Getting your home on the market is a big deal. You wouldn’t want to slip up and miss out on opportunities that could make you money, so it’s important to keep a few things in mind before you finally put that “for sale” sign up.
We’re going to take a look at a number of things you can do before selling your home that will leave you with the highest price tag. Hopefully, the information below can help you avoid some common pitfalls that keep homeowners from making as much money as possible.
Let’s take a look 7 Things to Consider Before Selling Your Home
1. Read The Market
The biggest factor in how much your home sells for is going to be the market. Depending on the home, slight changes in market value could make big differences in your sale price.
You can take a look at the market trends to see if it’s a seller’s market or a buyer’s market. Additionally, you can look at how things are shaping up for the near future.
If it appears that the market will turn in your favor in the next 6 months, it might be a good idea to wait until that time to sell the home. Alternatively, you might find that it’s the perfect time to sell your home.
What matters, though, is that you plan on selling the home in a period where you’re likely to get the highest value.
2. You Will Not Owe
This point ties into our previous one in some ways. It’s essential that you’re selling your home at a price point that will get you out of debt with the bank.
Most homes appreciate naturally, but there are circumstances where things change and the home isn’t actually worth what you owe on it. In that instance, you might leave the situation still owing money to the bank.
There are things like short sales that allow you to get out of debt when your home value plummets, but those aren’t always options. If your home appraisal doesn’t land above the value that you owe, you might want to wait a little bit.
You could wait for the market to shift, or you could follow through on some of the value-adding points below.
3. Address Major Issues
Foundational issues and other essential flaws in homes can drop their value a great deal. These issues might not be apparent to you at first, but a good home inspection should queue you into any major flaws that exist in the home.
Odds are that investing in the solution to foundational issues will bring extra value to your home. While the process might be tedious, investing will bring you more value than the cost of repairs and installations.
Additionally, many people won’t want to bother with a home that needs big repairs. The cost to sell a house increases as it stays on the market longer, so it’s important to make sure everything is in good shape before you list it
4. Boost Curb Appeal
The appraisal of your home is largely influenced by how well it looks. Curb appeal might seem like a trivial thing, but it’s important to remember that it’s an individual person who does the appraisal.
This person’s first impression of your home and its various rooms will determine how much you can list your home for. So, make sure things look great!
Some gardening, a little lawn work, a paint job, and minor cosmetic repairs are all things to consider. At the very least, take care of any eyesores that you think could leave a bad impression on the appraiser.
If your lawn or garden is one of your home’s unique selling points, invest in making sure everything is in working order, including the sprinkler system down, faucets, pipes, and fittings. You might want to replace your old sprinkler valves and leaky pipes and fittings with new ones.
5. Hire a Stager
Home staging is the process of decorating and furnishing your home in a way that will help it sell. Your decorations might be excellent but still not fit right with what’s working on the market.
A professional staging company can make a huge difference in the way your home is perceived as well as how quickly it sells. If you have the home staged before your appraisal, you might even be able to get a higher asking price for it.
The idea is to decorate and design the home in a way that allows potential buyers to imagine themselves living in it. When a home is full of your existing furniture, photographs, decorations, and artwork, it might feel a little too “lived in.”
The buyer might feel as though they’re taking the home away from you. At the very least, it won’t feel like an available home. It will feel like someone else’s home.
6. You Can Afford The Move
It’s important to remember that you won’t have your money immediately in all cases. The value of your home doesn’t always come right back into your account when you sell.
You still have to consider the costs of moving, though. Hiring movers, traveling, buying required decorations and furniture, and more can get pretty expensive.
Make sure to plan for that element of things so that you’re not in a pinch before you receive the equity from your home.
7. Is Moving The Right Choice?
The final thing to consider before you’re ready to sell is whether or not you’re, well, ready to sell.
The value of your home isn’t the only factor to take into consideration. Is your family ready to move? Do you want to move?
Was the decision to move a purely financial choice, or was it the right time for everyone to find a new space? It’s important to think about these things a few times to make sure that moving will benefit you and your family rather than complicate things.
A great way to think through these decisions is through open conversation with family. See how everyone feels and get a read on what will be the best move for your family.
Plan On Selling Your Home?
If you’re planning on selling your home quickly, we’re here to help. Selling your home fast can be difficult, especially if you’re not familiar with the selling process.
Explore our site for more information on finding a real estate agent, pricing your home, and more.