When you’re selling your home, there are so many moving parts to keep track of.
Staying financially savvy throughout all of this requires both attention to detail and knowing which details, exactly, you should be focusing on. Here are a few tips to help you stay on top of things financially when selling your house.
Avoid home improvement projects with low ROI (return on investment).
While you may feel as though you’ll bring in a higher selling price by redoing your entire kitchen, or investing in heavy landscaping in the backyard, the truth is that these large projects generally offer a very low ROI. In other words, you won’t make back what you spend.
Instead, focus on the improvements that will earn you a high ROI. The most effective ones, according to data from HomeLight, are:
- Deep cleaning—935% ROI
- Decluttering—432% ROI
- Basic lawn care—352% ROI
The great news about these projects is that they’re relatively inexpensive and can be entirely DIY, if you choose.
In addition, if you have any issues with your home that will make it difficult for the next owners to insure—some types of piping, for example, or an outdated electrical system—be sure to loop in your homeowners insurance agent to see what your next steps should be.
Price your home correctly from the start
Some home sellers seem to believe that pricing their home high will encourage a higher ultimate selling price.
However, that’s actually untrue. What happens when you price a home high is you scare off potential buyers who might have looked at your home, had it been priced correctly, and/or you have to then lower the price multiple times, which can give home shoppers the impression that there’s something wrong with the property.
Both of these things contribute to more days on market, as well as a lower final sale price.
Pricing your home right from the start is the best way to ensure that your home sells as quickly as possible, and for as high a value as possible.
Make sure your home is being marketed online
This is one reason that it’s so critical to make sure your real estate agent is marketing your home aggressively online.
That means having professional photos taken, making sure listings on sites like Zillow and Redfin are complete and accurate, and using social media, as well. By marketing your home well online, you stand a higher chance of finding the right buyer quickly, and possibly even attracting a cash offer.
Staying financially savvy during the home selling process can feel overwhelming, but if you know what to pay attention to, you’ll find yourself with a “Sold” sign in your yard before you know it.