What You Need To Know Before Selling Your Home

Selling your home requires some research and time.

Selling your home requires some research and time.

Selling your home can be both exciting and stressful. It’s typically a sign of a new adventure ahead, whether it is moving to a new area for a job or even downsizing to start a new milestone in your life.

With the real estate market flourishing right now, depending on where you live, you may have an easier time putting your house on the market now than you did in previous years. However, regardless of how well the market is doing, you still need to be aware of some do’s and don’ts of real estate. Here is what you need to know before selling your home:

Speak with a professional.

Even if you are selling your home on your own, hiring a real estate attorney will be helpful to have some legal eyes look over your contracts and paperwork. Catching any flaws before any sales are finalized can help to save you money in the future.

Put it online.

Online house listings make your home even more visible to the public along with providing quick updates regularly to browsers.

Hire an inspector.

You’ll save yourself so much time and energy by having a qualified individual come in and inspect your home. You should consider doing this before you even put your house on any listings or begin showing it so that you can strengthen your sale price by making any repairs or updates as needed.

Focus on curb appeal.

Take some time to improve the curb appeal of your home in order to attract more buyers. Invest in some simple landscaping and keep your lawn tidy (if applicable), raking leaves in the fall and clearing your sidewalks of snow in the winter. Think about what attracts you to a new property and apply this concept to your own home.

Price your home in line with both the area and market.

As tempting as it may be to price your home that extra 100 grand you feel it is worth, doing so may turn off potential buyers. You can attempt to go a little above market price, but talk with a trusted professional on what they would advise.  If you are in a location that has many individuals selling their home, you will have a hard time attracting a buyer if your price is out of range.

Have your paperwork ready.

Being as prepared as possible will help keep things flowing as best as possible when you are ready to put your house on the market. You’ll be able to answer any questions about taxes, the property and the like with ease by having any and all documents associated with the house on hand. Different questions may arise not only from the potential buyer but also from your listing agent or attorney.

Get rid of the clutter.

Before you even start showing your house, clear out your closets, get rid of clutter and make it look even extra homey by adding in some house plants in various rooms. The key is to show space to those coming to consider buying your home. If they can not only imagine themselves living there but see how much space is available, you will be helping to boost the sales process along so that you can move on with your new adventure.

Hire your own real estate agent.

Although an added cost, having your own agent is a great way to obtain the price negotiations that are favorable to you. Agents representing buyers have more of a loyalty to their client instead of helping you sell your home, so they will be trying to get the best deal for their customer. Thus, if you have your own agent, you’ll be able to counteract professionally with rates that are close in alignment to your selling goals.


 

Selling your home can be intimidating (and nerve-wrecking), but by following the above tips and doing your research, you will gain a much better handle on the process. Just keep these in mind with each real estate sale.

Things To Consider Before Buying A Fixer-Upper

A fixer-upper sounds like a good idea, but think before you buy.

fixer-upper

Fixer-upper concerns and things to keep in mind.

Recently, my  boyfriend of six years and I discussed the possibility of purchasing a fixer-upper in an effort to grow our financial portfolio and begin creating our own home after renting an apartment for the last three years together. It seemed like a great idea, and we even considered renting the house out when we would ultimately choose to move. However, after speaking with his father, who is in the banking business, we decided against it for more reasons than one.

Here is what we were advised and what you should consider, too, prior to diving in to this renovation project:

  • Before beginning any new investment, you should always do your research first and foremost. When buying a home, whether choosing one that needs restored or not, look at an inspection report. Along with this visual report, you will want to know the home’s full history and study its neighborhood. A house in a historic district, for example, will most likely have a higher value but may also require more costs due to rebuilding with accurate components. Moreover, you will want to assess the district to see its demand, crime rates and more as those notes are necessary to see how easy it’d be to resell or what would add profit to the property. Your neighborhood (and home) should have room to grow for an ideal situation.
  • What’s your budget? What would you hope to make back on the home, and is it possible to do so following your updates? Are any electrical upgrades required? Is there any concern of lead-based paint or asbestos? If so, what may have originally would have been a small investment may rack up the costs. These are all important questions to ask. Your finances should include the cost of the home, construction and the unexpected.
  • Are there any restorations you can do on your own? And not just that, but do you have the time to do them? Know and be realistic with your skills and availability to work on this project. Stripping wallpaper and painting is one thing; upgrading your sewer system is another.
  • Before you even make an offer on any house, make sure to price the expenses of repairs and remodeling, including cost of labor.
  • Have an idea of what changes you would want to make to the home. Get some direction from the inspector and another professional to prevent your project from turning into a total disaster. You also want to determine if the home is worth the investment. You don’t want to make unnecessary updates, such as tearing up original woodwork that could actually add value to the home, or buy a complete dud that really can’t be restored.

If you are considering taking this leap, just be sure to take all avenues into review. As I mentioned before, weigh out all the costs to figure out how much you should pay. This can be concluded through the renovation expenses of the property based on the housing report and all materials needed deducted from the home’s probable market value after the updates, using the area’s real estate prices. You should additionally subtract up to 10 percent for those unforeseen extra costs we were talking about earlier, as is expected with any new home purchase. What is left over should be your offer on the house.

By consulting with a few professionals, you should be led into the right direction and one step closer to home sweet home. Maybe one day we will end up getting that fixer-upper, but for now, my beau and I are content where we are.

Have you bought a fixer-upper? What were your results? What would you add to this list?