You want the sale of your home to go well. Everybody does. However, it’s easy to make a costly mistake or slow down the process. To help you along the way, we have put together a list of mistakes you shouldn’t make when selling your home!
Decide Not to Hire a Realtor
Admittedly, there are options other than working with a real estate agent if you want to sell your home. Working with an iBuyer to sell your house, for example, is an alternative. However, there is a good reason why realtors are so popular. They can use their professional connections to find buyers and secure good services you will need to help your sale. Moreover, they will be able to help you objectively evaluate your house and set a realistic price. And they can weed out blatant scam attempts from the offers you will receive. Trying to do all of this on your own is, at the very least, extremely time-consuming. At worst, you could end up overspending on your prep work yet underselling your house, which makes this one of the riskiest mistakes you shouldn’t make when selling your home.
Skip the House Inspection
A lot of people think they know everything there is to know about their home. This belief leads them to skip the house inspection before placing their home on the market. However, answer this: have you never faced a sudden problem with your home? No sudden plumbing issues? No leaks appearing seemingly out of nowhere? What about a sudden smell of mold in your bathroom whose origin you cannot track down and which quickly vanishes? At the end of the day, there is plenty we miss even while living in a home. This means that you can be very unpleasantly surprised when a buyer insists on a house
inspection and it turns up a serious problem. This would cost you dearly because you would have to rush repairs or try and sell it anyway. And rushed repairs are always expensive.
Refuse to Make Necessary Repairs
Trying to save money is good. Trying to save it by refusing to fix issues you either knew about or revealed during the house inspection is not. Selling your house and moving can indeed be surprisingly expensive. But saving money on the move itself so that you don’t break the bank is a much better option! On the other hand, a lack of repairs leads to a lack of reasonable purchase offers. The profit you were likely counting on from the sale could end up being much lower than estimated. After all, most people do not want to spend money on a house only to spend even more on repairs. And if you try and cover up the issues, you would end up in even more trouble. Your sale could fall through entirely, and trying for a second time would be much trickier.
Believe You Don’t Need to Prepare for the Sale
Another of the mistakes you shouldn’t make when selling your home is refusing to put in the effort to make it more appealing. And this time, we are not talking about repairs! A lot of people, even if they do everything else right, discount the importance of presentation. You should tastefully arrange the furniture you are leaving behind. De clutter and make sure it does not look messy, at the very least! Put some effort into tidying up the garden or yard, if you have them. Such minor things help give a good first impression and boost the purchase offer your potential buyers make. No matter how structurally perfect your home is, buyers will not appreciate it as much if it looks messy!
Insist on Renovations to ‘Boost the Price’
Now, you should definitely try to boost your home’s value. But you should not lose sight of why you are doing it! You are trying to turn a profit. This means that if the renovations cost more than the value they would add, they are not worth pursuing. Think about it, does it make sense to spend 300 dollars to earn back 200? Of course not! Do not allow yourself to be taken in by the idea that renovations are always a good thing.
Prioritize Only High Offers
This is one of the most commonly committed mistakes you shouldn’t make when selling your home. People get taken in by high numbers without paying attention to the clauses and conditions the offer comes with. Some people make the purchase contingent on their own house sale. Some offer a meager down payment. And, of course, most of such conditions favor the buyer! You might want to consider going for an offer with a high deposit yet a slightly lower final price instead. It would offer you a lot more options with your own move and house hunting! And offers with a lot of contingencies often fall through since everything needs to align just right.
Set an Unreasonably High Price
Now, yes, you are going through the entire thing to turn a profit. However, while there are ways to get your house sold quickly and for top dollar, setting your price sky high is not one of them. In fact, it is another one of the mistakes that might make it impossible to find a buyer! Your baseline needs to be realistic. Talk with your realtor, or do a serious study of the local prices. Either way, you need to find a way to objectively mark down the price of your home.
Wait Forever for Higher Bid
Finally, we come to dealing with the offers made on your home. You might take a look through them and even find a few satisfactory ones, but decide to keep waiting for that one offer that will blow you away. This is a mistake. Of course, you shouldn’t just jump on the very first offer. However, do not delude yourself into always thinking there is something better out there. There might be. But you could also miss out on the best offers and end up having to settle for something that is not ideal instead.
What to Do
If there is anything to take away from this list of mistakes you shouldn’t make when selling your home, it is that you shouldn’t rush! Take the time to plan, to get to know the market, etc. Plan out your renovations and sale presentation carefully. And above all, keep your goal in mind, and know that trying to cut corners might make it impossible to achieve it instead!