Sell Your Home For Maximum Gain
You can maximize the sale price of your home by preparing for the
sale well in advance (it's much more important than any bargaining
tactics you can use.) If your
plan, for example, is to list your home for sale in May or June,
it's wise to lay the ground work for the sale in January or February.
You can use this advance time to clear the property of junk, contract out
some home improvement work, do some of
the project work yourself, pack up extra belongings, have a garage
sale, donate items, etc.
Consider asking a real estate agent for a professional walkthrough
several months in advance: you might be amazed at the advice he
or she can offer.
Here are some important steps you should take before you put your
house on the market:
- Get a loan approval for your next home first.
You don't want to sign a contract to sell your house before
knowing if you are qualified to buy another. You'll get a good
idea of what you can afford by getting a pre-approval before
selling your house. You may then take the decision of whether or
not it would be reasonable to sell your house at this point in
time or maybe consider renting instead of buying a home.
- Determine the Fair Market Value of your house.
You'll want to get the best price for your property and in the
quickest time possible. Over-pricing your home will only
limit your chances of selling fast, while under-pricing may speed up
the process but you lose out in the bargain. An agent or an
appraisal service should be able to assist in determining the
fair market value of your home. HomeGain has a
home-valuation calculator that lets you estimate your home's
approximate value quickly.
- Estimate the cost of selling:
- Advertising costs, if you plan to sell home yourself.
- Real estate commissions.
- Attorney, closing agent and other professional fees.
- Capital gains tax and excise taxes.
- Property taxes, home owner association fees, and fuel tank rentals.
- Home improvements.
Are there improvements that could be made to your home that
would increase the value beyond the cost of the improvements and
help it sell faster? Usually that's not the case, but
your home may have some "hidden value": an unfinished
area that could be turned into an additional bedroom or bathroom,
for example, could increase your property value by 10% or more
depending on the market. See our
home improvement
article for advice in this area.
- Maximize "curb appeal". It's
amazing, but sometimes $500 in
landscaping or a quick touch-up on the outside paint can increase
buyer traffic from 2 people a week touring your home to 20 people
a week.
Be sure the approach to your home is clean, tidy and well
groomed. Make sure the grass is
cut, leaves raked, plant beds mulched and weeded, etc.
Any brass should be polished, paint on the door should
be in good condition and the door should be washed clean of
fingerprints and paw marks.
- Make necessary repairs.
You don't want to turn off a buyer because of minor repairs which
you haven't attended to so far. If you don't effect repairs, the home could take
a long time to sell. You will probably still end up paying the cost of
the repair work, you could get a lower
sales price because the property was "stigmatized" by not selling
within the first few months, and you'll also have to
keep paying the mortgage and maintenance expenses in the meantime.
- Get the house ready to show.
You'd be surprised at what a coat of paint can do to increase home value.
You'll also want to see that your house
is sparkling clean and everything is organized and in its place
when a buyer comes to see your place. A clutter-free environment
is essential if you want the house to appeal to the buyer.
- Make your home's visual appeal fairly broad.
Are your decorating tastes (ahem) special?
Your interior could turn off prospective buyers with different tastes,
Pack up distractions, try to use "neutral" colors (e.g. beige or
off-white), and move out
excessive furniture to make your home seem larger before you list.
A few updates inside can mean the difference between a
full-price contract the week you list your home and a discounted
contract several months later.
And remember, you want buyers looking at the
house, NOT your stuff.
When you're ready to choose a real estate professional, here's what to
look for:
| |
|
|
| |
Sell Your Home For Maximum Gain 
|
Time to complete:
| 10 minutes surfing the site |
|
Money you'll spend:
| $0 |
|
What you'll get:
| Home valuation estimate for any residence. |
Finding a good real estate agent:
A local real estate agent who
knows your neighborhood can help you determine a fair market
price. The agent should also recommend the extent to
which you should make repairs or improvements to your house.
You might start by Googling "best real estate agent"
yourcity (include the quote marks for best results, and also try
pluralizing agent to agents.) You'll probably find
some respectable recommendations.
Ask family, friends and neighbors for referrals.
Phone-interview several agents to find out how
professional or experienced they may be. Most will be happy to
supply a written outline of
how they plan to market your property and the services they will
offer you.
Evaluate the personal "chemistry".
Do you feel comfortable with the agent
as a fair partner who will work with you to give you advice
and act as your representative? Does he or she
focus on the importance of exceeding client needs and
personal expectations, or is he or she caught up in the proverbial "hard
sell?"
The firm that your agent is associated with is also
important. Find out the firm's commission
rate. Some firms can offer discounts
on everything from painters to mortgages to moving services. Other firms
might try to channel business to their high-paid buddies,
|
Further Reading:
|
|  |
|
|
|
Copyright (c) 1998-2007 Ark Royal Software.
Legal Notice, Disclaimer and Terms Of Use
|
