SELLING YOUR OWN HOME: 4 HIDDEN COSTS

Selling Secrets Exposed: Hidden costs can turn your home sale into a costly affair

You may be able to save a large amount of money and make a profit by selling your home without an agent. It is likely that you have factored in closing costs, attorney fees, and title fees when designing your budget. In addition to preparing your home for sale, there are many other factors to consider. Consider these hidden costs if you wish to achieve success.

COSMETIC AND REPAIR WORK

It is likely that you will need to update or repair a few items before listing your home. If you do not have a plan in place to handle structural issues, roof repairs, and cosmetic repairs (such as painting), your bottom line could be negatively impacted.

You will save time and gain peace of mind when you hire professionals to handle tasks such as electrical updates and structural strengthening. If you wish to identify the main problems in your home, you may wish to hire a remodeling or general contractor.

It is necessary to obtain a license prior to performing any plumbing or electrical work. An experienced general contractor could be a great asset if you are taking on several large-scale projects that require specialized skill sets. Basically, they will take care of everything related to your home project so that you may focus on other matters. They can contribute to the maximization of your repair budget, and their fees are typically in the range of several thousand dollars and up.

Plus, you should be aware that any major issues which you do not resolve before listing your property could come to light during a home inspection requested by a potential buyer, which may result in you having to pay for them.

In terms of cosmetic upgrades (such as painting and updating cabinet fixtures), it is usually possible to handle these tasks yourself. As well as being a great way to make your rooms appear larger and more inviting in photographs, small changes such as these can also be a great way to add a sense of space:

  • If your room is already small, remove bulky furniture that can contribute to the crowded/cramped environment. Consequently, you will need to take into account both the cost of storage and the cost of moving the furniture.
  • Reposition the furniture so that it is not in direct contact with the wall. Make sure your furniture is arranged in a way that encourages potential buyers to enter your home. The couch may not be positioned optimally to view the television.
  • The walls should be painted a light, neutral color. As a result, rooms will appear brighter and larger. You can estimate the amount of paint you will need for each area with this handy tool from Ace Hardware.

MARKETING

Real estate agents are responsible for a great deal of marketing. It is your responsibility to market your home on the appropriate outlets because you are selling your own home.

The Multiple Listing Service, or MLS, is one of the resources available to real estate agents. In order to identify potential matches for their client buyers, agents use the Multiple Listing Service (MLS) database. It is pretty much always necessary to contact an agent in order to have your listing included in the database. To have your home listed on the MLS, you can seek the assistance of a real estate agent. If you are not currently using any of the agent’s services, you can ask for assistance, but be aware that the agent may decline.

Social media marketing can be a very effective way to stretch a little marketing budget. By advertising your listing in home buying groups and by asking friends and family to share your listing with their networks, you can maximize your Facebook marketing efforts. It indicates that 73% of for-sale by owner (FSBO) homes are sold within two weeks of listing, significantly faster than those listed with an agent, primarily because they are more likely to be sold to a friend of the seller.

PICTURES

A buyer’s experience is greatly influenced by the photos you provide, so it is imperative that you present your home in the best possible light. Approximately 87% of home buyers who searched for a home online found photos very useful.

Real estate photographers can facilitate the sale of your home online and save you a great deal of time. A well-crafted set of property photos can be the deciding factor when it comes to a buyer scheduling a showing. It costs approximately $200-300 per hour to hire a real estate photographer, but there is the potential to spend much more. Take the time to read reviews and view a photographer’s portfolio online before hiring him or her.

The following tips will help you photograph like a pro if you wish to take your own photographs:

  • Make rooms appear larger by removing clutter and bulky furniture.
  • It is recommended that you take pictures during the day in order to take advantage of daylight. Or, at the very least, use lamps and other light sources to add as much light as possible.
  • A good-quality DSLR camera with a wide-angle lens would also be useful for taking the best photos.
  • Practice a lot to ensure that everything looks good.

TIME

There are times when selling a home is simply a matter of waiting. Your listing has been created on all the right platforms and you have made the necessary repairs and upgrades.

It is important to keep in mind that the timing of your house sale can be a major factor. The length of time it takes for your home to sell will depend on a number of factors (location, size, season, interest rates, etc.). While you wait for the right buyer to purchase your home, you will still have to make mortgage payments on your property, which can pose a significant financial burden for you, particularly if you have already made an offer on another property.

Your home may sell more quickly if you do the following:

THE PRICE:

To get a sense of the pricing of comparable properties in your neighborhood and market, review comparable properties. Try to find recently sold homes that are similar in size, the number of bedrooms, and the number of bathrooms. Your local newspaper or your county’s website is usually a good source of this information. In the event that you price your property too high, it may remain on the market for many months with no movement, increasing your marketing costs.

SHOWING FLEXIBILITY:

You should ensure that you accommodate the schedules of potential buyers. Are you available to show your home during the week, or only on weekends? In order to accommodate evening showings, you will have to sacrifice some free time. By doing so, you will demonstrate to your buyers that you are committed to selling your property as quickly as possible to the right buyers. It is important to accommodate the interest of a buyer who contacts you regarding your property – they may be the ideal purchaser.

TAKE ADVANTAGE OF CLEANING SERVICES:

If you have any messy repairs to perform after you take all those pictures, it is a good idea to hire a cleaning service to deep-clean your house. It is then advisable to do a quick round of cleaning before each show to ensure that the property is in excellent condition.
When you put in a little extra effort and have a greater understanding of your local housing market, you may be able to attract the right buyer.

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