If you need to put your residential property on the market, there are several things you have to know before jumping right into it. Selling a house is a big pursuit. It’s not cheap, and there’s so much at stake. It’s not as simple as putting secondhand clothing up for sale on an online platform since, in that situation, it might not even matter to you if you’re unable to attract a buyer.
The house selling process is far from being straightforward and easy. There’s a lot that goes into it, and you have to take the right steps in order for you to get good results. Preparation and proper research are often required. Aside from the act of selling, there are financial matters such as the tax on selling a house to think about. With the right information, you can make the house selling process less stressful and smoother for everyone involved.
Things You Should Know Before Selling A House
To get you started, here are four things you have to be aware of before selling a house:
Having a real estate agent is a plus
You might’ve heard of the success stories of other house sellers within your circle who’ve successfully closed a deal without an agent. That may have gotten you excited about taking that same DIY route.
Well, truth be told, having a real estate agent to assist you in selling your home is more advantageous in most situations. However, not all agents are equal. Some have more expertise and experience than others. When selling your home, you’ll want to go for someone who knows what they’re doing.
Keep these tips in mind in order to find a good real estate agent:
- Get referrals from those within your network who’ve sold their property before.
- Double-check the credentials and background of each prospective real estate agent and read their past clients’ feedback.
- Determine what a ‘good’ agent is to you as there may be certain characteristics that are non-negotiable for you.
You have to gather all the necessary paperwork
Once you’re absolutely sure about selling your home, gather the required paperwork as soon as possible. Don’t wait until the last minute to do this. You’ll want to prepare all those documents well before you list your home publicly.
The reason behind this is that buyers today are more inquisitive as they want to be certain they’re not buying a property that has problems with the paperwork. The more up-to-date and complete your house’s documents are, the more attractive it becomes to potential buyers. So secure those first and prepare multiple copies of each to be given to the real estate agent you’ll work with and, eventually, to the new owner as well.
Pricing your home should be left to the assessor
One of the challenges you might encounter when selling your home is that you may still be emotionally attached to it. This is normal, especially if you’ve been in the property for many years. But you shouldn’t let your emotions get the best of you. Otherwise, it’ll be difficult for you to come up with an objective price for your home.
Your house may be worth millions to you, but you have to be realistic and take its fair market value into account. This is the reason that pricing your home should be done by a professional assessor. If you price your home too high, it’ll be harder for you to sell it. If you price it too low, then you’re depriving yourself of the possible income you can earn out of the sale.
Minor touch-ups may be called for
If you’re pressed for time and money, then you may not be so keen about renovating your house. Yes, you can always sell your home as-is, but you should be willing to accept a lower price for it if it’s damaged in some way.
If you’re willing to invest in some improvements for your home, then that can help boost your property’s marketability once you sell it. This is also why hiring a real estate agent is highly recommended. The agent can point out any problem areas in your home that can turn off potential buyers. You can then proceed with carrying out the needed minor repairs and renovations so that your home is attractive to prospective buyers.
When you own a home, there’s a chance that one day in the future, you’ll find yourself in the situation of wanting to sell it. Your needs may expand, or on the opposite end, you might benefit from downsizing. When that time comes, it’s important for you to know exactly what to do. That way, you can take on the endeavor with minimal stress and hassle. Keep in mind all the information above so your house sale will turn out to be a success.