Selling your home is not as easy as most people think it is. It is a complicated process and there are several things to consider. A simple mistake can turn out to be a major factor that will affect your finances. As well as your emotional stability. Quadwalls help home-sellers with the intricate process. Here are some of the common mistakes that a home-seller should avoid.
- Underestimation of selling costs
Selling a home costs more than most people expect. It is not only the agent commissions that you should think about. The closing costs and repairs will also be costly. Moving into a new home before selling your old one will be expensive. You will have to pay for both mortgages. You will also consider other costs such as utilities fee, taxes and other dues. Make sure to estimate your net proceeds. Knowing this will give you an idea of how much you can spend on your next home.
- Setting an unrealistic price
The price you want is often different from what the market will pay for. If you ask too much, it will be difficult to find a buyer. If you ask too little, you will have financial difficulty. You need to know the proper amount you should sell your house for. Ensure that you know your home value to set a competitive price.
- Considering only the highest offer
The biggest offer may not always be the finest offer. Traditional sales usually have contingencies. Contingencies are conditions before the sale closes. There are contingencies that protect the interests of the buyer. Make sure you are aware of these contingencies. It will affect the timeline of the sale and the certainty of the sale. As well as the complexity of the sale. You should study the offers well. A lower offer with no contingencies are often better. A buyer might give you a higher offer but will demand for repair credits. It is better to have a buyer who offers a lower price but is flexible on repairs.
- Costly renovations vs major repairs
Maintenance issues will decrease the value of your home. It will also be difficult to find a buyer willing to make major repairs. Inspect your whole home. Ensure that it is in the best condition. Make sure that the safety, structure, and functionality are not compromised. Renovations will also increase the value of your home. It is often costly but you can add that up to the selling price.
The home selling process should be smooth. Sellers are often overwhelmed with thoughts of what might go wrong. Do not think of problems, solve them. Make sure to avoid the mistakes above and be confident.
