Selling your home can be a stressful process whether you’re doing it for the first time or the hundredth time. Unfortunately, there are some common mistakes that sellers tend to make. With such a massive transaction taking place, you don’t want to do anything that can jeopardise the process or the price your property sells for.
By ensuring you don’t make these mistakes, you could be significantly increasing your chances of selling your property quickly and for the highest possible price. On top of this, by taking the right steps, you’ll make the entire process more pain free for yourself.
1. Setting the wrong price
Not knowing the actual value of your home is a common mistake that many sellers make. If you set a price that’s too low, you could be missing out on thousands of dollars. If you set a price that’s too high, your property might not sell. Fortunately, there are many ways to avoid getting yourself into one of these messes.
There are a number of online property valuations tools that you can use obligation free. These can help to give you a price range for your property. If you’re serious about selling, getting a property appraisal from multiple local real estate agents is your next step. It’s important to get more than one opinion rather than relying on the first estimate that you find.
2. Not making repairs and upgrades
If you’ve lived in your property for a long time, you might overlook things that need to be repaired or upgraded. Make sure all your lights are working, any leaking taps are repaired and any squeaky door hinges are oiled. Buyers may notice if small details like these if they’re not taken care of, potentially leading them to undervaluing your property.
3. Spending too much on renovations
On the flip side, some property owners spend too much on making their home better through unnecessary renovations. Though certain renovations such as in the kitchen and bathroom tend to do well, this is not always the case. For instance, if you spend tens of thousands of dollars on a bathroom renovation for a small apartment, you might not get the return you’re looking for because it might not be worthwhile for your target market.
Similarly, there are many types of renovations that typically won’t give you a return on your investment. Adding a swimming pool to your property usually won’t add any net value unless your property is in a hot climate and in an area where families are keen on them. You should also be careful about investing in luxury fixtures, bright-coloured tiles and additional rooms like library rooms and cinema rooms.
4. Not staging or styling your home
One of the things that will make the biggest difference in selling your home is staging or styling your property. It’s important that when a potential buyer looks at your home for the first time, they can imagine themselves living in your property and can imagine having their own items filling up the space. This means you should be removing any personal items like photographs or unique decorations.
If you want to stay on the safe side, your best bet is usually to keep everything neutral in colour. For instance, bright blue walls or fluro pink appliances could make it difficult for people to envision themselves in your property. You also have the option of using a property stylist or professional home staging service to help increase the potential asking price.
5. Choosing the wrong real estate agent
Finally, one of the most helpful people you can have alongside you in your selling journey is a real estate agent. Remember that going for the agent with the lowest real estate agent fees isn’t always going to be ideal. The right real estate agent should have a strong understanding of the market, communicates with you well, has a track record and is honest with you.
A real estate agent can help you with all the other issues on this list as well. For example, by giving you an accurate appraisal and helping to get your property ready for sale. They can also help with marketing, negotiating and sorting out paperwork. Don’t be afraid to speak to multiple agents in your area to find one that understands your needs!