Selling a house can be expensive, especially if you’re selling in a hot real estate market like today. The higher the demand for houses, the more it costs to sell one. To save money, bring your sale price down.
Here are seven ways to do that without losing any of your equity. A first-time home buyer can expect to pay perhaps 6-10% of the purchase price when they invest time and money in finding their perfect house.
That’s 6-10% of your house that you don’t get back even after you sell it again and again. Unfortunately, over time, most properties lose some of their value as construction costs rise and rental potential wanes with each passing year.
When you own a house, maintenance costs add up fast too: mortgage payments, taxes, real estate agent fees, repairs… the list goes on. Neglecting maintenance means paying more than necessary in the long run – which is why many people will try to avoid that expense instead by renting or buying an apartment instead whenever possible.
Hire a Real Estate Agent
Real estate agents are not only important for helping buyers find homes, but also for helping sellers find the best deal on the price of their house. It’s an important relationship- one you want to maintain for as long as possible by using the services of an agent you trust.
Every state has different requirements for listing your house for sale. Certain states require you to list with a real estate agent or allow you to list your house free online with certain restrictions. You can also consider hiring a real estate agent to help you with the process if you’re not familiar with it.
With such a large number of real estate agents in the market, you’ll want to find one that is experienced in selling homes and has a long track record of successful transactions. You can evaluate this by checking their track record in similar sales, information on the office’s industry or community profile, and the office’s online reviews.
Increase the Price You’re Selling At
Once you find the perfect buyer for your house, you can increase the price you’re asking for it. If you’ve got a deal on your hands, you can always raise the price. There’s no need to freak out if the buyer is already interested in your house, too. Just raise the price a little to show a little bit of room for negotiation.
If you’re selling your house for $300,000 and the buyer is willing to pay $300,300, that’s a nice $3,000 more that you can keep in your pocket. Keep in mind that you’re not going to make a million dollars off of this sale, but it will get your home ownership a little bit closer.
Change the Condition of Your Home
While you’re in the process of selling your home, you can spruce it up with a few repairs. This is a great way to save some money while also making your home look better. You don’t have to make drastic changes to the house to make a difference, as long as you do it reasonably and thoughtfully.
Small changes can include re-caulking your kitchen sink, fixing the holes in your roof, re-painting your walls, and replacing broken light fixtures. You don’t have to do a huge renovation just to save a few bucks. A few simple fixes here and there can go a long way towards making your home look and feel a lot better. When a buyer walks through your front door, they’ll be impressed and appreciate your efforts.
Hold an Open House
When selling your house, consider holding an open house. If you’ve already set the price and are ready to begin the selling process, this is an excellent way to bring in the first few potential buyers.
Open houses are extremely low-cost, low-maintenance events that anyone can attend. You can have them advertised online, in local newspapers, and through real estate agents. The best thing about open houses is that they’re completely free. You don’t have to spend a dime hosting one, and you don’t have to spend a penny on advertising either. Anyone can attend your open house, and if potential buyers show up, you can easily turn them into clients.
Decrease Maintenance Costs
The longer you own a house, the more maintenance it will cost you. In many cases, maintenance is an unavoidable expense. However, you can take steps to keep this expense down. For example, if you have a well, you can install an alternative water source so you don’t have to dig a new one every few years.
Even if you don’t have the money to do so, you can make your home more energy efficient. You can also make your home safer by fixing minor issues like broken windows, potholes in the driveway, or leaky pipes. Make sure to fix these things before you put your house on the market.
Don’t Pay Taxes Yet
One of the biggest mistakes that many people make when selling their homes is paying the taxes that come with it. In many cases, you can sell your home without paying any taxes whatsoever.
This is possible if you’re selling to a relative or from a short sale. However, if you’re selling from a regular sale, you have to pay taxes on the profit that’s been made from the sale. If you’re selling to someone who will help you pay the taxes later, be aware. Otherwise, you’re putting your own home at risk by paying taxes right now.
Sell Your Final Home Residence Property
You’re selling your last sweet stake in your home. You’ve already put in a lot of hard work and taken on a lot of risks to make this sale happen, so you must protect your money and get the best deal possible.
Get pre-approved for mortgage financing. Make sure that the house price is realistic. Make sure that the buyer has good financing and is a serious buyer. Protect your equity.
Homeownership is a big commitment. The financial and emotional rewards of owning a home are many, but they come with a lot of responsibility as well.
Homeownership can be a great investment and provide a stable future for loved ones, but only if you make smart decisions. With that in mind, here are seven ways to save money and decrease the sales price of your house without losing any of your equity.