Whether it is the home you have been living in your entire life, or simply the property you have invested in, you will always want top dollar when selling that property. For inexperienced sellers, the process can be intimidating as there is a lot more to selling your home than simply listing it on the market. Here is a simple eight step guide to selling your home and maximizing profit.
Step 1: Deciding to Sell Your Home
After you have decided to sell your home, you want to list it on the market. Before you do, there are many things you could do to add value to your home.
This can be a lot simpler than some people might think. It can be very straightforward such as repainting the walls or updating the lighting in the house. Of course, bigger renovations such as updating a kitchen or flooring throughout the home can add a ton of value to your home as well. How do you decide what to renovate in order to maximize your profits? Here at PropertyHound™ we can provide information regarding the market conditions in your neighbourhood and from that, determine which particular features can add value to your property the most. You will have a better idea of which renovations could net the highest returns.
Have you ever passed by a home and just simply admired it? Something about the home struck your attention. It could have been the exceptional greenery, the lighting of the home at night, or even the colour of the brick. First impressions go a long way, especially when selling your home. Keeping the lawn cut and patching any areas of dead grass pays for the effort in presentation. Adding different shrubbery or even shutters can also spruce up the look of your home from the outside.
A home inspector can go through your home and see if there are any major repairs that may needed to be fixed. You don’t want to lose out on a buyer because of nasty issues you may not have known about. This will allow you to fix anything you feel would hurt the chance of selling your home.
Step 2: Finding the Right Realtor for YOU
A good real estate agent adds a lot of value when selling your home. A transaction involves a lot of research, paperwork, time, effort and trust. There are many unexpected challenges that may occur. A reliable agent will help guide you through selling your home, making it a lot less stressful than selling alone.
Step 3: Listing Your Home for Sale
Now that you have finished renovations and found a realtor that is right for you, it is time to list your property!
Setting a Price
This is probably the most important step but it is often overlooked. If you price your home too high then it is not attractive to buyers. If it is set too low then you miss out on thousands of dollars. This is where your agent can help determine a realistic price range of what your home is worth. This will be based on numerous factors such as location, special features, the condition of your home, the current market trends in your neighbourhood and much more.
Marketing Your Home
Simply listing your home is one thing. But if you want more traffic and attention to your property then marketing your home properly is very important. Your agent will be able to create flyers, post ads in newspapers or magazines, and advertise your property through social media. This can attract a lot more attention to your property, increasing the chances of getting top dollar for your home.
Step 4: Staging Your Home
When a prospective buyer walks in to your home, you want them to be able to imagine and experience themselves living there. An unorganized and cluttered home may take away from this experience. You want to clean the house from top to bottom, so everything is more presentable and attractive to whoever is viewing the property. Wipe all mirrors, make sure to tidy up all closets, cabinetry and put away any personal belongings such as photographs of the family. Yes, I understand that you are essentially putting away things that made your home, home. But when we are selling your home, we want prospective buyers to be able to envision their family living there.
When showing your home for an open house, make sure all drapes are open and all lights turned on. This allows the most amount of lighting to view your home in. It feels much better walking into a bright and inviting home rather than a dark and dim home. Added touches such as scented candles or leaving out refreshments can go a long way as well.
Step 5: Reviewing and Accepting an Offer
So now that your open house was a success, the offers are starting to come in. Review each and every offer with your agent to determine which one would be best suited for you. Each offer will have different sets of terms specific to themselves. These terms could include things such as the buyer wanting a home inspection on the property before closing, or maybe the buyer wants a few extra things included in the deal. Whatever the terms, be diligent in reviewing all of the terms before accepting the offer that is the most fitting for you.
Step 6: Negotiating and Counter Offers
After reviewing all your offers, maybe there were not any that you were willing to accept right away. Maybe the offers were simply too low, or maybe the offers had too many conditions. Just make sure you ask yourself if it is worth losing a deal over “such and such”. Is it worth losing this deal because the buyer also wants the carpets included? Be realistic when you evaluate each offer. For example, let’s say market value for your home is $500 000 and you think your home is worth $530 000. Someone puts an offer on your home for $490 000, no conditions. Initially you may think it is a bad offer as your home is worth a lot more than that. But be realistic within the lines of the market conditions. If a buyer knows your home is only worth around $500 000, they are not going to pay more than that most the time. Thus, after reviewing the offers again you may realize $490 000 is a decent offer. If you still wanted more you could counter offer back at a higher price.
Step 7: Home Closing Process
There are many costs involved when closing a transaction. These costs include things such as: mortgage application fees, inspections, legal fees, insurance, registration and much more. The closing day is the day you officially take possession of the property. Your realtor should be able to help prepare you for these closing costs.
Step 8: Closing Tips
You are almost done moving in! Although it can be sad leaving your home, it can be very exciting creating memories in your new home. Here are a few tips to help make moving a little smoother:
Make a moving checklist that gives an overview of everything that needs to be done upon and prior to closing.
Clearly label boxes with the rooms in which they belong to make unpacking much easier.
Cancel all of your existing utility bills such as gas and hydro. Any appliances that are rented, such as a hot water tank, should have your names transferred to the new owners.
Change Make sure to inform your key contacts of your address change. Key contacts can include your work, doctors, pharmacies and more.
Please let us know what you think about this article! Leave a comment below!