Selling your house isn't something you'd call a lightweight process. Quite the contrary! It's nowhere near easy! One can imagine how the whole ordeal unfolds. Firstly, you have to get your soon-to-be ex-home in shape. Next, you have to think about the pricing (you never want to go too low). Of course, the picture isn't so negative! For instance, a home seller can even save some money in the process. Are you wondering how that's possible? Here we'll show the 6 ways to save money when selling your house. Stick around!
Find a trustworthy real estate agent
The best way to save money when selling your house is to quickly find a buyer who will agree on a reasonable price. Not so easy, right? Still, there's a way to make it possible. By hiring an experienced local realtor, you're bound to succeed. Even though you'll have to pay a commission, there's hardly a way you won't be satisfied with the end result. A realtor's know-how will help you get the best price and sell your home pretty fast.
Additionally, you can always count on their negotiating skills rather than your own. How does one find a good real estate agent? Here's what you can ask your candidates:
On average, how long do your listings stay on the market before selling? As you know, the longer a home sits on the market, the more likely it is for the price to shrink. Feel free to compare the info they give you to your area's median DOM (Days On Market). You're able to research the latter online.
What's the number of transactions you had last year? This way, you'll get a chance to get a picture of how experienced an agent is. To see if they're good at selling, ask them how many of the mentioned transactions involved them representing sellers.
What's your list-to-sale ratio on sold homes? If possible, you'll want the rate to be close to 100% or higher.
Use your diplomatic skills to lower the commission
This one's also associated with hiring a high-quality realtor. Save money when selling a house by lowering the commission. As you interview your candidates, feel free to ask them if they're open to downsizing their commission. Most real estate agents wouldn't advertise this upfront but would agree if the deal seems like a win-win combo. Also, there might be some discount brokerages in your local area you can use. Whatever you choose, you'll need to make sure the lower cost isn't equal to a lower level of service.
Cut your moving costs as much as you can
Moving costs are an unavoidable post-sale expense. If you can save some funds there, it means you've saved some money on the sale of your home. Easy as that! Anyway, you might want to think about packing for the road DIY. That way, you won't have to pay for additional packing services most movers provide. Also, think about the ways moving companies charge for their service (flat-rate or an hourly rate) and choose the option that makes the most sense. Did you know that there are even realtors who offer a free moving truck as an addition to their services? Think thoroughly about your options.
What about cost-effective upgrades?
Are you considering making some significant updates to your house? If so, it might be best to talk to your agent or an appraiser first. You'll want to do this because certain upgrades don't return their value once the home sells. For instance, a kitchen upgrade might bring you back only 2/3 of your investment once your home finds a new owner. So, what's there to be done? You can always consider simpler projects with more return value. In other words: go for minor upgrades that make your home more appealing. A new paint job, for example, isn't such a costly upgrade, but it totally changes the way potential buyers view your home. Also, replacing or repairing your front door is an action well-known to boost your curb appeal. Of course, decluttering & thoroughly cleaning the place are necessities. No one likes a dirty, messy home.
Act smart on seller concessions
There's a good chance your buyers may ask you to assist them with closing costs through so-called seller concessions. This term represents the amounts sellers pay for buyers' closing costs. They're known to cover expenses such as:
Inspection and appraisal fees.
Mortgage (or discount) points.
Instead of coughing up some extra bucks right from your pocket, it might be best to negotiate a slightly higher price (which will cover these costs). Let's provide an example. If your house is on the market for $200.000, and your buyer needs $5.000 to go through with the sale, your final price should be $205.000. But, it's crucial to note that you'll need your home to appraise for the higher value if you're planning to use this tactic.
Use furniture or home appliances to bargain
Last but not least on our little to-do list concerned with how to save money when selling your house is one of the oldest tricks in the book. Say you're not open to so-called seller concessions. Or maybe you want to find a perfect way to sweeten the deal? If so, think about offering your buyers furniture or home appliances you're willing to say goodbye to. If you're planning on downsizing, this is a great chance to do it. If your buyers are first-timers, even better. They'll appreciate the help!