When it comes to selling a home, hindsight can be 20/20. Many homeowners look back and realize they lost money where they didn’t need to, and it could’ve been avoided. In this article, we’ll discuss ways in which you can lose money, and how to make sure it doesn’t happen again.
What steps can I take to ensure I’m not losing money on my home?
Talk to the experts.
Why do all the work yourself when you don’t have to? Relying on listing agents and real estate experts can save you a lot of time and money in the long run. And don’t take the easy way out — hiring an agent that charges lower commissions isn’t always the smartest move. You might end up losing money if you hire a cheaper agent who offers you less. Experts can also provide first-hand real estate knowledge, and guide you on when the right time is to sell your home.
Determining the right price.
Rightfully so, we all want to get the best bang for our buck. That’s why a lot of homeowners push the limits and oftentimes price higher than they know they should. But if you get it wrong the first time and the home ends up sitting on the market for too long, the value will depreciate. In order to ensure you’re pricing your home correctly, there’s a few steps you can take. The first is to look at price comparisons. How are similar homes in your neighborhood or surrounding area selling? What have been consistent trends in the market over the last few months? In addition, you can also ask your bank for a deed of reconveyance, or tour open houses to take notes on what is appealing and what isn’t.
Preparing your home.
It’s tough to fork over money for remodels and projects when you know you’re going to leave the home soon. But completing renovations and repairs prior to moving out can increase your home’s value, ultimately leading to a return on ROI. Make a list of all the areas that need fixing, and prioritize them by cost and length of time to complete. Have an overall budget in mind, so you can divvy up the projects without going in financially blind. Once all the projects are done, make sure your home is ready for staging. First impressions are everything, and showcasing your home in the best way possible will add to the appeal.
Don’t overlook fees.
There are quite a bit of documents that come with an offer, which include lists of fees that both the buyer and seller will pay. Make sure you read through these documents carefully, as you don’t want any hidden fees popping up later. Many of the costs are negotiable, and you can always ask the buyer to pay them with a counteroffer. Other costs to be aware of are home warranties and interest rates. Closing at the beginning of the month will save you money on interest charges.
If you’re in a situation where you have to move quickly, you can skip the traditional home selling process and sell your home for cash. At Home Buyers Express, we have a simple four step process that will allow you to relocate quickly, with no hidden fees or costs. Visit our how it works page for more information, and contact us today.