Selling your home can be an overwhelming task for most people, especially if it is your first experience doing so. Before you take the plunge, there are a few key things you should do in preparation to help you receive the best possible price for your property.
1) Figure out if it’s a good time to sell
Timing is crucial when you are selling a house. More homes are offered for sale in spring than at any other time of year. That means the home sales market is very competitive during this time, which can help to drive up sale prices. Sales data also shows if you sell a home in winter, you can get significantly less for it.
Aside from seasonal effects, the housing market is also influenced by other external factors. It’s always a good idea to pay attention to these and see if they are moving the market positively or negatively. If housing prices are on the decline, it might be best to wait until they start to rise again.
2) Make those necessary updates and repairs
To get the highest price for your home and help buyers find it more appealing, you should make those necessary repairs and updates you have been putting off. Avoid undergoing significant renovations in preparation for selling your home, as you might not always be able to make up for these costs when you do sell. However, there are a few key things that you should do, which include:
- Making minor repairs to and painting interior and external walls.
- Upgrading old, drafty doors and windows.
- Freshening up the landscaping and yard lighting.
- Cleaning and repairing interior flooring and carpeting.
- Making minor kitchen upgrades to taps, cupboards and bench-tops and ensuring all appliances work.
- Repairing leaks and damage to sinks, toilet and tubs, regrouting tile and thoroughly cleaning the bathroom.
- Replacing old internal lighting fixtures
- Have the roof and foundation inspected and repair any problems found.
- Thoroughly cleaning, de-cluttering and organising your home.
Set and stick to a small budget to avoid overspending on these upgrades.
3) De-personalise your space
De-personalising your home gives potential buyers a blank canvas so they can visualise themselves living there. Removing family photos, holiday memorabilia, knick-knacks, and unnecessary clutter lets potential buyers better appreciate all the things the home has to offer. It less challenging for them to see the home’s beauty and potential. Put away oversized furniture as it can make the home look more spacious. It’s always recommended to remove pets on the day of inspections, as well as to clean up their food bowls, toys and any pet hair.
4) Have your home valued
When planning to sell your home, first find out how much it’s worth. There are three methods commonly used to determine the value of a home. They are:
- Get an automated price estimate. Automated home price estimates are done using information about its size, features, location and how much similar local homes sold for recently. A home’s estimated value is calculated using government data, past property listings, its last sale price and other publicly available information.
- Have a valuation done. A home’s valuation is an objective price issued when an accredited valuer inspects the home and compiles a detailed report. Valuations are done using clearly outlined and specified methodologies dictated by industry standards. Valuations take into account the home’s physical state, zoning, market conditions and its marketability. It’s a well established evidence-based process used to ascertain the accurate value of homes during the process of applying for home loans or refinancing homes. Lenders usually commission home valuations. It must meet several strict legal requirements.
- Hire a professional to do an appraisal. Real estate agents conduct home appraisals. A home’s appraised price is what the real estate agent expects to get when they sell it. A home’s appraised value is based largely on the price similar homes nearby sold for recently. The appraised price is also based on a home’s unique elements that give it added value and the demand for homes in that area.
5) Find the right real estate agent for you
All real estate agents are not the same. Some do a better job getting the highest price possible for your home and quickly finding a qualified buyer to purchase it. It’s worth it to spend some time doing a little research to find the right real estate agent for you. One that knows the local market, can work well with you and has an effective strategy for marketing your home. If they have a track record for getting results and you feel comfortable communicating with them, then that’s the right real estate agent for you.
It’s important to know what to do before selling your house if you want to get the best possible price for it. By following these steps, you will set yourself up for creating the best possible outcome on your property.