It is not easy to sell a house. The whole process is immensely daunting. It becomes more tedious when you are looking for another property to buy at the same time as selling. The ultimate decision that you make determines if you would make some profit or will cost you several thousand dollars. You must be aware of the entire process before starting your house selling journey. This you must do as it will only simplify your work. You no longer would have to put in extra effort in getting the work right.
House doesn’t get sold overnight. There is a lot that goes into the process. There are certain steps that may have some changes in the clauses as per the region. Otherwise, the general steps followed to sell a property are the same for all. We have listed a few points that will give you a good start if you are thinking to sell your house. These steps will help you throughout the process and will make it simpler for you. Do not fret. Following these points will solve all your troubles and confusion that you are having right now about the house selling process.
Important Steps in the Home Selling Process
- Analyze your finances
Before beginning to post ads about your property on sale, it will be wise to calculate how much worth your house is. This will later help you to determine how much money you will be left with after paying off the mortgage. In the beginning, these figures are going to approximate. You will only get a rough idea. Dig out your mortgage papers. Speak to your lender/bank if you will have to pay early repayment charges for switching your mortgage to another lender/bank. You can also ask if you have an option of taking it with you to a new property.
- Do you want to rent or buy the next house?
This you must decide because your future expenditure of money received from selling your property depends. Selling your home and renting for a while can add to your expense, but it will surely put the pressure to buy a new home asap off. This would be a nice option because you no longer have to rush to buy the new house as your old one has been sold off already.
- Selecting a real estate agent
Getting help from an expert is always beneficial. A real estate agent is an expert in dealing with properties. Of course, you can sell your house yourself as well, but going with an agent will take away the stress to find more prospective buyers for the house real quick. They already have their contacts in the field. Your agent might already know someone who is looking for a property just like yours. It is never easy to find an appropriate agent. You will have to do some prior research as to who is best among all.
- Decide your selling price
Deciding the cost of your beloved home could be one of the most agonizing decisions. Some research might help you get the right price for it. Try to get what is going price of the property per sq feet in your area. Ask your agent. He will help you do the valuations. You must note every buyer is going to negotiate and ask for some5-10% discount. So add 5-10% extra to what you are prepared to accept.
- Prepare your home for sale
A buyer likes to test or see the actual product from all sides before actually buying it. Get your home ready. When you stage your house well, chances of getting potential buyers are much higher. Fix what is broken. Ensure everything that one asks for before buying the house is available on your property. Keep it clean. Make it look clutter-free. Get rid of all things negative and make the space look more open. The more appealing your house will look, the more it will be loved by the buyer. Remember it must give the warmth of home because that is what your buyer might be looking for.
Follow these 5 steps if you are clueless and have questions about the house selling process.