How to Avoid Losing Cash When Selling Your Home
When listing a property for sale, we all expect to break even or make a profit. However, if you are not keen, you can lose money during the sale. Many people walk into the process without knowing their home’s value and the amount they owe the bank. Without knowing these two fundamental aspects, you will lose a lot of money. Fortunately, you can prevent the loss of your investment with the following tips:
1. Hire an Experienced Property Agent
Selling a home is a confusing process, even if it is not your first sale. Finding a property agent to hold your hand can help you squeeze every dime out of your property. However, do not be fooled by cheap rates. It would help if you had an agent with experience in selling houses around your neighborhood. A good property agent has your best interest and will help you set an attractive price that will speed up the sale.
Selling a house can be a nervous process, and a property agent can help you have a stress-free sale by doing the showings. They will also assist in separating serious buyers from jokers. The property market has several pitfalls and fluctuations in price. A property agent will tell you whether it is an excellent time to sell your home from the start.
2. Price Your House Well
Research shows overpricing is the most common mistake during the house sale. Remember, the selling price is the first thing buyers want to know before viewing the property. Therefore, you can lose many potential buyers when you set the wrong price. Besides, overpricing can make your house stay longer in the property market, making it less attractive. A property agent will help you set a competitive price. However, you can use price comparisons by checking out other houses on the market and the current market’s pricing trajectory. While under-pricing can generate low returns, you can use it as a marketing strategy to attract a large pool of buyers. Since it will increase the offers, it can bid the price up to its actual market value.
When pricing, you should also leave room for negotiations. A smart buyer will want to negotiate for a discount, and you may have to play along to complete the sale. That means you need to add some amount above the market value if you want to make some profit from the sale.
3. Spruce up Your Home
The amount your house will fetch depends on its condition. Do not skimp on repairs thinking you can get away with hiding any problems in the property. A serious buyer carries out a thorough home inspection, which can negatively affect the offer. You can avoid throwing cash down the drain by inspecting your home and fixing repairs before listing.
Apart from repairs and renovations, it is crucial to spruce up the home and stage it for sale. For instance, improve the curb appeal by painting the front door, changing the doorknobs and grooming the front yard. You can also make the interior attractive by fixing any leaking faucets, chipped tiles or broken windows. They can be insignificant repairs, but failing to do them gives the buyer the wrong impression. You can also repaint the walls, update the flooring and rearrange the furniture to bring out the house’s best features. Before the showings begin, ensure you de-clutter the rooms and deep clean to remove any odors. If you stage your property correctly, you will attract more offers and sell fast.
4. Be Aware of the Fees
Every property sale has multiple fees that the buyer needs to pay to proceed smoothly. Inspection reports and home warranty can cost a pretty penny. While the payments are negotiable, you should be alert to avoid overpaying. You can either pay a percentage or put a cap on the amount you will cover. Your property agent can also negotiate a fair share of the costs.
Selling a home is a tricky endeavor with many pitfalls. Sometimes the sale process takes the wrong turn, and you can make a loss. However, We Buy Any Home gives you access to numerous cash buyers. You should check out their Sell House Fast page for more information.