You’ve heard that now is a great time to sell your house, and you’ve been wanting to move for a while. So, you decide it’s time to list your home. Even though selling your own home can get you a lot of money, there are still expenditures you have to pay. You may have realtor fees. And then there are closing costs that you will have to pay. How can you get the most out of your sale? You should make smart upgrades, negotiate your closing costs, strategically time the closing date, and negotiate your real estate agent’s fee. So, let’s take a look at some of the ways you can save bundles of cash when selling your own home.
1. Make smart upgrades
Not all home upgrades had financial value. In fact, if you are thinking about making upgrades, you may want to check with a real estate agent or another professional first. They will let you know if you will be able to get more for your house with the upgrade. According to Remodeling Magazine, the increase in a home’s resale value would not increase much after remodeling a kitchen. Especially if it is remodeled right before you sell the home. However, new paint, new landscaping, and hardwood floors have been shown to sufficiently increase a home’s resale value. So, don’t throw your money at just any home project.
2. Negotiate your closing costs
Another way to save cash is by negotiating your closing costs. Buyers typically expect sellers to pay some of the closing costs. For example, as a seller, you will probably be expected to pay for some expenses such as attorney fees, discount points, inspection and appraisal fees, property tax and title insurance, and recording costs. To offset these costs you can ask for a higher selling price, or you can negotiate with the buyer.
3. Strategically time the closing date
Having to pay for two houses at once is one of the worst things you can do for your wallet! That is why you should try your best to line up your closing date with your move-in date. Your buyer will probably want to do this too, so if you can, try to find the best date for both parties. You do not want to be responsible for paying for two insurances, two property taxes, and two utility bills!
4. Negotiate your real estate agent’s fees
Did you know that a real estate agent’s fees are negotiable? That’s right, if you choose to work with a real estate agent you can still save plenty of cash. The average real estate agent’s commission is about 6%. That is a considerable chunk of your profit. But an agent’s fees are not set in stone. You can make your real estate agent more likely to accept your offer if your home is in good shape to sell. You may be wondering why would an agent accept a lower commission rate? Well, if your house is in a good selling condition, then a real estate agent would rather have a lower commission than no commission at all.