In life, you go through many milestones, and selling a home is one. Whether it’s your first, second, or fifth time selling, you always anticipate the moment where an interested party comes along to give you an offer. However, before you can chase that dream, you need to ensure you’re not making any errors. Here’s a guide on the costly mistakes to avoid when selling your home.
Underestimating the Cost of Selling Your Home
The excitement of finding a home is a lot to take in. Sometimes, you may not consider how much it costs to finish closing the sale. To start, the total percentage to dedicate to paying off commissions is about five to six percent. This amount will satisfy the buyer and seller agents.
For instance, if you sell your home at $300,000, you should pay close to $18,000 to cover commission. Despite the hefty price tag, this is worthwhile, as you won’t need to deal with homebuyers’ requests for you to fix up the place during the price negotiations.
Pricing Your Home Incorrectly
There comes a time when most sellers think their home is the best thing ever, even though there are many issues wrong with it. This belief may cause you to set your price excessively high. At the same time, though, an exceedingly low price is also best to avoid. If you set the price too high, you risk staying on the market much longer than anticipated. But if you list low, the home can sell fast, and you’ll miss out on earning more money back from the sale.
Before considering your home’s worth, talk with an agent and discuss bringing in an appraiser who can inform you of the current value. They’ll also tell you what changes you should make before placing it on the market to increase the house’s value.
Skipping a Pre-Listing Home Inspection
No matter what, selling a home is highly stressful. Consequently, you may want to skip steps you deem unnecessary. However, failing to get a pre-listing inspection can genuinely harm your chances of selling successfully. An inspector can catch issues like mold, cracked foundations, and pests.
Regardless, if a home inspection is out of the budget right now, it’s a good idea to wait until you can afford to bring an inspector who can help find any issues before you sell. Or, if you want to tackle any potential problems yourself, contact an inspector. Ask how you can inspect your home on your own and find possible solutions to various issues.
Not adding any value to your home is another costly mistake to avoid when selling your home. If you want to get the most significant payout after selling, you need to start now. Begin with remodeling or adding something extra to the house that a future family can use. Whatever you do, make sure it’ll help you gain a better payout.
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