You’re not alone if you’re wondering how to sell your own house and what it’d take to maximize your benefits. Should you sell your house now, you might be wondering how you can unload your home. There are things you need to prepare for before selling your home. Depending on the state of the house, getting your house ready to sell will require effort and a bit of budget to make it more pleasing to buyers.
The following are steps you should take to make selling your property easier:
1. Choosing A Listing Agent
Real estate agents are your representatives should you choose to work with one. It’s their responsibility and duty to guide you on how to sell your house quickly. There are many real estate agents, and surely enough, your area will have a condensed selection.
The best way to choose is to search for at least three agents and meet with each of them. Ask them questions regarding their work experience and how they assist their clients. Make inquiries about your listing agreement, how long your home’s listing will stay at a real estate website, and their expected fees and commissions, if any.
If you know how to sell your own house, you can choose not to work with a real estate agent. There are also options for agents with less experience if you can’t afford the services of a seasoned agent.
2. Stage Your Home
How much budget you have will decide if you can afford a complete makeover or settle for other practical ways that only require your time and creativity. Here are ways you can stage your home for less:
- Declutter your home if you have too much stuff. If your closet and counters are full of things gathering dust, it’s time to decide to get rid of items you don’t need anymore. You can donate them or give them away to friends or family. Decide what you want to keep and store them away as preparation to move.
- Clean your home by getting rid of dust and dust bunnies. Inspect high places, corners, and hard-to-reach areas. Use the right tools to clean dust such as a ceiling fan duster or a clean cloth to wipe the blinds.
- If you have old furniture that needs work, fix it accordingly. You can reupholster couches or apply a fresh coat of paint or varnish on wood-based furniture. You don’t need to buy anything new.
- Vacuum and make your home smell nice. Remove and replace loose nails and paint walls and trims. Clean the bathroom, especially the floors, bowl, sink, and mirror. Clean the glass windows and doors, and make repairs to the exterior and interiors of the house.
- During the shows, take your family and your pets along. Not every guest will want animals in the house. They need absolute peace if you need them to look at the home thoroughly.
3. Price Your Home Competitively
Whether you’re working with a professional or finding out how to sell your own house, setting the price of your home could make or break your plans. Pricing it too high could repel potential buyers. You might be tempted to see what happens when you sell your house for a profit, but that might put your home longer in the market.
You can research comparable homes in your locations to help create a realistic price. If you’re pressed for time, lower your pricing instead. Buyers don’t waste time and tend to look for homes they can afford first. You might even need to slash off a fraction of your price if it doesn’t attract interest soon.
It also helps to consider the price points that buyers are looking for within the area. If you want to sell your house fast for cash, you need to learn that sometimes, it might not go as planned. For example, if buyers are looking for properties under USD$300,000, take off the excess from your pricing. Your goal is to have more people interested.
4. Learn About Updated Tax Laws
If you’re wondering whether you can sell your house without a realtor, you need to understand at least that selling a home also falls under taxation laws. Do research into the tax laws set by the state and the IRS. You might find how hard it is to sell your own house, but you’ll learn how taxes work.
You’ll be happy to know that the government agency has set tax breaks for property owners. They require that homeowners have used or lived in the house for at least two years. There’s also a capital gains exclusion for single homeowners at USD$250,000, as well as USD$500,000 that couples can jointly file.
You can find out your capital gains after deducting closing costs, selling costs, and the taxes you must pay based on the property. The original purchase price with any purchase expenses makes up the cost basis on the main home. If improvements are made, you also need to add that to the original price and subtract the depreciation and losses due to casualties or insurance premiums.
There are various considerations to make before your house is ready for sale. It’ll take your patience and dedication to fix your home and learn to set the pricing and understand real estate tax laws. While it might not be easy, the knowledge you gain will help you become more practical and confident in selling your home.