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Investing in a home is not a joke. Years of hard work and savings need to be put in to move into a place you can call your own. So when the time comes that you have to let the property go, you must play all your cards right to get the most out of your investment.
Unfortunately, many homeowners commit costly but avoidable mistakes when trying to sell their home. Here are 10 of them:
Using sloppy photos to advertise the property
In the age of social media, people have become highly visual; beautiful photos grab their attention. Sellers must make an excellent first impression and accompany their property listings with thoughtfully composed and shot photos. Always present the property in its best light.
Attempting to sell the property themselves
Property sellers who are not represented by a professional agent are at the risk of selling their property at the wrong price. The selling process will be long and tedious, too. Details like completing paperwork and dealing with demanding buyers are best-taken care of by a seasoned real estate agent.
Having said this, do not go for the first real estate agent that comes your way. Do a quick check on the agent’s track record and network before committing to anything.
Not disclosing the real state of the property
Being honest with the real condition of your home will save you time and effort.
Avoiding necessary repairs before putting the property up for sale
You might think that you’ll be able to save money if you skip on repair work prior to selling your property, but selling it as is will cost you in the long run. Buyers are more likely to offer less for a property that looks shabby and will haggle down the price even further.
Looking to enhance your home a little bit more? Try to make your home look as spacious as possible by getting rid of all the clutter. It won’t cost a thing and it will only require a few hours of your time.
Letting ego get in the way of price negotiations
There are property sellers who take price negotiations very seriously and feel that their home is worth so much more than the asking price. Remember, the goal is to arrive at a situation that’s win-win for both the seller and buyer.
Being impatient
Remember that selling a house approximately takes three to six months. If your property has been in the market for quite a while, lowering prices immediately is not the smartest move to make. Discuss the situation with your agent to come up with an informed decision.
Taking buyers at face value
Not doing due diligence on a potential buyer can cause a lot of headaches. Investigate the buyer’s employment and credit histories before taking on his or her offer.
Selling the house at an incorrect price
Many property sellers price their home too high, thinking that this will give them more room to negotiate with the buyer. They don’t realize that buyers might not even consider the house, to begin with, having been turned off by the listed price. Know what the fair market value is and don’t veer far away from that.
Neglecting the nitty gritty details of agreements
Save yourself from unnecessary stress and be as detailed as possible in the contracts you draft. Make sure the other party has understood and has agreed to all the stipulations included.
Refusing to give the house a clean slate
Potential buyers must be able to imagine what it’s like to be living in your property; they must feel that they could feel at home in it. It might be difficult to do so if your personal preferences (flaming orange walls and over the top lighting fixtures, for example) are still there.
Selling your home is a major life-changing decision, but it doesn’t have to drive you to the point of exhaustion and agitation. Avoid these mistakes and you might be closer to making that sale than you’d have thought possible.
Read our previous journal for more real estate tips and features.
