Considering that your home is arguably the most important financial investment that you’ll ever make, it only makes sense to try to score the highest ROI possible when it comes time to sell, right?
That said, it feels like there are a million different variables that impact your ability to bump up the price tag or keep more money in your pocket once your house is on the market. Between the seemingly endless paperwork and “what-if” scenarios that go hand in hand with selling your home, it’s crucial to pay attention to seemingly “small stuff” to squeeze more value out of your property.
Regardless of the current condition of your home, the following five tips are fair game for those looking to ensure they get the most bang for their buck during the selling process.
Timing is Everything
Although the can’t control the condition of the markets, it’s obviously ideal to wait until you’re in a seller’s market before listing your home. Unless you already have a new living situation lined up or are in financial desperation, try to avoid selling in a market where the ball is in the court of the buyer.
But even if you’re in a seller’s market, bear in mind there are other overlooked ways that the calendar can impact your sale. For example, selling your property after a year is essential to minimizing your capital gains tax liability and creating less of a financial burden upon sale. In other words, don’t ignore the time of year for the sake of your pocketbook.
Let the Buyer Cover the Closing Costs
Regardless of the current market condition, make it a point for the buyer to cover the closing costs of your home and make your intentions crystal clear. Although it’s common in some situations to cover such costs, a few extra thousands of dollars is nothing to scoff at. Passing off the closing costs may be seen as stingy, but if a buyer is desperate for their dream home they’ll take them on accordingly.
Perhaps it’s a no-brainer to say that you need to clean up your house prior to selling it; however, smart investments such as yard renovations or installing hardwood floor could be a total game-changer in terms of the types of buyers you’re able to attract. When your house looks like a million bucks at a glance, you’re much more likely to score better home buyers who aren’t going to try to nickel and dime you.
Be as Accessible as Possible
On a related note, allowing for inquiries on your home around the clock and after-hours is crucial to ensuring that you’re not shutting yourself off from the perfect buyer. If you restrict showing your home to the weekends, chances are you’re missing out on “the one.”
While it may be stressful to be constantly on-call and on your toes, it’ll be worthwhile in the long run in terms of how much money you could potentially make.
Stay Firm on Your Price
Pricing out your home can be tricky, but don’t make the rookie mistake of jumping at the first offer someone makes.
Make it a point to not budge on your asking price, especially in a seller’s market. If you have the numbers on your side (think: appraisal value and the cost of neighboring homes in your area), you have every right to play hardball.
Getting more out of your home sale means paying attention to more than just the price tag. By understanding these home-buying variables and how to leverage them in your favor, you set yourself up for a successful sale.