Selling your home is a massive undertaking, one that requires thought, planning and strategy. If you rush in on a wing and a prayer and just hope everything will turn out okay, chances are you’re going to get burned by the whole experience. There are a lot of steps to take and the consequences of putting a foot wrong can seriously impact your finances and, let’s face it, your stress levels!
If you’re thinking of selling, we’ve compiled a bit of a list of easy mistakes you need to avoid. Give these areas some thought in your preparations, and you’re likely to dodge some headaches down the track.
Miscalculating the Cost of Selling
There are a lot of expenses to take into account when you sell, and you need to make sure your finances are in a position to absorb them. There’ll be repairs and upgrades to your home, as well as agent fees to take into consideration. If you buy a new property before selling, you will have to cover two mortgages until it’s sold. There are also delivery costs and moving costs such as travel, temporary rentals and new utility connections.
Trying to Sell Your Home Yourself
Ok, you might save on paying commission. But ask yourself this: are you an expert negotiator? Good real estate agents are, and they’ll put these skills to work in ensuring you get top dollar for your home. They’re also familiar with the complex legal processes and paperwork required with the sale, so will save you time and preserve your sanity.
Choosing a Cheap Real Estate Agent
If an agent’s costs seem too good to be true, it’s probably because they are. Tried and tested agents will give you a great service at a fair price – a cheap agent will give you a second-rate service.
Nothing will turn off potential buyers faster than a long list of repairs to be made. Do a thorough check of all fittings, structures and appliances and ensure that anything squeaky, wobbly or just plain broken gets repaired or replaced.
It can be tempting to sink cash into big renovations that make it look super pretty before you sell, but the reality is often you won’t make back the investment through your sale price. Another thing to bear in mind is that people’s tastes vary a lot, so what you think is a classy reno might be viewed in a different light from other people.
Listing Your Home to Check the Market
If you’re not 100% committed to selling, it’s best not to put your property on the market at all. Some people will put their home for sale just to test the waters. This is problematic, because if it sells fast you might be pushed into a situation you don’t really want to be in. If you’re half-hearted about the sale you won’t push at each step to get the best outcome possible, so could end up with a lower sale price.
Overpricing Your Home
Our homes have so much value to us. The walls hold so many memories, sentiment and nostalgia, it’s easy to think it’s worth a lot more than it is. The price you want and the market value could be two different things. You need to work closely with your real estate agent to figure out a realistic price that aligns with what the market is saying.
There you go, we hope that helps! You can also find more information about selling a property from the REIQ here.
If you’re selling your home and need some advice, get in touch with the Queensland Lifestyle Real Estate Team and we’ll gladly answer your questions.