People sell their houses for all types of reasons, a new job, to be closer to family, downsize, upgrade, or financial related are a few. But when you rush into the home selling process without preparing and fail to make smart decisions along the way, it can end up presenting a lot of stress and problems than necessary. Below, we’ve listed seven common mishaps to avoid when selling your home.
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1. Not Planning It Out
First of all, you need a game plan once you decide to sell your home. It is a major life decision and shouldn’t be approached with a willy-nilly attitude. Even if the decision to sell your home feels a little spontaneous, you want to make sure you go into the process with goals and structure. Following the remaining tips is a great way to get started on the home selling process!
2. Overvaluing the Home
Be sure to price your home fair. Do a home evaluation by researching the market for comparable homes with similar features and layouts, and that will give you a good starting point for figuring out a good list price. When working with a professional real estate agent, they can provide a comparative market analysis and insight to list price options. Understand that it’s essential to come out the gate with the right price because even if you reduce it down the road, your property may not get the same attention as when it first went on the market.
3. Mishandling Repairs and Upgrades
Nearly every property can use improvements before being put on the market. Start by looking for any essential repairs that need to be handled, such as a running toilet, a fresh coat of paint, a dripping faucet, or worn/damaged flooring. Whether you need to hire a professional or attempt a DIY project will depend on your knowledge, skills, time, and energy.
Also, don’t assume that making any upgrades to your home will produce a healthy ROI. Make sure the projects you invest in are in line with what potential buyers actually want. You don’t want to spend money installing outdated fixtures or decorating your home with trends that are on their way out.
When staging your home, stay on the conservative side. Refrain from making permanent improvements buyers may not want to keep. For example, if you want to create a feature wall, opt for removable peel & stick wallpaper that won’t leave residue behind when it’s removed. This wallpaper is a great choice to add a pop of color to your home.
4. Failing to Declutter
When it comes to preparing your home to sell, make sure you thoroughly declutter and remove all personal items, including your personal photos and refrigerator art. Take time to sort through your belongings and determine what you will keep and get rid of. Not only will this make it easier to stage your home, but it will also give you a head start on packing and getting ready for your move.
5. Neglecting to Make a Budget
If you are hiring professionals to make improvements, stage your home, or move your belongings, be sure to allocate money in your budget for their services. It’s a good idea to get estimates and then add a little cushion to your budget so that you are not left with any surprises.
6. Not Enlisting Help
Even if you are strong and able, selling your home is not an easy and quick task. Make sure you choose a good real estate agent, interviewing a few different candidates is the best way to go. Also, working with professional movers will reduce a lot of stress and save you a lot of time, as will getting able-bodied friends and relatives to pitch in.
7. Overlooking Lifestyle
It’s essential to think about what life might be like in your new living environment. You don’t want to rush into purchasing a new home just because you like the way it looks. Make sure that the layout of any property you are considering will fit your lifestyle, as well as the neighborhood and overall location. The last thing you want is to have buyer’s remorse a couple of weeks after you move in!
If you go into the home selling process unprepared, you can end up making your life harder than it needs to be. Use the above 7 common mishaps to avoid when selling your home as a guide.
Guest article written by Evelyn Long is a Baltimore-based real estate writer and the founder of Renovated, a web resource for home improvement and market trends.