Surveys by the National Association of Realtors show that many home sellers exit the deal not satisfied with the results. Considering the importance of a house as an asset and the magnitude of the selling process, that’s a worrisome prospect for future sellers.
It’s not so strange, though. Buyers sometimes have crazy demands, inspections may bring about nasty surprises, and even if there are no troubles, sellers have a full plate, so you better make sure that everything is in order by doing some testing, like a Radon Tests, to ensure that the house in great living condition.
So, today, we’ve put together a short guide to help you go through your home sale process with more ease.
Figure Out the Costs
Unfortunately, the first step to selling a home is figuring out how much it will cost you. There are several fees related to selling your home that you need to take into consideration while budgeting.
- Conveyancing fees are paid for the transaction of your property to another person. The costs will depend on the conveyancer, but try to get a fixed price at least. In most cases, luckily, these costs come with the price you pay to your solicitor.
- Early repayment would come with charges unless you paid off your mortgage beforehand. You could also port your mortgage. Make sure you can afford these expenses before you put your home on the market.
- Your solicitor will require payment for their services, sale price, and mortgage redemption.
In most cases, you must pay taxes on the profit you made from selling your home. There are some exceptions to the rule, and they depend on how long you lived in the house and the price you’re getting for it. A buyers agent Melbourne will be able to guide you through this process.
Payroll taxes were created to provide benefits for retirees, the disabled, and children of deceased workers. Handling your taxes can be very complicated if you don’t know what you are doing, so for professional assistance and tax preparation you can hire accounting services. For insurance carriers, Insurance Carrier Automation Solutions will help provide state-of-the-art business insurance solutions for efficiency and cost-effectiveness, if you aren’t sure how to handle your insurance, then consider getting help from a public adjuster, especially if you have Rental Property 1031 Tax Exchanges.
taxpage.com recommends you get help to determine whether you’re eligible for exclusion.
There will be more expenses related to the sale – your agent, home inspections, and improvements.
Get an Estate Agent
Few people opt for selling their property by themselves. Going for a realtor will make your life much easier in the months to come. Make sure, though, that you’re choosing a competent agent and don’t be afraid to negotiate their charges.
An excellent way to save money is by choosing an online agent. Their services tend to be considerably cheaper than that of the high street realtors. You’re compensating on reliability and experience, though, so you’ll need to be extra careful when picking.
Determine the Price
You can do some market research and figure out a ballpark price of your home by looking at Neighborhood Values. Many online automation valuation models can help you with this challenge. Such algorithms will ask you questions about your property and provide you with an educated guess.
Another tool you could use online is a Simple Sale Price, which will show you how many buyers are likely to be interested, and how much they will offer.
Still, to get an accurate estimate, you’ll need to talk to a real estate agent. Watch out for agents that flatter you by giving you too high a rate – it’s a red flag.
Prepare Your Home for Sale
Staging your home well makes it not only sell more quickly but potentially for a higher price too.
You may have to undertake major repairs. Some agents will also suggest that you perform some necessary home improvements to facilitate a sale. Some examples include replacing old or broken pieces of furniture, repainting, and cutting the greenery outside.
Energy Performance Certificate
The law requires you to obtain an energy performance certificate before you sell it. This document grades the property by its energy-efficiency. The better a grade you get, the more likely you are to sell quickly and successfully.
It’s a good idea to purge your possessions and get rid of clutter before you move. It will make the process quicker and more comfortable, as well as cheaper. In addition, you might end up organizing a yard sale and increasing your budget a bit!
The Bottom Line
Once you exchange contracts, all you need to do is move out and go to your new place. The process is officially over, and there’s nothing to stress over anymore.
We hope this brief walkthrough helped you draft in your head the process, so your home sale ends up as smooth as possible.