There are many reasons why a homeowner would want to sell their residential property. Perhaps, you’re planning to expand your family and would like something bigger than a two-bedroom apartment. Or you might be in the process of relocating to another country.
Alternatively, you might be going through some financial hassles and could use the extra money. Irrespective of why you’re selling your home, one thing is for sure – you’d want to get the best deal from the sale.
However, selling a residential property isn’t as easy as finding a potential buyer and getting the paperwork done. It requires rigorous planning and foresight. You’ll also likely need to seek help from a professional real estate agent.
Moreover, selling your home involves various complicated steps, such as calculating its valuation and setting a suitable budget. You also have to carefully assess multiple offers and choose one that best fits your needs.
When it comes to negotiating a real estate sale, even the slightest mistakes can turn out to be expensive. For instance, not vetting a buyer before finalizing the sale could result in severe financial losses. Worse still, you could end up in legal trouble and lose access to your property.
So, how can you make the process of selling your home less stressful and ensure that you get the best deal? In this blog, we’ve outlined a few crucial mistakes that you must watch out for a while selling your home. Let’s take a look.
Doing It Yourself
Of course, no one knows your home better than you do. This means you’ll be in the best position to assess how much your home is worth and show it around to potential buyers. But here’s the thing – selling your home is a complex and elaborate process that involves various steps.
Unless you’re well-versed with the nitty-gritty of real estate transactions, you should consider seeking professional help. The best option is to look for a trusted real estate agent who can handhold you through the entire process.
From verifying potential buyers to choosing the most profitable offer – an experienced real estate agent will eliminate room for any critical errors. Also, they can help promote your property’s listing on various real estate websites. Likewise, they’ll draw your attention to any structural flaws or shortcomings that might turn potential buyers away.
Of course, the agent will chair a commission, which is typically a small percentage of the final sale value. But their fee pales in comparison to the amount of time and energy they help you save.
If you’re hard-pressed for cash, a more cost-effective alternative is to list your property on an online real estate portal, such as Quick Sell Houses. Once you’ve registered your property, they handle the remaining valuation process, negotiation, and finalizing the paperwork.
Splurging On Unnecessary Repairs
One of the first things a real estate agent will tell you is to take care of any urgent repairs that could dissuade potential buyers. If you want to boost your home’s resale value, it’s a good idea to invest in essential repairs, such as replacing old faucets and showerheads with new ones.
Likewise, you could paint the kitchen cabinets and install a few extra storage racks. Also, you need to fix any leaking pipes, damaged walls, broken windows, and other flaws. The biggest mistake most homeowners make is to go overboard with the repairs.
The last thing you should do is spend all your money on an extensive bathroom remodel or kitchen makeover. If it doesn’t match the new owner’s taste and style, they’ll likely revamp the space anyway. So, you should focus on repairs and enhancements that’ll prevent potential buyers from turning away.
Ignoring Curb Appeal
While you’re busy working on the interiors, chances are you’ll end up forgetting a crucial component of your property, i.e., the exteriors. But here’s the thing – the front yard and driveway are some of the first things a prospective buyer will notice about your property.
That’s why it is essential to use creative ways to boost your home’s curb appeal. Start by checking whether the driveway looks damaged. It might be a good idea to hire a professional driveway installed to repair the path leading up to your home. Or you could cover the path with pebbles to give it a more rustic look.
Depending on the space available in the front yard, you could also consider building a neatly landscaped garden. Add a few pieces of inexpensive garden furniture and accessories to help potential buyers visualize themselves in the space. It can go a long way to make them form an emotional attachment with your property as soon as they step inside.
Other things you should watch out for include maintaining complete transparency with the buyer. Also, before choosing an offer, make sure you check for any contingencies that could jeopardize it. Lastly, don’t forget to have a backup plan in place if you’re unable to close the sale on time.