Getting your home ready to sell involves more than just packing all of your property in boxes and leaving. It begins right from the time you move in. Often it even starts before you buy another home. Many people rely on money from the sale of their home to buy their next home. If you are in this category, beginning the process early will help increase your profits.
Do not panic; this article will walk you through the entire process. To start with, there are some improvements you can make to your property to make it sell faster. This is what you will see throughout this article.
Improvements You Should Make on Your Home
Almost all homes require some extra love and care, and this is the reason why you need to start this process early. The kind of improvement we are talking about here are those things that will bring up the value of your home.
How do you do it?
First, critically look at your house and take inventory of all the repairs needed. Spend around two weekends to looking for easy things such as touching up paint and patching nail holes, but plan for more time to check out more substantial projects like the roof or foundation.
The critical areas of your home are the kitchen and bathrooms, so start your improvements there first. Updating these areas of your home can include replacing hardware, painting the cabinets, or hanging new light fixtures.
You should keep an eye out for anything you think might need a bit of work while making these improvements. These improvements should not cost you millions of dollars, but completing these repairs before you list your house for sale will show that you are able and even ready to make more money on the home.
Find out the Fair Market Value of Your Property
The fair market value of your home can best be described as the price that a home buyer would pay readily without any pressure from outside sources. The price can be influenced by many factors such as the appraisal, tax assessment, and homes in that area.
- The bank or the buyers' lender usually completes the appraisal to ensure the value is in the home before they buy the property.
- The tax assessment is an estimated value based on information the government has on your property without really seeing the inside of your home.
- Finding your house's value based on others in the area is referred to as a Comparative Marketing Analysis (CMA).
Comparative Marketing Analysis
A CMA looks at properties that have the same square footage and similar features to determine a sale price for your home. A full CMA also considers some other factors such as houses that have been sold recently or those that listed for sale at the moment, their duration on the market, and how they compare with your listing.
The value of your property may rise and fall depending on a lot of things: the area, the local market, and the season in which you are trying to sell to name a few. It is good to have a real estate agent who knows your particular area complete your CMA. They have a more complete vision of the market you are in and will be able to price your home cleverly at the spot where it will sell fast for the highest value.
Selling your home can take a toll on your patience if you are not prepared beforehand, but knowing and completing these steps in advance will make the process a smooth one. So, get out there and get your house ready for sale!