Last Updated on Mar 11, 2020 by James W
Homes are a great investment when buying, but can be extremely costly when selling. Making a profit from the sale of a property is absolutely essential if you are to upgrade your home or simply pay off your outstanding mortgage. Here are some quick tips on how to make sure you get the best possible profit out of the sale of your home.
If you’re worried about losing money in the sale of your home, then you may be experiencing what’s known as ‘negative equity’. This is when the sale value of a property dips below the amount outstanding on the mortgage. In this type of situation you have two options. The first is to wait it out and see if property prices will rise again. The second is to sell the property before it loses any more of its value. The former solution may be best if the reason for the dip in value is down to the economy. The latter solution might be more appropriate if something substantial has occurred to devalue properties in your neighbourhood, such as the construction of a power plant or factory. If this is the case it’s always worth turning to the House Buyer Bureau for help, as the longer you wait to sell your home, the more money you will lose.
Decorate for Success
If you have the luxury of time in which to sell your home, you should immediately turn your attention to its décor. Whilst you may have a fondness for lilac carpets and leopard print sofas, your prospective home buyers may not. And unfortunately, bad décor is a prime contributor to the non-sale of many perfectly decent properties. Before you start showing your home, make sure it’s decorated in a neutral, minimalistic way, whilst still retaining a few homey comforts. This will help your buyers to envisage themselves enjoying life in their new property, and may just get you the sale you’ve been waiting for.
Explore Alternative Advertising
The majority of people may be happy with going to an estate agent for the sale of their home, but if you truly want to maximise your profits you should consider exploring other avenues. If you have the knowhow to sell your own home, this is even better. You will save money in the first instance on agency fees, and even more if you do your own conveyancing. But be warned – making a mistake with property paperwork could end up costing you a lot more than you bargained for. Take your time, and always get advice if you feel unsure.