In the past, when it was time to sell your principal place of residence, you’d simply put it on the market and keep your fingers crossed. Now, however, people are much more savvy when it comes to making a profit on the sale of their family home; some may hire professional photographers, or house staging services to make a home look more attractive to potential buyers. There are plenty of things you can do before you sell that could add some serious profit to your home.
Timing is everything
If you’re not in a rush to sell, carefully consider the local real estate market before deciding to list your home. Waiting for a seller’s market – when there are more buyers than sellers, creating an atmosphere for competitive negotiation – could take months or even years, but it could mean a significant increase in profit as payoff for your patience.
In some high-demand suburbs, potential buyers can register their interest to local real estate agents. These potential buyers are then kept up to date about any properties that are likely to go on the market. If you’re after a quick sell, speak to your local real estate agents about whether anyone has registered their interest in your suburb; these buyers may be willing to pay a premium to live in their desired suburb, giving you room to negotiate a higher price.
Present your home’s best side
Does your home have a great backyard? Show that off. Did you recently renovate the kitchen? Make that a feature. Is the carpet new? Make a point of that. Potential buyers will be more willing to pay a higher price for ready-to-move-in properties. When you’re marketing your home, make special mention of the most appealing aspects of your property.
Never underestimate what a little elbow grease can do; thoroughly cleaning your property, including shampooing carpets, washing drapes and whitening grout, can make your home more appealing. If the paint is peeling in one of the bedrooms, take a weekend and repaint.
Price your home competitively
Price plays a big role in the appeal of your property; an overpriced property may lead to disinterest and an extended period on the market, while a competitively priced home will generate more interest and, if the timing is right, may even result in a bidding war with two potential buyers attempting to outbid each other and, ultimately, driving up the price.
It’s important not to underprice your home, as this may give potential buyers cause to wonder if there is a fault with the property. Local market research is essential for pricing your home competitively, so speak to your preferred real estate agent for more information.