Coming out ahead when selling property
Whether you are upgrading, downgrading, or moving laterally when you embark on selling property, there are a number of things you can do to ensure that you come out ahead in the sale. Though it may seem simple enough at the outset, selling property is a complex process that may require several difficult decisions along the way. By keeping a few things in mind, you can increase your chances of making a great sale.
Prepare to Invest in Selling Your House
It may seem contradictory – after all, you’re looking to make money, not spend it – but investing money in a home you are planning to sell can help you come out ahead in the long run.
Cleaning up scuff marks, making minor repairs, and even upgrading some items or areas before potential buyers come to view the property will help make the best impression, and it can also increase your selling price or leverage. Likewise, outfitting areas such as the kitchen and bathroom with higher-end appliances can boost a home’s appeal.
Be judicious in how much you invest, however. Keep in mind that buyers will want to make the home their own, so now is not the time for major renovations, such as a kitchen redesign or tearing down a wall to make space.
Curb appeal is a major determining factor for buyers, so pay as much attention to the exterior of the property, especially the front, you do to the interior. Some simple landscaping and a little paint can do wonders to entice potential buyers.
Research Comparable Home Sales
If you want to come out ahead as a seller, you need in-depth knowledge of the real estate market, both overall and in your particular neighbourhood. An important and highly informative step in gaining that knowledge is looking at comparable homes for sale.
To determine whether a home is truly comparable to your own, consider the size of the home, its condition and amenities, and its location. Ideally, you should seek out recently sold homes within the same neighbourhood, since they would provide the most accurate comparisons, but if that isn’t possible seek out neighbourhoods that are similar in terms of the quality of the schools and general demographics. For each property you compare, take note of both the listing price and the price they ultimately sold at.
Be Prepared to Negotiate to Sell the Property
In an ideal world, your home would sell immediately for the exact price you have chosen; however, the market usually doesn’t work that easily. Selling a home is a lengthy procedure, and negotiation is part of that process.
It can take time to work with potential buyers to come up with a deal that satisfies everyone involved. Be prepared to make certain concessions – for example, repairing certain things before the new owner moves in as a part of the sale – but also be firm about what you will not concede on.
When negotiating price and other factors in selling your home, it is very important to keep an objective perspective and not take things personally. This is a business transaction, and regardless of how much the home means to you, its actual value may not be as high as you initially expect. Conducting a thorough home inspection – done by a professional home inspector, if possible – prior to putting your house on the market can keep you from overpricing or underpricing it as it goes up for sale.
With proper preparation, research, and dedication to the selling process, you can come out well ahead when selling your property. And lastly, be patient. Sometimes getting the best deal requires a little time to find the right buyer.