Are you moving to another city, state, or country and trying to sell your home? The most important thing is that you make as much profit as possible from the sale. Selling your house can be a tricky process as several factors affect the value and viability of the property. So today, we have curated a list of 7 smart ways of boosting the value of your home and ensuring you get the best price possible; they are:
1. Gain an understanding of your Local Market
Before you sell your home, you should survey the surrounding market to ascertain the possibility of selling for equal to the value or higher. The law of demand and supply ensures that if the supply (homes for sale) is more than the demand (willing buyers), then the prices fall as home sellers compete for the few buyers.
Thus, the opposite is the result if the situation is inverted and homes for sale are less than prospective buyers. Taking a look at the rate of home price appreciation in your market reveals how fast prices are rising. A considerable increase usually signals that buyers are paying more.
2. Find a suitable real estate agent
Acquiring the services of a good, experienced real estate agent that is knowledgeable about the market of your area can make your life easier. Unless you are a frequent investor who sells houses regularly, there are several costly oversights that you may make without the advice and supervision of your agent from https://socalhomebuyers.com/ and you don’t want that. However, Selling without the help of a real estate agent is possible, and a lot of people do it, but if you’re looking to sell fast and at the best price, DIY may turn into an uphill battle.
3. Learn the real cost of selling a house
There are some hidden/unannounced prices attached to selling your property like maintenance and cleaning costs, legal costs, repairs, moving and marketing costs, and other fees like bank charges, council fees, and agent fees. Remaining unaware of them could make a dent in your projected profits. You may end up using all your profits for some sales and including your own money to foot the bill.
4. Sell at the right time
Although the right time to sell differs for every property seller, major seasonal changes like winter (price reduces) and spring (price increases) seem to have similar effects everywhere. Different circumstances like financial strain, having to move for professional reasons, or moving to a better neighborhood can affect people’s timing. But you should have a consultation with your agent to ask for advice on the time to sell and also so you can state your timeline for sale.
5. Set the right price
Most property owners are unaware of the worth of their property and how much the surrounding homes are going for. This benefits from hiring a good agent who will help you properly appraise your property and give you an estimate of what your property is worth so you can set an appropriate price for it.
Setting a low price for your house may result in you selling for lower than the value during the negotiation, and too high prices may cause your property to stay on the market too long. Thus, the best practice is always to stay within the range of similar properties in your suburb or city.
6. Consider making renovations to increase value
Unless you are planning on selling a fixer-upper that the buyer intends to purchase and touch up, it may serve you best to make some minor renovations at minimal cost to boost the price of the property. Suppose your agent recommends minor repairs like paint jobs, kitchen and bathroom renovation, etc. You had best listen to him/her.
7. Don’t just negotiate the highest offer
Often in business, especially when written contracts are involved, the highest offer isn’t usually the best offer. Although the price may be good, the contingencies and terms stated in the sale are also important, like if the buyer wants a money-back clause if certain conditions aren’t met. You may want to get your legal advisor involved in this section of the sale to protect your best interests and help negotiate.
According to the above list, it should be clear that getting the most profit you can from selling your home isn’t as hard as you think. You just have to do your part by hiring the right personnel to handle your business, evaluating your options, and making repairs when necessary to make your property as attractive as possible. Remember that the sale may take months to complete even after negotiations have been completed. Learn to exercise patience and play smart.