster than others available in the market. Sometimes repair and renovations can sell your house for an extra % of the listed price. Here are a few things to consider while going for renovations and repairs.
- Set budget: Set a budget for the amount you will pay for repairs. Ask professionals to determine which home improvement items to tackle and which can be left.
- Do research on home staging: If you cannot hire a home stager, worry not; do some research online and read books. The real estate agent here will be your help. The most practical advice about home staging is to clear around half of your furniture in every room, so the house looks neutral and spacious.
- Skip bathrooms: Most buyers look at the kitchen, living rooms, and bedrooms and do not poke a head in bathrooms, so do not spend too much on it unless it is required. However, make sure it is clean, and if the room looks dark, paint it in neutral colors.
Examine all selling charges:
There is always a list of fees buyers and sellers have to pay on their real estate deals. Buyers also ask for concessions toward closing costs, and prices change accordingly. So look closely and check where you can save your money.
Luckily, all these costs are negotiable. If a buyer asks for 3 to 4% toward closing cost, you can increase the sale price to compensate. Here are a few tips to consider here:
- Negotiate: Nothing is fixed, and it gets a room for the negotiation, negotiate the fees and ask the buyer to pay specific customary fees in your area.
- Home warranty: If the buyer is looking for some warranty certificate or inspection reports, put a cap on repair costs that these reports are of no need anymore. Do not agree to pay for buyer’s house warranties; instead, try to get away with repairs and maintenance history.
- Timing: Close the deals at the month rather than the end of the month to save interest charges.
That’s a wrap:
A reliable real estate agent can help you save maximum while selling your house; from putting the listing on websites till closing, little things can save a lot. All you need is expert advice and to make informed decisions.
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