The sale of your home is one of the most important financial transactions you will ever undertake. It's also one of the most complex. Many factors can affect how much money you get for your house, but here are some tips on preparing and ensuring you get the best price possible when selling your home.
Get Your Finances in Order
The first thing you should do when planning to sell your house is look at your finances. The last thing you want is for someone to come along and buy your home and then not be able to secure a mortgage because of outstanding debts or other financial problems.
If debts are associated with the property, ensure you pay them off before putting them on the market. If there's clutter in the home, clear it out so potential buyers can see how spacious it is.
Once you get rid of any debt and clutter, take an honest look at what expenses will be incurred during the selling process and ensure you have enough cash on hand to cover them all:
- Closing costs (approximately 5% of the purchase price).
- Selling commission fees (typically 6% but may vary depending on who sells it).
Pick the Right Agent To Sell Your Home
The first step to a successful sale is choosing the right real estate agent. Your agent should have experience selling homes in your area and have a good reputation and track record.
You want someone reliable and trustworthy to help you make decisions during the sale process.
An ethical, honest, and patient real estate professional can guide you through each phase of the process with care and attention.
Sort Out Any Issues With the Title and Property Boundaries
To get the most money when selling your house, ensure no outstanding debts or loans against the property.
Check with your solicitor and/or mortgage lender to ensure that you resolve any outstanding legal matters and all the paperwork is in good order.
If there are any issues with the title or boundaries, it’s important to sort them out to prevent any surprises in the sale process.
This will also affect how much you can sell your house for if anyone has an easement over your land (for example, a right of way).
The same goes for covenants on a property — this could negatively impact its value if these prevent certain activities from taking place on a site.
Ensure You Have No Outstanding Debts or Loans on the Home
Before you put your house on the market, ensure you've paid off outstanding debts and loans. This includes any mortgage payments, credit cards, and home equity loans.
If these are still active when you list the home for sale, they will show up on a title search and lower its value by an estimated 7%.
Hire an Independent Building Surveyor
The first and most important thing you can do to get the most money when selling your house is to hire an independent building surveyor.
They will check for structural problems and any damage or defects that may not be readily apparent.
They will also look for signs of damage caused by pests or mold growth, asbestos, lead paint, and other hazards that could lower the value of your home.
Be Realistic About Your Asking Price
Whatever you do, don't overprice your home. Researching the local real estate market is essential to getting the most money possible when selling your home.
You can do this by looking at similar homes in the area and comparing them to yours. If they're priced higher than yours, consider lowering your asking price so that it's more in line with theirs.
Fix Up Minor Damages Around the House
While you probably don't have the time or energy to renovate your home's interior, a few simple repairs can make it more attractive to potential buyers.
Start by fixing minor damages, such as cracks, nicks, and dents. It might seem an unnecessary step when you already invest in selling your home quickly — but minor repairs can save you money on your property sale.
If nothing else, they'll make your home more attractive to potential buyers who may be deterred by something as small as an uneven floorboard or stained bathroom tile.
Bring In a Professional Home Stager for Interior Improvements
You may skip hiring a professional home stager when you've done your research. You might think you can do it using some clever tricks and tools. However, this isn't always the best choice.
Professional stager has years of experience with their craft and can help make changes that will impact the sale price of your home.
Some of these changes are subtle but effective such as adding fresh flowers or moving furniture around just slightly. The stagers also know how much things cost — and where those costs should focus.
They can advise homeowners on how to save money while still making progress toward their goals of making buyers feel comfortable and excited about buying their house at its current price point.
Declutter Your House
The more organized your home is, the more appealing it will be for buyers. If you haven’t decluttered, now is the time to do so.
Get rid of all unnecessary items in your closets and drawers — you don’t want any clutter on display when potential buyers come through.
If things need to be thrown out or donated, now is a good time (and if you have no use for them, remember that many charities accept donations).
You might also want to consider hiring a professional organizer if this task seems overwhelming or if you have limited time until closing day (they usually charge per hour).
Boost Your Curb Appeal
You can increase the value of your home by making a few simple upgrades. Here are some ideas:
- Mow the lawn and trim overgrown trees and bushes.
- Plant flowers in beds around the house.
- Paint the front door if it looks a little worn.
Make Changes To Allow More Natural Light Into Your Home
There are many ways that you can use natural light to make your home look bigger. Firstly, use mirrors strategically to reflect more light into the room.
You can also open up the space by removing furniture and clutter. This will allow for views of natural light coming through your windows.
If you don't have enough natural light coming into your house, consider installing skylights or sun tunnels to bring more natural light through a larger area.
Conclusion
The selling process of your home can involve a lot of stress and anxiety, especially when you don’t know what to expect. However, if you take the time to prepare beforehand and follow these steps carefully, you’ll be much more likely to get the best price possible for your house.
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