4 Common Mistakes To Avoid When Selling Your Property
Selling your property is, by no means, an easy feat. That’s especially true if you’re selling your first home, the property you’ve invested so much time, effort, resources, emotions, and life into. At this point, your first home feels just like a part of you, and you’ll probably never feel ready to let it go. However, you’ve been placed in a position where you’re forced to let it go, so might as well make the best out of this situation. Although you might be overwhelmed with emotions, the best thing you can do is to let your rational side take over until the sale is over. The next best thing you can do is to avoid the following 4 most common mistakes.
1. Setting an Unrealistic Price
Do you remember when you were first shopping for a property and strolled down the blocks negotiating with one agent after the other? You wanted to find a property with the best value-to-cost ratio, and you probably found it. Now that you’re on the other side of the table, you might want to price your unit as high as you can – but you should know that doesn’t work. Be sure to do a comparative market analysis to compare your property’s value to the surrounding houses, reduce the cost of needed repairs and issues, and only then can you set a realistic price.
2. Not Knowing All Your Options
Although you might be in desperate need of cash, scurrying to sell your house without knowing all the options may get you a losing deal. You wouldn’t know about the family-owned webuyhouses business that offers homeowners a chance to buy their houses for cash in one go. This is a great option for those struggling with financial problems or is being forced into foreclosure. The moral of the story is, be sure to research all your options before rushing your decision.
Looking to explore your options? Check out this guide to selling a rental property in Southern California.
3. Choosing not to Neutralize the Property
It’s common sense to organize the property and remove the clutter before you welcome potential home buyers or post pictures of your property. What’s often forgotten during this process is that potential buyers don’t want to think about how this property suited you, they want it to be about them. That’s why it’s crucial to depersonalize the property and let them imagine their own lives instead.
4. Skipping Essential Repairs or Hiding the Issues
If you’re not going to fix them, you have to be upfront about the major issues or repairs. The worst thing you can do is hide the issue, which will come to light after an inspection anyway, or leave you liable for a lawsuit down the line. However, it’s best that you fix the essential repairs even if they’re costly. The newly installed systems will be one of your major selling points that increase your property’s value.
When looking to sell your property, there are a few critical mistakes you should avoid at all costs. For starters, keep your emotions in check and call upon your inner businessman. Do a market comparison and set a realistic price, research all your options, and prepare your property for potential home buyers. Finally, it’s best to fix the essential major repairs, but be upfront about the issues if you opt not to.