In two decades, a lot can change. That’s why when you’re talking downsizing and selling your home, there’s a lot to know about how the market works now.
Here are our five must-knows for a successful and smooth sale.
There are so many legalities to buying and selling a home. Unless you have vast experience in the real estate market, don’t try to save money and sell the property yourself. An experienced real estate agent can make all the difference in how smoothly your transaction is conducted.
An agent can help take the legal load off your shoulders and navigate that landscape for you!
Every home has an endless to-do list. And maybe you haven’t gotten to as many of those projects as you would have liked. Now is the time to prioritize, focusing on the flaws that would be most noticeable to a buyer.
If your home has significant flaws, don’t hide them! Instead, disclose the issues in writing. Sellers can be liable for not disclosing defects.
That said, most presale repairs mean a coat of paint, cleaning, and filling in small hairline cracks that could distract a good buyer. Take the time—or hire someone—to make these repairs.
Presale Home Improvements
Three out of four sellers make at least one home improvement before they list their property for sale. But according to Remodeling Magazine, of the 22 interior improvements that homeowners make, none of them fully recouped their investment.
Unless there are aspects to the interior of your home that would cause deep concern to would be buyers, focus on the exterior of your home.
A study by the University of Texas at Arlington found that homes with excellent curb appeal sold for an average of 7% more than homes with less than inviting street views.
For example, to add more color to your home’s exterior, you could hire a professional landscaper to install flower beds and shrubs.
Are you familiar with this term? It’s the process of removing some or all of your possessions with rented furniture, rugs, and art to give the home a contemporary and neutral feel. Remember, you’re not trying to sell your old home. You’re selling someone else’s future home.
While the National Association of Realtors found that 17% of staged home increased its dollar value between 6%-10%, staging costs can add up. You can decide to simply stage those rooms that would have the most impact on buyers or choose to minimize your current furnishings in key rooms.
Either way, try to allow furnishings to give the buyer ideas of how they could utilize their new space.
When it comes to moving, there are three variables:
- How much has to be moved
- The distance of the move
- Whether there are fragile items
Generally speaking, a basic move can run somewhere between $550-$2,000 for a move that ranges up to 100 miles. Fees go up from there.
To reduce the cost, you can cut out a professional mover and rent a mobile storage container. This is delivered to your door, and you load it up yourself. The moving company then transports the container to your new residence.
There’s a lot to consider when downsizing and selling your home, especially if you have not been in the real estate market in many years! Weigh your options carefully; choose a good agent and closing company.
Here at Lilly Title & Settlement, just like your realtor, we work in the real estate industry every day. It’s our job to ensure that every detail of your transaction is correct and handled with the utmost legal discretion.
Add us to your list of real estate pros to get you to the next phase of your life!