Selling your home can be a big decision as it is likely one of the most expensive assets you own. You want to know what not to do when selling your home, to avoid making mistakes.
So, if you’re wavering between should I sell my house or rent it out, don’t worry; we have got you covered. This article will discuss all the blunders a seller can make and how to avoid them. Know where you are going wrong and get the best return on investment.
Related articles:
- 6 Secret Tips To Sell Your Farm Land For Top Dollar
- 4 Tips For a Successful Open House
- How to Sell My House: A Complete Guide
What not to do if you want to sell your own home?
Here are some things to keep in mind:
Not hiring an agent
Selling your home without an agent can be a risky decision. You are not only responsible for all the marketing and paperwork, but you also have to negotiate with buyers who may try to lowball you.
Not to mention, it can be emotionally tough to deal with buyers who come into your home and criticise it. If you’re not prepared to handle all these aspects of selling your home, it’s best to hire an experienced real estate agent.
Being unaware of your home’s value
You must have a realistic idea of your home’s value before you decide to sell your own house. Find your home’s value by checking recent sales of similar homes in your area or by getting a professional appraisal.
While professional expertise and government fees when selling a house may add up, it may help you in the long run to avoid miscalculations.
Once you understand your home’s value, you can price it accordingly and avoid leaving money on the table. However, keep in mind while considering what not to do when selling your home is highballing it. Don’t get greedy and lose a good offer.
Under preparing your home for sale
If you want top dollar for your home, you need to make sure it is in tip-top shape before putting it on the market. This means repairing any damage, deep cleaning, decluttering, and staging your home to make it look its best.
Ignoring your home troubles ranks high in what not to do when selling your home list. By taking the time to do these things, you will be able to attract more buyers and get a higher price for your home.
Not marketing your home properly
If you want to sell your home quickly and for the most money possible, you need to market it correctly. This means creating a listing that includes high-quality photos and accurate information about your home.
You also need to ensure your home is being marketed to the right audience. For example, if you’re selling a luxury home, you need to ensure it is being marketed to wealthy buyers.
Saying yes to the first offer
One of the most important things to remember in what not to do when selling your home is staying firm on your budget. It is essential that you negotiate from a position of strength.
This means having a firm understanding of your home’s value and being prepared to walk away from the deal if you don’t get the price you want. By showing authority, you will have the upper hand and will be more likely to get the best price for your home.
Going overboard with renovations
It is vital to make sure your home is in good condition before selling it. However, you shouldn’t go overboard with renovations as this can cost you more than you’ll make back in the sale.
Instead, focus on making minor repairs and improvements that will add value to your home without breaking the bank.
Who pays for the renovations on selling houses?
This is a crucial query when it comes to what not to do when selling your home. The answer depends on what is being renovated. The seller should pay for these items if it is something essential like the roof or the electrical system.
However, if the renovations are cosmetic or don’t add resale value, the buyer may be willing to pay for them. It is essential to discuss this with your real estate agent before making any decisions.
What not to fix when selling a house?
Expensive landscape design: It’s crucial to make your outside spaces appear appealing, yet not at the cost of financial stability.
Top-of-the-line appliances: You might want to spring for a new fridge or dishwasher if yours are on their last legs, but otherwise, hold off until after the sale.
Pool installation: A pool is a huge selling point, but it’s also expensive. Unless you’re planning on living in your home for longer, you might want to skip this project.
Home office: A home office is a great way to add value to your home. However, it’s not worth the expense if you plan to sell soon.
Not understanding the contract
One of the most important red flags people miss on what not to do when selling your home is to understand the contract. This document outlines the terms of the sale and includes essential information such as the purchase price, closing date, and any contingencies.
If you don’t understand the contract, you could make a mistake that could cost you money or delay the sale of your home.
How to avoid selling your home to pay for care?
Did you never want to sell your house in the first place but were only inclined to do so to pay for care? In such cases, you need to know other options before making such a big decision. Here are some of them:
Use home equity to pay for care
Home equity is the portion of your home’s value that you own outright. If you have built up enough home equity, you may be able to use it to pay for care without having to sell your home.
Get a reverse mortgage
A reverse mortgage is a type of loan that allows you to access the equity in your home without having to make monthly payments. The loan is repaid when you sell your home or pass away.
Sell things from your home
Instead of selling the entire house, it is better to sell valuable items from your home. Things to sell from home can be old jewellery, art pieces, furniture, and more. This will help you raise money without having to sell your house.
Look into government assistance
Several government programs can help you pay for care. If you qualify for these programs, they can help cover the cost of care without you having to sell your home.
Do you want to get into your dream home faster?
Download the Soho app. With the app, you can contact agents quicker, browse your property matches, and ultimately find your dream home even sooner. We are finding you homes we think you’ll love, so don’t forget to shortlist or swipe left on our listings so we can send you others that better match what you’re looking for.
