Home is the most expensive item you will ever sell; mess it up a little, and your future financial goals will be impacted. However, if you could anticipate what problems you would face while selling your house, half the battle is already won. But how do you go ahead about it? Well, you could start with knowing the common mistakes home buyers usually commit and make sure to refrain from doing so.
Not knowing home selling costs beforehand: You think to sell a house, you need to put a selling stand on your lawn, and interested buyers will come in and hand over you the amount? Well, you forget the home-selling costs in between. You need to consider sales tax, transfer fees, attorney fees, staging costs to potential sellers, home inspection repairs, and whatnot. When you add up the expenses, the total can seem overwhelming. You can save a lot of cost by choosing to sell your house to a home buying company who will buy your house as it is thus saving you a lot of money.
Pricing it too high: Pricing a home can be tricky; price it too low, and you could miss out on thousands of dollars in profit and pricing it too high could turn away serious buyers. In this scenario, do not trust the internet and instead ask a real estate agent for a comparative market analysis that will show you at what rate homes like yours are selling in your area. You will be amazed to know setting the right price from the start can make all the difference in how quickly you sell your home.
Not considering your financial situation: Irrespective of your financial situation, always consider beforehand. Most sellers don’t do that, which further leads to painful surprises. Hence, assess your income, debt and any future expenses to know beforehand. Get the target sale price from the agent and deduct it from any debt you owe. Doing this will give you a general idea of how much money you will walk away with after the sale.
Not having the right agent by your side: There are numerous agents in the market ready to make money out of your house sale but may not have the best interests at heart. To ensure
you are getting the most out of your sale; take the time to interview potential real estate agents.
Now that you know which mistakes to avoid when selling your home, you should also be aware of people’s prime mistake when buying their new house: Not hiring a real estate agent. You may be tempted to buy your house on your own and save the commission, but it is not a great idea to try the same if you haven’t done it before. Real estate agents charge a commission that is usually around 5-6% of your home’s sale price of your home, but if you keep the commission aside, there are many reasons to hire a real estate agent when buying a house. A good agent has more experience negotiating home sales and knows how to interact with potential sellers and eliminate the ones charging a hefty price. They are well-equipped to handle problems that crop up during the buying process and paperwork in real estate transactions.
Selling a home is a major thing. It can overwhelm anybody considering all the steps involved in it: preparing, making repairs, listing, finding a buyer, and then navigating the closing process. If you are in a hurry to close the deal, it is always a better option to go for a house-buying company that will buy your house in any condition so that you can move into your new property or get on with your future task.