Real estate transactions are the biggest transactions most people ever participate in, either as the seller or the buyer. Given the sizable amount of money involved, it’s important to make sure that things go as smoothly as possible. Part of successfully selling your house is avoiding certain mistakes that sellers commonly make.
Not Accounting for Closing Costs
It’s easy to get caught up in how much you can ask for your home and how high your offers are to the extent that you forget about closing costs. That’s a pretty significant mistake, especially as a seller. While sellers aren’t responsible for 100% of closing costs, they still have a share to cover.
Seller’s closing costs are often taken out of the profits you get from selling your home. You can expect to pay 5%-6% of the sale price in agent commissions alone. Account for closing costs so you have a better idea of how much money you can expect to walk away with.
Overdoing Renovations
Many sellers spend a lot of time and money on home renovations to get their homes in selling condition. You can overdo it on renovations though. Renovations don’t always mean a higher sale price. If your goal is to increase your home’s value to get a higher offer, you have to choose your renovations wisely. Sometimes minor improvements are all you need to see the best return on your investment.
Not Finding the Right Agent
Unless you’re an experienced seller, avoid the for-sale-by-owner route. There’s a lot of work that goes into selling a house, and a lot of boxes to check off. Working with a real estate agent takes a lot of that burden off your shoulders. Don’t settle for just any agent though. You need an experienced real estate agent that specializes in your type of real estate. They’ll be more familiar with the market for your home and what features to highlight to attract offers. Their experience allows them to navigate real estate transactions quickly and efficiently, saving everyone time, and ultimately for you, money.
Most people don’t have a lot of experience when it comes to selling a house. Inexperience makes it easy to make mistakes that can cost you a lot of money. Take the time to do things right. Price your property well, get your house cleaned and staged, and use photos for your listing that make your house look its best. All of that will help you have the most successful home-selling experience you can.
Did you enjoy reading this article? Here’s more to read. Problems That Make it Harder to Sell Your Home
