In a world where there are more and more people renting than buying, many home sellers have found themselves in the position of figuring out what to do with their homes. There is no shortage of advice from friends, family, or online sources on how to best sell your house.
But it can be hard to sort through all that information when you’re not sure which pieces matter most. So we put together this list of things you need to know before selling your house so that you don’t miss any important steps along the way!
- Consider what you want to do with your home before selling it: Do you want to relocate? Move-in with family or friends? Sell your home as-is and rent a new place until you’re ready to buy another one? Has the house been demolished for land development purposes, then sell what’s left of it (e.g., a lot)? Your needs will affect how long it takes and how much money you need to invest in preparing your home before selling.
- Make sure you’re ready for the financial commitment: If you’re going to be living in your home while it’s on the market, make sure you have enough money for rent and other costs. And if you plan to move out of state or country before closing a sale, find out what kind of tax implications that might cause. Of course, you also need to consider the moving costs, closing costs, realtor commissions, and other expenses.
- Understand how much time will be involved: What is reasonable during the course of one day? One week? A month? It can take up to three months at minimum for many homes with more than ten rooms (versus two-three weeks for smaller houses), so don’t sell until you’re absolutely certain! The selling time will also vary depending on how you are selling the property, such as some prefer hiring a real estate agent while some sell it themselves
- Know what to expect: If you are selling your home yourself, it’s important to know that many people will assume that they can make an offer without seeing the property in person or even speaking with a realtor beforehand. It is also important for homeowners who sell their homes themselves to be aware of how long offers take to process and what happens if someone backs out after making an offer on your house!
- Know how you’ll receive your sale value: If you are not selling your house yourself, it is important to know that there will be a commission fee for the realtor. It’s also worth noting that buyers may offer less than what they originally agreed on due to market fluctuations or an increase in other sellers’ prices- this is called “buyer remorse. Besides, you will need to confirm whether you want the amount in cash or the buyers’ down payment on the mortgage. For the former one, you will need to target the cash house buyers.
For the latter one, you will need to make a decision on whether or not you would like to retain your mortgage with the buyers at an interest rate that is higher than what they are currently paying for their current home. In any case, it’s worth considering that if your house is in good condition and has been well maintained without much work required, then opting for cash payment might be more lucrative as there’ll be no future monthly mortgage payments to worry about!
- Know what you need to do before selling: Be aware of what needs to happen prior to an official sale- a home inspection by both parties, appraisal, and property disclosures for information like previous mortgages or any outstanding loans. It’s important that sellers know about all the costs associated with closing house sales in their particular state/country as well! These can include title searches, deed recording fees, inspections (exterior & interior), attorney fees, etc.
- Know how long the process takes: Selling a home can take about 45 days from start to finish if done right and then another 30 days before all of the paperwork has been processed. On average, though, it usually lasts 60 – 90 days. This time period varies depending on whether someone buys directly without using an agent and who sells their property first in any given neighborhood because many homes sell quickly when put on the market.
- Get a professional opinion on the value of your home: For this, you’ll need to find a real estate agent who specializes in the type of property that your home is. For example, if it’s an Acreage or large lot with farming rights, then I would go to someone who sells those types of properties for their opinion on its worth.
It can be tricky because there are many factors that affect what a house will sell for, including location and condition, but the best way is always to go through the process with a professional, so they have all the information about your property when they come up with a value estimate.
- Make sure everything has been updated: Home improvement projects such as new paint jobs, flooring installation, etc., must be completed before listing any time soon after putting it on the market because these changes can affect your appraisal.
You should also take care of any outstanding items with the town and government officials, such as fines or taxes before you list them for sale so that potential buyers have a clearer picture of what they are getting into.
- Get your house ready to show: If you’re not sure what buyers might be looking for, take a tour of other homes in the same neighborhood and see what those properties have that yours doesn’t. Then make a note of any updates or changes you need to do before listing it on the market so that when people come out to look at it, they’ll know exactly what they are getting into.
Our advice to any home seller is that you need to know what it takes before you sign the papers. Take some time, go through this list of things and make a plan for how you’re going to tackle them before putting your house on the market!