With the real estate market as high as it is now, you stand a pretty good chance of making a nice profit on selling your home. Of course, it also means that buying your next home could be very expensive, so you need to generate as much profit as you possibly can. While there may not be much that you can do to increase the value of your home, there are a few things you can do to cut down on the cost of selling your home.
Sell it Yourself
Your real estate agent’s commission is one of the largest expenses that comes with selling your home. Generally speaking, they take a certain percentage cut of the selling price of your home, usually somewhere between 5-6%. This may seem like a small amount to have deducted, but once you pay off your mortgage and settle all the other closing costs, it can cut into the profit that you have made. If you have some experience in real estate, you might want to consider selling your home by yourself. There are plenty of resources out there to help homeowners sell their homes now, so you can dive in and research to your heart’s content.
Sell to a Cash Buyer
Rather than going through the hassle of listing your home and dealing with the closing process, you can sell your home to a cash home-buying company. In this situation, not only do you not have to pay a realtor, but you also don’t have to pay to list your home, make any repairs, or pay any of the closing costs. The only thing you will have to pay is whatever is left on your mortgage and capital gains taxes. The price offered is based on the value of your home as it currently stands, which means you are also getting a fair market price.
Don’t Stage It
When you are prepping your home to sell, you may hear from a lot of people that staging your home is a great way to entice buyers to make an offer. While this is good advice, staging your home can also be an extra expense that you don’t need to make. The point of staging a home is to allow potential buyers to see the house more generically, rather than how you live. To achieve the same effect, you can either empty the house of all your belongings if you have already found a new place to live or you can use what you already own to stage your home by removing the more personal touches.
You don’t need to use all the bells and whistles to have a successful and profitable home sale. Especially with the internet and wealth of resources out there, you have a great opportunity to make the most profit possible on your home sale. Not only is this good for your bank account, but it can also set you up to be in a good position for buying your next home.
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