Just like buying a home, selling a home is a major milestone and it’s never easy. There are a lot of steps involved, and making the wrong move could make a big impact on your finances and your peace of mind.
To help you avoid making a mistake you might regret later, we’ve compiled a list of the top three mistakes you don’t want to make when selling your home so you can avoid making them yourself and dealing with the consequences that come with them.
Selling your home on your own
Approximately 11% of sellers actually sell their property on their own without the help of a real estate agent. While this may sound like a great idea to save some money while selling your house, it could potentially come back to bite you later. For instance, real estate agents have Errors and Omissions Insurance, which protects them when mistakes are made in contracts. Buyers who know you’re selling your property on your own can exploit that and every mistake you make. Real estate agents also negotiate for a living and could potentially get you a better deal on your house than you’d be able to get yourself.
Going overboard with renovations
It’s understandable to want to get the most value out of your house possible. After all, about 10% of mortgage holders in the U.S. believed it was likely they would face foreclosure two years ago and that kind of financial pressure can be devastating. But going overboard with renovations in an attempt to get your home to sell for more could end up costing you more instead. Keep in mind that not every project has a high ROI, and a project that attracts one homebuyer may repel another. Stick to small home upgrades like updating your hardware or adding a new potted plant out front on the porch. These small details are not only cheaper but they also make a bigger impact than you’d think.
Removing too much of yourself from the home
It makes sense if your first instinct when selling your home is to declutter. After all, on average, households in the U.S. have 300,000 things in them and that kind of clutter can turn a buyer away at the door. But it’s important to be wary not to declutter your house too much when you’re getting ready to stage your home.
Keep elements like furniture in your house while you’re staging to give potential homebuyers the ability to see themselves in your space. It’s easier for homebuyers to navigate clean, furnished spaces than to navigate empty rooms.