You’ve likely spent much time debating if you should sell your home. Now you’ve decided to take the plunge and move on to the next chapter in your life, you might want to prepare yourself for the challenges you will face along the way.
Moving home is bound to feel a little stressful, but identifying potential obstacles and their solutions could simplify the process. Here’s what to expect when selling your home.
Selling Can Take Time
Various factors can determine how long your property is on the market, such as its asking price, the season you choose to sell, the current real estate market, marketing tactics, and local demand. For this reason, you shouldn’t expect your current home to sell quickly.
Naturally, you might worry that a lengthy time on the market could stop you from buying a property that ticks every box. If this happens, consider turning to hard money lenders for homes, as they could provide instant access to a loan to fund your next property. For instance, you could apply for a bridge loan to help you purchase a new house before your existing one sells.
Some Home Improvements Won’t Generate Their Full ROI
Many home improvements won’t generate their full return on investment when placing the property back on the market. For instance, a swimming pool or home theatre is unlikely to provide a superb ROI. However, you could recoup the full cost of hardwood flooring or landscaping when selling your home.
Home Inspection Reports Lead to Haggling
You’ll likely jump for joy when a buyer makes an offer that matches or exceeds your asking price. Before you pop the bubbly, it is important to be aware that they may use a home inspection report to secure a better deal. If an inspector pinpoints one or more significant property defects, don’t be surprised if a buyer attempts to renegotiate or requests you pay for the repairs.
A pre-listing inspection is a great way to prevent this from happening, as you can identify issues and repair them before placing your home on the market. Also, a buyer might be more likely to make an offer based on the pre-listing report.
You May Feel Emotional
Emotions will run high when selling your home, as you will have made many wonderful memories throughout the years. As a result, you might find it difficult when strangers start exploring the property or commenting on its flaws.
Keep your emotions in check throughout the process to receive the best possible return on investment. Start viewing the property as a business to make smarter decisions when placing it back on the market.
For instance, invest in home staging to sell a lifestyle and not just the property. As much as you might adore your décor, strip back the walls to a neutral shade to ensure the house appeals to as many buyers as possible. Also, remove all photos, trophies, or personal belongings to help prospective buyers imagine living at the property. It will boost the sales price and ensure it is snapped up by a house hunter at a faster rate.
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