Simply put, selling a home is no walk in the park. While some challenges are outside of your control, like trying to sell your home in a buyer’s market or during a slow season, there are also actionable steps you can take to avoid costing yourself time and money during a home sale.
Failing to Adequately Budget Costs
It’s not just purchasing a home that puts a dent in our wallets—selling a home also comes with a price. Homeowners can take a financial hit when placing their houses on the market due to oversights in the costs of the home selling process. When this happens, they risk losing any potential profit and dissipating money set aside for their new home.
Between preparation costs such as inspections, repairs, renovations, and staging, to closing costs like transfer taxes and attorney fees, most homeowners spend thousands of dollars on extra or hidden expenses associated with the sale of a home. That said, although you will need to account for real estate agent commissions, finding an agent can help you best prepare financially for your home sale and keep you in the green.
Making Exorbitant Renovations
Updating and revamping your home is a compelling way to attract potential buyers because enhancements help your home stand out amongst others on the market; Not to mention improvements typically boost the value of a home. However, choosing the wrong types of renovations or sinking too much money into a remodel can end up hurting the resale value of your home instead. Given this, it’s imperative to make home improvements that provide the best return on investment (ROI).
Depending on how much you spend, kitchen remodels generally carry the highest return as they are high-priority rooms for buyers. In Springfield, the cost to remodel a kitchen is roughly $12K, but to recoup as much of the remodel cost as possible, consider necessary low-cost upgrades over high-end luxuries. Replace any outdated or broken items, like appliances, countertops, and cabinets. Consider integrating glass front cabinets, open shelving, and cabinet lighting to give your kitchen a spacious feel without breaking the bank.
Poorly Staging the Home
Staging a home is a popular and effective strategy to make a house more appealing while on the market. As a matter of fact, staging can help homes sell faster and for more money. The key to a well-staged home is to highlight the home’s best qualities and features to create an enticing mood that helps a potential buyer perceive the house as their own.
To begin staging, de-personalize your home by removing items such as family photos or heirlooms that might distract potential buyers from envisioning themselves living in the home. Painting rooms using neutral colors will also help your home appeal to the most buyers possible. From there, draw attention to the features of your home you wish to emphasize, like removing rugs to highlight gorgeous hardwood floors, for example. Last but not least, add lighting fixtures and keep shades open to invoke a bright and welcoming space.
Source: New feed