Congratulations! You’ve decided to sell your home. A home is probably one of the most expensive purchase you’ve ever made and is one of the most expensive things you will ever sell. When selling your home, you’ll want to be on the lookout for these common mistakes to ensure that you are getting the best deal.
Even though you are the one selling the house, you should expect some costs along the way. The majority of people choose to work with a real estate agent. When you work with an agent, they will make a commission off the sale of your home. Staging costs will vary depending on the size of your home and how much you want to stage. While most home buyers will do a home inspection on the house, it is wise to do one yourself before you list the home to know what will need to be fixed. You can also expect some closing costs which include sales tax, title transfer and attorney fees for making sure everything is buttoned up.
Selling When Upside-Down with the Mortgage
Some people will want to sell their home in order to pay off the remaining balance of the loan. However, there are a lot of factors that will affect this such as if your property value went down or if you owe more than it’s worth. You should not sell unless you are trying to avoid bankruptcy or foreclosure. Try to stay in your home and build more equity before you sell.
Not Hiring an Agent
Yes, agents will take a commission from your home sale, but is it worth it? YES! You can expect to make about 30% less on your home if you choose to sell it yourself. Most agents will have different commission rates and you can try and negotiate as they are not set in stone.
Hiding Major Repairs
This is where getting a home inspection before you put the house on the market is a good idea. The buyer will most likely do their own home inspection but if you know what you need to fix before you put it on the market, you will most likely sell your home faster. If you don’t want to fix the repairs then the home buyer will take that into consideration when it comes to the price. Never be dishonest about repairs in your home.
Staging and Showing
While staging is another additional cost, don’t skip it! Most home buyers will want to visualize what the house could look like and them in it. Home’s with staging tend to sell faster and at a higher price. Do not show an empty house to potential buyers. If you have already moved your furniture, find a place to rent some for the showing. When you have a showing, let the agent take the lead. They will be able to answer the difficult questions.