Whether you're a first-time seller or a seasoned nomad, you should expect to hit a few speed bumps during the sales process. Whether these prove to be minor inconveniences or major roadblocks depends largely on your reaction to them. While it's impossible to predict the future, these five tips have served countless homeowners well. Before you sell your home, make sure you check each of them off your master "to do" list.
1. Maximize Brightness and Lightness
You might have spent the last few years of your life in your home, but prospective buyers will be seeing it for the first time. If you want them to like what they see, make sure it doesn't look like a dungeon. Start by throwing open the shades in all the rooms that you'll be showing. If your home receives partial sunlight during the morning or late afternoon, consider limiting your showings to "full daylight" hours. Likewise, fight off rainy-day gloom by turning on lights that you don't normally use. If any walls or fixtures need repainting, consider using paint that's a shade or two lighter than the old hue.
2. Don't Neglect Repairs
Most home-buyers shy away from expensive, complicated repair and refurbishment projects. Unless you're willing to settle for far less than your home's asking price, take care of these issues before putting your home on the market.
Don't be afraid to attempt some of these projects on your own. Whether you need to put in some new bathroom fixtures or repaint your bonus room, you'll save a great deal of money by going the DIY route. Of course, certain projects will be beyond your capabilities. Unless you have prior experience and can count on a crew to back you up, don't attempt major roofing tasks, exterior painting, kitchen renovation or electrical projects on your own.
3. Get Pre-approved for a Home Loan
Before you put your home on the market, make sure you'll have a place to live after selling it. Approach local banks and credit unions to secure pre-approval for a new home loan. Since you won't have a new place lined up, you won't need to provide specifics about the home you intend to buy. However, you will need to provide a detailed accounting of your assets, income and credit history.
4. Leave Your Emotions at the Door
Even if you've only lived in your home for a few years, it's likely that you're attached to it. This is perfectly normal. Unfortunately, it can also cause problems during the sales process. Buyers who cling to their homes tend to lose sight of their best financial interests. In many cases, they refuse early offers and wind up settling for subpar deals at some point down the road. Don't let this happen to you: Once you put your home on the market, it's your job to facilitate a speedy sale.
5. Don't Buy Before You Sell
This rule doesn't apply to landlords, professional developers or well-capitalized "flippers". If you don't fall into one of those categories, resist the temptation to put in an irresistible offer on your dream home before closing the sale of your current home. Far too many things can go wrong during the closing process, and you don't want to be left holding the bag. If you're worried about selling your home "too soon," try to work with the buyer to push back their move-in date. You might have to shave a few hundred bucks off the closing price, but that's a small price to pay for peace of mind.
While it's not possible to anticipate every problem that can arise during the home-sale process, you have a surprising amount of control over its eventual outcome. Before you sell your home, make sure to keep these five tips in mind. If you're new to the game, don't be afraid to seek out the advice of a seasoned home-seller or real estate professional as well.
