Preparing to Sell Your House
It’s time to sell your home, but it needs some work. Selling a house can already feel overwhelming, and whether you already knew it was coming or a professional has recently pointed out the bad news to you, you may be wondering how much you need to do and how you will do it. Below are a few tips to keep in mind during this process.
Choose the Right Renovations
There are a few things to ask yourself before you proceed with fixing up the house. One thing to consider is how healthy the real estate market is in your area. If places are selling fast, you may be able to get away with fewer repairs. It’s generally a good idea to talk to your agent about the best balance of making the home attractive to buyers versus spending too much money on issues that they are unlikely to notice or care much about. Certain problems may tend to scare buyers away even if you account for the cost of repair in the house price, such as replacing a roof. In other cases, cheap cosmetic fixes, such as new paint and curtains, can make a big difference in the look of the place.
Get the Extra Cash You Need
Once you know what you need to do, you’ll know how much money you need. First, you should look at where you can cut expenses. For example, if you are paying back student loans, you might want to use a student loan refinance calculator to find out what you could save if you refinance them. This could lower your monthly payment. If you cannot cut your expenses enough, you may want to consider taking out a personal loan to cover some of these costs.
Know the Costs of Selling
The costs of a home sale are not just about the work you need to do on the house. You can have seller closing costs explained by your agent, but in general, they will include a number of different fees and taxes, such as documentary transfer taxes, escrow fees and many more. Your agent will also collect a commission, but if you are thinking of trying to sell without an agent to save money, this may not the best plan. Agents generally net you more money even when still accounting for the cost of commission.
Your agent can also help you with staging, which generally does not involve renovation but is about making the house look attractive as possible when potential buyers come by. This includes everything from cleaning to removing personal items from the home, such as family photos and signs of pets, to addressing curb appeal in how your home looks from the outside. Some people even rent furniture if their own is not in the best shape. The idea behind staging is to make the home look less personal so that potential buyers can imagine themselves in it while also ensuring that it is appealing. Decorating extremes, such as walls painted in unusual colors, should be avoided.