There's a lot that goes into making a house, from the construction to the interiors, down to managing things like wiring and pipes. It then becomes a home over time as it's lived in and memories are made in it. This is why selling a home is particularly stressful for many people. Some people weren't planning to sell but had to in order to pay off certain expenses. However, there are also others who do so willingly to better prepare for something bigger and/or better.
Whatever the case, the sale of a home is vital. There is no room for error because every cent that can be made from the sale is crucial. Read on to learn about typical mistakes made during the process of selling a home, and how you can best avoid them!
MISTAKE: Not Being Forthcoming about Repairs
AVOID IT: Sure, you can stage the house in such a way that it seems the bug problem is well-hidden. However, chances are that won't last very long. Well-informed buyers looking to make the most of their funds will usually get a home inspection done once their offer is accepted. If a problem like a roof leak or the aforementioned bug issue is found, that could cause significant delays for what should have been the closing date.
MISTAKE: Not Factoring in the Costs of Selling the Home
AVOID IT: What plenty of people tend to overlook is that selling a home is more than just 'sell house, get money.’ There are several costs usually attached when a home is being sold. This can include the likes of closing costs and agent commissions. Before putting a home up for sale, it's best to be prepared for these expenses as well.
MISTAKE: Selling When the House Is at Negative Equity
AVOID IT: Make sure you are always updated on what the exact value of your property is at the time. Take any owed mortgage into account as well: a portion of the sales should be used for the remaining balance to be paid off. However, in some situations, what's owed on a home ends up being more than the present value of the property.
In those cases, it means there's negative equity; sometimes, it's referred to with terms such as 'underwater' or 'upside-down.’ Whatever term is used, it all means the same thing: selling the home at that stage won't lead to the mortgage being paid off. Some people choose to just break even and sell the house in order to end a cycle or loophole affecting their finances.
It should be noted that all of these mistakes can easily be avoided (or, if already committed, better addressed) when a real estate professional gets called on.
Selling a home can be rather difficult if there are particular emotional attachments, though for some people, it's just the right time. What doesn't get any less tough is the number of typical home-selling mistakes there are in the first place. These include selling when the house is at negative equity, not being honest about needed repairs, and not factoring in home selling costs.
Searching Temple, TX for realtors that can help sell your home? Reach out to Apex Texas Realty today! We’re the leading real estate team that covers Central Texas, including Belton, Harker Heights, Killeen, Salado, Temple, and surrounding areas.