Selling your home is an exciting but challenging affair. The emotional impact is strong, and navigating the real estate market can seem impossible, especially nowadays.
As a result, many sellers, especially first-time ones, make mistakes. Most of these pitfalls are easy to avoid with a little know-how, though. So, let’s examine some frequent mishaps and see how you can work around them.
Skipping Necessary Repairs and Improvements
While a full-blown renovation isn’t necessary before you sell the house, there’s a thin line between a run-down property and a fixer-upper.
Say that you learned to live with drippy taps, for example. It could still affect the property appeal in the viewers’ eyes, reducing the asking price or even driving away potential buyers.
While it might sound like a time sink, tackling necessary fixes and improvements makes a world of difference. It’ll facilitate the process to follow and could even help you gain more from the sale.
Not Disclosing Sailent Issues
You don’t want to start your open house by listing all the negatives. Nonetheless, it’s your legal and moral obligation to let viewers know about potential property problems. Otherwise, they might come up later and lead to more trouble than they’re worth.
Discuss the following with anybody who seems serious about the purchase:
- Any previous liens or judgments against the property
- The chances for environmental disasters inside the area
- Presence of lead paint inside the house
- Deaths that took place there
- Structural issues
Potential future residents have the right to know about these before they make a decision. On your end, you’re adhering to the rules, displaying transparency and responsibility.
Not Accounting for Sale Closing Costs
As ClearWay Law explains, closing costs are the administration fees and expenses buyers have to cover after the property purchase. It’s a cost for the other party, but you shouldn’t forget about it, either.
As a seller, you won’t have to break the bank to cover your share of fees. Still, you’ll face some taxes and expenses, as well as the commission to your real estate agent.
Moreover, if you’re purchasing a new place, you should consider your future home’s closing costs. Then, take those into account while determining your property value.
Setting the Wrong Price
When considering the home price, your initial ideas will be under the influence of the years of lived experiences in the house. The numbers might misalign with the way the market perceives your property, though.
This means you might end up setting a too high price and leave yourself waiting on buyers. On the other hand, you could go too low, speeding up the sale, but minimizing your potential profits.
Here, it’s usually best to cooperate with an agent. A professional can inform you about the factors that affect home value and help get the numbers just right.
The Bottom Line
Finally, if you find the process too overwhelming to tackle alone, don’t be afraid to work with experts every step of the way.
Even if you do, though, take your time with each. Stay involved, even with professionals tackling most tasks. Getting specialist opinions can help you ensure you’re doing it right, but you’re the one whose decision ultimately counts the most.