The market value of a home is usually very different from the price at which it is eventually sold. Sometimes a property is sold at a price that is actually lesser than its value. In other instances, it is sold at a price that exceeds the home’s value. In order to avoid getting short-changed and instead get the best bargain possible on your home, you need to ensure that you have a higher bargaining/negotiating power than your property’s prospective buyer.
If you put in play the tips listed below when you are ready to sell your property, you stand a higher chance of getting your property sold at a price that’ll have you grinning for a long time to come.
It’ll be difficult for a prospective buyer to attempt offering a ridiculously low price for your property if everything is in good shape and the house looks good as new. Thus, fix the place up before showing it to any prospective buyers. Giving your property a new paint job is very important because it masks most flaws and makes the property seem brand new. If you have a garden or a lawn, be sure to have it well-manicured.
Since a prospective buyer is likely to stroll through the whole property in search of flaws or hidden damages, be sure to fix not just superficial faults but also major faults that will drastically reduce your bargaining power and place you at the mercy of the buyer. Leaking roofs, mould, wood rot, creaking floors, leaking pipes, bathrooms in poor condition, faulty heating system that can be fixed by a reliable heating company, and other existing faults should be fixed so that you will be able to justify the price tag placed on your home. But while renovating, be sure not to go overboard with the exercise. If the return on investment on a renovation is not profitable upon sale, it simply means you’ve invested at a loss rather than at profit.
Have a property appraisal done
Hire a qualified professional to appraise your property. The point of this is the appraisal report submitted at the end of the exercise will inform you of the current market value of your property, that is, how much your home is actually worth. With this information, you are able to ask a prospective buyer to pay an amount for your property that is more in line with the property’s actual value. Also, with a property appraisal report, you are able to decide on what renovations or remodelling you can possibly do to your property to increase its current value to something more to your liking. But remember to only have an expert appraiser valuate your house. An unqualified appraiser doing the job might provide you with a misleading figure that can lead to you making a grave financial mistake.
Have a home inspection carried out
We highly recommend getting your home inspected before putting it up for sale on the market. If a property appraisal lets you know how much your property is worth, then a home inspection makes sure there are no nasty last minute surprises that might drastically knock down your home’s value. A home inspector will scrutinize your entire home and at the end of the exercise present you with a comprehensive report concerning the state of your property as well as recommendations for repairs.
If these three steps are carried out, you as a seller will have a firmer ground to stand on when negotiating the sale price of your property, and thus be able to get the best bargain possible when selling your home.