5 Things to Keep in Mind When Selling Your Home
When selling a home, most sellers are focused on that elusive “just sold” sign and the check that comes with it—but what about the costs incurred to get there?
According to a 2018 Zillow and Thumbtack analysis, the average U.S. homeowner spends $18,342 in extra or “hidden” costs associated with selling a home. To minimize your expenses and maximize profits, here’s 5 tips to keep in mind when selling your home:
Avoid Investing in Major Renovations
Behind closing fees, home updates are the second highest cost incurred by homeowners when selling a home. If an update isn’t crucial to the livability of the home, more often than not, they’re best to be avoided. Not only are major updates like a kitchen or bathroom remodel time intensive, but most of the time the renovation costs will overshadow the increased sale price of your home.
DO Focus on Smaller Updates
A fresh coat of paint can go a long way to increase a home’s perceived value. Additionally, small updates to your entry way—like new lighting or floors—can help give your home a great first impression from the moment a potential buyer walks in the door.
Declutter and Depersonalize Your Space
When showing your home, it is crucial that your rooms are clean and clear of clutter. Be sure to give your home a thorough cleaning and store any unnecessary furniture or items. You should also remove any family photos or memorabilia—it is important that the buyer can see the home as their home, not yours.
Focus on Curb Appeal
Since it’s the first impression for a potential buyer, a home’s curb appeal is always critical. And in terms of increasing a home’s value, exterior replacement projects often offer the biggest bang for their buck.
To give your home’s exterior that “wow” factor, focus on small but noticeable updates like a fresh coat of paint on your front door, new light fixtures, a new mailbox or planting some privacy shrubs.
For more tips on how to increase your home’s curb appeal, be sure to watch Home Point’s Mortgage 101 video series installment: Increasing Your Home's Curb Appeal
Get Pre-Approved Before You Sell
Financial circumstances can change, and when and how you sell your home can affect how much you are approved for. For peace-of-mind in knowing exactly how much you can afford for your next home, get pre-approved with Home Point’s REALQual® Credit Approval program.
Once the required documents are provided, an oﬃcial Home Point Financial Underwriter will review your income, credit and assets before issuing a REALQual® pre-approval letter. The process is fast, simple, and free.
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