Following on from last week’s blog (here), The Most Common Pitfalls of Buying a Home, this week we are looking at the common pitfalls of selling your home. Here are some things to watch out for as you consider putting your property on the market.
Not Showing Your Property in the Best Light
You want to get as much for your home as you can whilst ensuring a quick sale so it’s vital that you show your home in the best light to attract potential buyers quickly. Look at your property with a critical eye and really look at what buyers will want to see. Is the property clean, tidy, in good repair, uncluttered and appealing? A lot of people also browse properties online before they view, so have you provided good quality images of all the rooms?
Trying to Hide Major Property Problems
If there are any major problems with your property, don’t try to hide them as they will be uncovered in inspections before the sale goes through and will hinder or put a stop to the eventual sale of the property. Major problems will need to be solved before the property goes on the market or should be sold ‘as is’ to a buyer who knows what the problems are and is willing to take them on for a lower overall price.
Not Taking into Account Selling Fees
The price you sell your property for is not the amount you will make on the sale as there are selling fees associated with putting a property on the market. Buyer and seller agent commissions coupled with any repair costs when selling the property and even your own moving day costs will all lower the revenue that hits your pocket when the sale is complete.
Selling Your Home Before Your Mortgage is Paid Off
While a number of people sell their homes while they are still paying a mortgage on that property, it is vital you know your numbers before you do so. Most people will sell their home and use the remaining money to pay off their mortgage and possibly make a profit on the difference but it doesn’t always work out this way. If you sell your home for less than the remainder you have on your mortgage you won’t make any profit and will still have to continue to make payments against that mortgage without a property to show for it.
We hope this blog has helped you as you begin to think about selling your property and will allow you to make educated decisions throughout the process. If you need more tailored advice on selling your home, our experts would love to chat with you about your options moving forward.