New Year’s Resolutions If You Want to Sell Your Home
Thinking of selling your house in 2018 and making that big move? Then make a New Year’s resolution to get fully prepared for it! Sellers who are well-prepared for the entire home selling experience often reach their goals with less stress and more profit in their bank account. You may think that preparing to sell your home means cleaning out the basement and giving the carpet a shampoo, but that is just a small portion of getting ready to sell.
Here is a quick check list of things to do so you’re prepared. Make it your New Year’s resolution to start now!
Take a good look at your finances. The holidays can impact your bank account and your credit scores. It is important to know where you stand in terms of debt and credit worthiness.
Get to know your budget. Selling a house ideally provides funding toward your next home purchase. This would be the difference between what you owe on your current mortgage, the commission you pay and any costs it takes to close, subtracted from what your buyers agree to pay for the home. You can get a general idea of what you might expect to see in profit by having your real estate agent conduct a market analysis to determine what your home may sell for in today’s market.
Take a look at anything in need of repairs. Those small things add up to buyers and can impact the size of their offer. It is wiser to address repairs and things like chipping paint or old and discolored carpeting now.
Clean up is important too. This means removing clutter, cleaning out closets so they look as big as possible, and cleaning everything. Get rid of items you never use or clothes you never wear by donating them to a charity if they are in good condition, selling them through a local yard sale group online, or making a trip to the dump if necessary.
Staging key rooms can help your house sell and may even increase the offer. If you have a room that is both a spare bedroom and an office, remove some of the furniture to make it one or the other. Too much furniture makes a room seem small, and buyers can better picture what they will do with the space if each room has one clear purpose.
Start the new mortgage process. Once you have a comparative market analysis (CMA) done on your house and have an idea of what you may get as a sales price, sit down with your lender and discuss what your home buying budget may be. Get all application paperwork and pre-approval for a loan underway.
- Don’t make any large purchases once you are pre-approved for a loan. Vacations, cars, or anything that impacts your credit is best saved for after you are settled into your new home.
Being prepared for the selling process and for buying your next home can save you time, money and frustration. Choosing an experienced, qualified real estate agent to guide you is also key to making this experience go smoothly.
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