How to Avoid Losing Money when Selling your House
Home owners who do not how the worth of their homes or even how much they owe are unlikely to know how to save money when selling.
Even then, there are several ways through which you can avoid losing money when selling your house. They include the following:
- Hiring a seasoned estate agent – The need for a seasoned estate agent cannot be overemphasized, as they will help you in ensuring you get the best offer possible when selling your house.
While you may be tempted to opt for an agent that will charge you a lower commission with the view of saving money, the truth approach is not always right as you might end up losing.
Take a case where the difference between the estate agent fees is one percent of the sale price, where the experienced estate agent will offer better service charges and marketing for one percent more than the agent but eventually brings in 10 percent more in terms of profit.
On the other hand, you are likely to lose even more when you hire an agent charging a cheaper rate but offers your less.
- Ensure you get the right price for your home – If your home stays on the market for a long time, it is likely to lose its worth in the eyes of the buyer. Therefore, avoid testing the market as you might eventually lose money.
To avoid losing money, you may want to do a price comparison of properties that are similar to yours that were sold recently but not more than three months. While at it, study the trends to determine whether the prices are going up or down.
Where possible find out who your competitor is and look at the market through the eyes of a buyer in terms of which house you would buy. You can then go ahead and price your home accordingly. Ultimately, ensure that the price you set for your home is in line with the sold prices.
- Prepare your home for the market – Although this may mean that you spend a little bit of money, it is important to ensure that you get you home ready for sale. Even then, you need to ensure that the return outweighs the expenses involved.
For instance, getting a professional landscaper to work on your home and upgrade the features making it spotless could see the house sale on day one of listing on the property market.
You will do well to prepare your house for sale on a budget. A lower budget can also mean a slower sale so you need to bare this in mind.
- Pay attention to the fees quoted in the sales contract – Whether you are selling your house through estate agents or to entities such as quick house sale companies, it is important to pay attention to the fees quoted in the contract.
Some clauses may be buried in the 10 to 20-page paperwork that is detrimental to your overall sale price.
Generally, when selling your house always ensure that you understand the processes well so that you do lose money in the process.
Selling your house for retirement. Read more about how to save for retirement here.
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