If you’re getting ready to sell your home in the new year, you’re undoubtedly busy trying to clean the property and repair or replace items, finish renovations, and the like.
To help you get the best possible price for your abode and sell it as quickly as possible, it pays to know some common mistakes to avoid when your place is on the market.
Underestimating the Costs Involved
When deciding to sell their home, many people don’t realize that there are considerable costs involved to make this happen. The biggest is typically the commission you pay to realtors. You can end up paying around six percent of your home’s sale price in fees to agents, depending on if you cover commissions for your listing agent and a buyer’s agent or not.
While a quality agent should help you get more for your house and sell it more quickly, thus hopefully covering at least a decent amount if not all of their costs, it is vital to choose the right person. If you don’t, you could end up spending cash that’s just not worth it. You’ll also have closing costs to factor in, such as sales tax, attorney fees, a title transfer charge, etc. This can come to a few percent of the sale price, too.
Plus, you’ll likely have repairs to handle, and you may be going to invest in staging for the property. There are moving expenses to keep in mind, and you may have mortgage closure fees and other financial charges to add to your payment list. Before buying a new home, always factor in all the different costs that could come your way when selling a property.
Leaving the Home Too Cluttered
Don’t make the mistake of leaving your home too cluttered when you put it on the market. It’s essential to pare back your belongings (you may need to put some items in storage) so that buyers can imagine their own furniture and other pieces in the property and themselves living there. Try to remove lots of personal goods, such as photographs, from display while you’re at it.
Decluttering makes rooms look bigger and makes it simpler for potential purchasers to think about using rooms differently from how you’re currently utilizing them. Avoid stuffing lots of possessions in cupboards and garages when you clean up, though, since people do tend to look in these areas to get a clear idea of the storage space the property boasts.
Not Staging the Place Properly
While you might be on a tight budget, it’s still worth investing in staging services so your home looks as appealing as possible to target buyers. Once you’ve decluttered, specialists can recommend furniture and accessories to place in your home to make it more neutral and generate interest from the largest buyer pool in your location.
Staging is also helpful for the professional photographs you’ll want to get done for online and offline marketing purposes. If you can do this job well yourself, go for it, but otherwise, consider utilizing an interior decorating or specific staging service. Your realtor is sure to have contacts if you need them.
Failing to Research What Does and Doesn’t Add Value and Updating Accordingly
Another typical mistake sellers make is not learning about what does and doesn’t add value to properties in their area. It pays to speak with realtors about who the primary buyers are and what they’re looking for, so you know which areas to concentrate on when freshening up or renovating your property for sale. For instance, it may be a good idea for you to update your home’s paint colors, flooring, appliances, and lighting, or you might be well served to fence the yard and plant more trees and flowers.
The best use of funds may be updating kitchens and bathrooms, installing smart-home features, or putting in a pool or garage. You may be well served by installing some modern ceiling fans in rooms or adding a fireplace or reverse-cycle air conditioning, too. It all comes down to what people are most focused on when searching for a new home or investment in your suburb.
Some other common property sales mistakes to be wary of include:
- Skimping on photos of the place
- Trying to cover up issues
- Not making the home available often enough for inspections
- Setting the wrong price
- Not keeping the property clean for inspections
- Buying another home too soon before you’ve sold the current one
Do what you can to consider and avoid all of these different mistakes so you get the best results possible when you place your home on the market in 2022 or beyond.