Avoid These Mistakes When Selling Your Home
Here is a list of the most frequent errors individuals make when selling their homes so that you can confidently sell your house.
19/09/2022
It can be both exhilarating and stressful to sell your home, especially if it's your first time. Whatever the reason you chose to sell your house, there are several traps you may easily fall into that will make the process less than ideal. Fortunately, we've compiled a list of the most frequent errors individuals make when selling their homes so that you can confidently sell your house.
1. Underestimating the Selling Cost of your Home
Many home sellers overlook the expenses of selling a house, even though you should ultimately make money when selling your house. To begin with, you should prepare to pay the commissions of both seller and buyers’ agents with approx—5% to 6% of the total sale price of your home. For instance, you can end up paying a fee of more than $18,000 if you sell your house for $300,000.
This expensive cost excludes any potential compromises purchasers may want you to make during the negotiation stage, such as performing repairs that a home inspector recommends.
2. Move Without a Budget
You have two choices when it comes to relocating:
- • either hire a moving company
- • or use a friend's truck and do it yourself
Instead of doing it yourself, you can hire a moving company to pack, transport, and unpack your possessions. It implies that hiring a full-service mover can be well worth the expense if you're busy with the other responsibilities involved in selling your property. Additionally, by employing movers, your goods are insured, protecting you if something is damaged.
3. Selling A Home, you Owe More Than It Is Worth
If you still owe money on your mortgage, you'll probably use some of the money from selling your house to settle the debt. You won't be able to pay off your mortgage with the proceeds from the sale if you owe more on your mortgage than your home’s worth. Waiting to sell your property gives you the best chance of increasing its equity. Doing so allows you to sell your home and purchase a new one without paying two mortgages at once.
4. Pricing Your Home Incorrectly
If you overprice your house, it can get stuck in the seller's limbo and remain on the market for what seems like forever. On the other side, if you price your home too cheap, it will probably sell quickly, but you risk losing a substantial sum of money.
Use an online home evaluator as your first step to determine the value of your home. After that, consult with your real estate agent to determine a reasonable asking price for your house. Together, you'll decide on a good starting price and a pricing plan to encourage buyers.
5. Not Cleaning Your Carpet or Refinishing Hardwood Floors
Look down if you're reading this at home. Your flooring, how do they look? They might not look too bad, but there's a high possibility they're beginning to look beyond their age. You should start planning to refinish your hardwood floors and clean your carpet since prospective buyers will evaluate every element of your home.
6. Not Staging your Home for a Fast Sale
Allowing prospective buyers to envision themselves living in your area is the fundamental goal of home staging. Instead of an empty house that echoes every sound, they get to view a place with furniture and art staged to showcase major elements of your house. The National Association of Realtors was informed by 21% of agents that staging a home raised the sale price by as much as 10%, making the cost worthwhile.
7. Not Making your Home Energy Efficient
You are not alone if you want to save money on utility costs. According to a National Association of Realtors study, 33% of purchasers consider high-efficiency HVAC systems when evaluating new homes. Your HVAC system may be using a lot more energy than it needs to if your house is older, so you should consider upgrading it or replacing it entirely. A cutting-edge HVAC system will set your home apart from the competition.
8. Not Taking Care of your House's Exterior
Your home's exterior has suffered damage from the elements over the years. The exterior paint of your home and the deck's stain has probably lost some of their shine due to the yearly abuse from mother nature. Therefore, pressure wash your home first before listing it. You may improve your home's curb appeal so that it presents itself in the best possible light in listing images and when potential buyers visit for a tour.
9. Lingering During a Home Tour
Nobody enjoys someone who lingers, particularly if they also happen to be the owner of the house you're now viewing. Potential buyers will feel uncomfortable talking about what they like and hate about the house if you don't leave the premises during a viewing. You also impede your listing agent from doing their job to the best of their ability since you will naturally want to address buyers' questions rather than leaving those inquiries to your agent.
10. Attempting to Market a Badly Lit Home
Closing your curtains or blinds can let you evaluate the lighting in each area as if you were a prospective buyer. Since you want to present your property in the best possible way, take the time to do this. Then, contact an electrician to install more lighting in any dimly lighted rooms that otherwise look dark.
Key Takeaways
In the end, you want the selling of your house to go as smoothly and painlessly as possible. Considering all the potential problems may be daunting, but knowledge is power. You can be more assured when something doesn't go according to plan, as now you're aware of some frequent blunders to avoid while selling your house.