Thinking About Selling Your Home? Seven Things to Decide

Selling Your Home

Before you sell your home, you want to find ways to get the best price. The more you make on the sale, the more you will have to apply toward your new home.

Do Needed Repairs to Make Your Home Look Good

Have a good look around your house. Take note of any repairs needed. Well repaired homes sell for more money. Can you do the repairs yourself, or do you need to get some estimates from professionals?

There is no need to remodel any part of your home. Many buyers want to buy a house and remodel it themselves. They will have other ideas about what they want to do with the home. Save yourself the cost of expensive remodels.

Here are some ideas to make your bathroom look better without the cost of remodeling.

Buyers Like Homes With Good Security

Buyers like to see homes with good security. Replace old locks with new higher quality locks. Do you have a barn door in your garage? If so, consider putting in a barn door lock.

There is no need to put in a security system if you do not already have one. Buyers will want to choose a system that meets their needs.

Fresh Paint Always Makes a Home Look Good

Paint the outside of the house. How it looks from the street impresses buyers. Paint makes a significant impact on the appearance of your home.

Paint the interior of your home as well. Choose neutral colors that go with any decor.

Ways to Meet the Cost of Repairs

Can you afford the repair costs that are needed? If not, you may have to settle for a lower sales price. You could hold off on selling and take the time and money required to get the repairs done.

A home equity loan will pay for those repairs. When you are in a seller’s market, that can be a wise option.

Do the Math – Your Home’s Equity Value

Doing the math helps you decide if it is the right time to sell.  You can determine if you will have enough money to put a good-sized deposit on your next home.

Take your home’s resale value and deduct what you owe on the mortgage. The difference will give you an estimate of your home’s equity value.

  • If your home is valued at $250,000 – what you owe $140,000 = $110,000

Consider the Cost of Selling Your Home

Fees will reduce the equity amount at the time of closing. Closing costs are charged as a percentage of the sale price. If you hire an agent, you will pay a real estate commission when the sale closes. It is usually about 6% of the sale price.

  • If the sale price is $250,000 x .06 = $15,000 you pay the agent

The buyer could ask you to pay some of their closing costs. It could be from 2% to 5% of the sale price. Assuming their percentage is 4% and you pay half:

  • If the sale price is $250,000 x .04 = $10,000 / 2 = $5,000 you pay their agent

These costs are deducted from the equity value when the sale closes. Your $110,000 equity has been reduced to $90,000.

  • Your equity $110,000 – $15,000 your closing cost and – $5,000 half the buyers costs = $90,000

You will need to consider moving expenses. These run about $1,000 but could be higher if you hire a moving company.

Is this a Good Time for You to Sell?

People with high mortgages may have low equity value in their homes. That means they will not receive as much at the sale to put into a new home, or the home you want to purchase is delayed due to legal or other reasons.

Some families make arrangements to sell to other family members. Older adults may be waiting till they get the right retirement situation. Thus, the family is waiting to purchase the property, possibly for several years.

US News shares reasons why you should or should not sell in 2021. Should you decide to sell now or in the future. This information will help you determine the right time to sell.

Author: I’m Jaylin: Guest post service planner of Leelija and full time blogger. Favorite things include my camera, traveling, caring my fitness, food and my fashion.