Putting your home on sale may seem like a no-sweat process. You make a general clean-up, exhibit it to several interested folks, and someone eventually purchases it. Unfortunately, selling your home is not that simple. As a home seller, you have to go through a much more complicated process.
For instance, there is practical and legal matters that must be considered. There are times that with just one simple mistake, you can now throw a potential home sale down the drain. That is why you need to avoid committing errors at all cost.
Here is a list of common home selling mistakes that you need to know so that you can avoid them when you are going to put your house on sale.
- Giving a Listing Price That is Subjective
Some home sellers think that it is objective to give a price for the sum of the cost they paid for the property, expenses for the improvements, and the cost of agent’s fees. But most homebuyers will see it not as an objective reason for list pricing.
Naturally, this mistake will boost the price of the property to the point that it will not reflect anymore the present market value. As such, potential buyers will not like that mode of pricing.
From the start, you must make sure that you put a price on property according to its current market value. Just estimate the comparative home sales and present listings of properties the same as yours. In this way, your home will sell smoothly.
2. Making Costly Improvements Shortly Before Selling
It is advisable that you need to prepare your property for viewing to prospective home buyers. But you must keep in mind that you do your upgrades not shortly before you put it on sale. Most home sellers make this mistake to increase the price of the property. What they do not know is that it is impractical.
Make practical home improvements that can boost your return on investment. For instance, improving the property’s electrical installation, or making the home ventilation in proper excellent working condition.
3. Giving Incorrect Answers on Seller Disclosure
At the time of the selling process, there is paperwork, such as the seller disclosure you need to sign and complete. This paperwork is important because they serve as a sort of legal documentation on your part, so you need to give your answers honestly.
For instance, the seller disclosure typically contains questions based on the knowledge of the homeowner about the particular aspects of the property. Some homeowners think that they can avoid some of their answers upon inspection by putting “no” on the questions that they are not sure.
Giving incorrect answers in the seller disclosure can backfire to you as a home seller and can even ruin the deal. For you to prevent this from happening, you should answer the questions in the seller disclosure honestly.
4. Failing to Get the Help of a Real Estate Agent
Some home sellers put their property on sale without the help of a real estate agent to save money. However, it can put a lot of burden on your part if you do not hire an agent. A real estate agent can be a big help because of their expertise when it comes to home selling.
Also, selling your property without the help of an agent will cause your prospective buyers hesitant to purchase your property. It is because they will likely think that they are not dealing with an expert.
5. Failing to Consult Advice from the Experts
The services of an expert on the process of selling your property will make your life easier and will help you focus on the things that you need to do. For instance, you need an accountant and a lawyer to tackle the taxes and contract of the deal.
Also, there is the real estate agent to help you sell your property quickly. You may also need to get expert advice about the trends in the market to get a successful sale.
Selling your home is not an easy process. There are challenges that you will likely encounter along the way, and most of these challenges are due to the mistakes on the part of the home seller. Thus, if you are going to sell your home, you need to acquaint yourself with these mistakes for you to avoid them in the future.
Author Bio: Caleigh Martin is a freelance blogger who plans to buy a property. Whenever in doubt, she usually seeks advice from property specialists in Ashe Morgan to gather information. When available, Caleigh writes to provide her readers with valuable information.