Selling your home is an incredibly important and difficult decision to make; whether you’ll bemoving across the street or across the world, you’ve decided to move on. You might have your next home already in mind, or you just know you need a change. Whatever the case may be, selling your home can be a lengthy and complicated process. Here’s what you need to knowbefore you make the decision to sell your home.
The Buyer Sets the Price
While prospective buyers won’t be literally setting the price before you do, what they’re willing to pay is what you’re going to get. It’s important to know this going in, as it will definitely affect your future plans (the size of your next home, when your next vacation might be) and an inaccurate evaluation of your home’s value can lengthen its time on the market significantly. You don’t need to have an exact idea of how much a buyer will pay, but you should either have a good understanding of the market or hire someone who does.
Be Wary of Renovating
It’s easy to think that renovating your home will increase its value. Whether it’s a shinier kitchen, a finished basement or significant repairs, the cost involved feels like it should translate to a direct increase in value. This would indeed work if home buying was an exact science. In most cases,home ownership involves feelings more than it does business acumen. Personal taste is an important component for buyers; flashy renovations might make your home more attractive, but could just as well be what dissuades a buyer with different tastes. Renovations targeted at a home’s upkeep (such as new plumbing or new roofing) might pass under the radar and not be enough of a justification for a price hike. However, it’s important to note that renovating your home can make your home easier to sell, even if it doesn’t bring the increase in value you expected. It’s important to consider your options carefully before renovating your home.
Your Market
No, not THE market. YOUR market. Homes in your city might be selling incredibly quickly, but things might not go as well in your area. Your neighborhood doesn’t necessarily have to be rundown for homes to linger on the market. Is it close to a school or a highway? Is it too close? Does the quality of the city’s services vary between areas? Does it vary in a favorable way in your area? This is where expertise is particularly important. A wide variety of factors can affect the sale of your home, while others are inconsequential. Should you be able to perform this analysis yourself, you’ll know exactly what to expect from the sale of your home. Alternatively, a qualified real estate agent can help you understand the importance of these factors. You don’t need to be told that selling your home is an important decision; you’ve likely mulled it over for quite some time. The above factors hopefully have helped you reach a decision.