Selling a house is a major experience in one’s life. It’s an exciting experience, but can also be a daunting task. Before seeing that “SOLD OUT” mark on your yard, there are several pitfalls that you are likely to succumb to. Here are some eight simple mistakes that may deter you from getting some profit when selling your house.
1. Underrating the Selling Costs
You have tagged your selling price and are relaxing, waiting to make a sale. Big misconception! There are several costs you need to account for when selling your house. You will need 5-6% of your proceeds to pay for the agents’ commissions—both your selling and buyer’s agent.
You also need to consider the legal closing fees. The Attorney fees, land transfer and sales tax. This is often 2-3% of your house price. Account for moving expenses as well as home inspection fees.
2. Concealing/ Ignoring Repairs
Selling a house with an endless list of repairs significantly decreases its value. Let your house condition match your description on the advert. Fix all glaring defects that are likely to be discovered during the home inspection. Work on your faulty plumbing system.
It also pays to seal cracks on the walls and trim your lawn. Have some retouch in your painting to improve the mien of your house. Replace aging and popped out floor planks.
3. Tagging an Unreasonable Price
You want some good profit margin. Well, that’s not always the case when you set unrealistic prices. Your desired price and the market value are two different things. Get a professional valuer to assess your house against the current market trends.
Involve a professional realtor to help you market your house. The realtor will also advise you on the best price ranges to base your decision. You don’t want to leave money on the table by offering low quotes.
4. Poor Lighting
The silent majority of house sellers fail in advertising a drab house. Repair and revamp your lighting system to create adequate light within your house. A well-lit house often appears larger than it is.
With good lighting, potential buyers can access all the facades within the house. A home inspection is also easy in a well-lit house. You also need to capture well-lit photos of your house before posting them on various walls. Beautiful houses are a hot cake in the market.
5. Ignoring Decluttering
Tick the decluttering box on your checklist before selling that house. Get rid of that broken equipment, piles of paper, toys and old furniture in your yard. Remember, you are marketing your house to the highest bidder.
Mow your lawn, pack up your old appliances and clean up the entire house. You can also engage a cleaning company to work the magic for you. Don’t forget, beauty allures.
6. Taking an offer personally
Yes, we are humans with emotions. It is prominent to get the sentimental attachment to your house, especially having owned it for a long while. Getting a low offer from a client is likely to turn you off and feel offended. It is very natural to take their words personally.
Send a counteroffer to that potential buyer instead of letting emotions take the better part of you. Remember, it was just an offer!
7. Having an Energy Inefficient House
We all love saving on those utility bills. Selling an inefficient energy house is a huge turn off to prospective buyers. Owning systems that gulp down electricity and water resources is a nightmare.
According to the National Association of Realtors, 33% of residents look at the energy efficiency of a house. Fix that faulty HVAC system and any leaking gas ducts. Work on your thermostat and water systems.
8. Being too greedy
You are selling that house to make some gain. Right? It is natural to price that house based on the killing that you have in mind. Engage a valuer to assist you in setting realistic and competitive prices.
Disclose the secrets encompassing that house. Is it attached to any encumbrance? Does it have any major repair complications? Reveal all this information to your prospective buyer early in the negotiation stages.
Pay keen detail to these eight traps when selling your house. You can also contract SPFC to sell your house. They buy houses for any price and in any location. Engage them to be among the millions of happy clients.