5 Key Considerations Before Selling Your Family Home

In an ideal world, you’ll never have to sell your home. You find the house of your dreams, and your family stays settled in it forever. There’s no need for you to buy any other home or sell this one!

Unfortunately, this isn’t an ideal world. If it were, then someone would’ve invented something by now that automatically sends your kids to sleep or quietens them down! So, most of us are going to sell our home at some point. Either this is forced upon you because you’re moving elsewhere, or it’s a choice as you want to up/downgrade.

Regardless, there are many things you need to consider before you go ahead and sell your home. These things are very important, and can often result in a bad sale when neglected. A ‘bad sale’ is basically where you don’t get the full value for money from your home - which is not something you want! So, before you try and sell your house, here are a few vital things to think about:

The Property Market

Your number one concern will be the property market itself. In simple terms, this refers to the current prices for which houses are being bought and sold. When the market is in a good place, this means you can get more from your home. On the other hand, when the market isn’t in a good place, then you will struggle to sell your home for your ideal target, meaning you can lose a lot of money.

So, if you want to sell your home for as much money as possible - which, let’s face it, we all do - then you have to think about the property market. Read up on various things online and get a general feel for how things are going. It won’t be hard to come across some articles from experts that advise people whether or not it’s a good time to buy or sell. If everyone is saying you should sell, then go ahead and list your house to see some significant profits.

But, if the market is in a terrible place, then it might be time to reconsider selling your home. Try and hold onto it until things get better, so you’re not forced to sell for much less than you deserve.

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Selling Method

The way you sell your home is clearly going to be crucial, and yet, it’s something that’s regularly neglected. Most people assume that there’s only one way to sell a house; go through a traditional real estate agent. Here, you go into their office, inform them of the sale, and they set everything in motion for you. This includes advertising your property, setting a fair price, finding people to view it, and negotiating the entire sale for you. As you can imagine, they demand a pretty substantial fee for all of this, not to mention additional fees for home inspections, etc.

Then, there’s a less conventional method of selling your home for cash. As you can see if you visit Wren Realty today, some companies will buy your house pretty much instantly. Instead of having to go through the advertising and waiting for bids, then offer a cash sum that you can take or leave. This method comes without all the extra fees, but the offer for your home isn’t always going to be as much as if you put it on the market.

So, it’s kind of a toss-up between selling it fast and getting the cash in your hands within a couple of days or selling it over a period of months with all the extra hassle and fees. It’s crucial to consider the method of sale as one could suit your situation much better than others. Also, going back to the property market thing, if you desperately need to sell your home - and the market is bad - then selling it for cash can often be a quick and easy way of getting it off your hands. It all depends on your situation, so make sure you weigh it all up before you sell.

Your Next Home

Of course, you need to give plenty of thought to where you’ll be living after you’ve sold your home. Realistically, it’s not advised to sell your property unless you’ve already got somewhere lined up to move into. The last thing you want is for the sale to go through, the new owners to get the keys and kick you out on the street. If this happens, you usually have to find temporary accommodation, which could mean renting an apartment.

While this is hardly the worst thing to happen, it is slightly problematic. You see, there’s no telling how long you’ll be in the temporary accommodation for; it could be a month, it could be a year! All the while, you’re paying to live in this temporary place, which means you’re slowly draining the family finances. In essence, you’re eating into the funds you gained from selling your home! So, when you eventually find a new house to buy, you’ve got less money than if you’d moved into it straight away.

I guess what I’m saying is; look into buying a new home before selling your old one. Without getting too technical about things, it’s very easy to get a mortgage these days. As long as you have a full-time job and pay all your bills on time, then most banks will approve you. Therefore, you can use the mortgage to buy a new house, then sell your old one and pay off the mortgage using those funds! There will be no need for temporary accommodation, saving your family heaps of cash.

The State Of Your Home

To be frank, if your home is in a terrible state, then it will always be less valuable to everyone. Nobody wants to buy a house that requires loads of work, as this just means they have to spend more money. So, what usually happens is that the asking price for your home is never met, and you end up selling it for a lot less than you hoped. It doesn’t matter what selling method you use, the state of your home tends to dictate how much it costs - along with other factors like the location, and so on.

Therefore, it’s always advised that you keep your home in the best shape possible and make sure it’s in a good state before you sell. This does wonders for the value of your property as it makes it look like less effort for the person buying it. They can get the keys, and then spend less money getting it into shape. As a result, they’ll be willing to pay much more! It’s not rocket science, it’s just common sense at the end of the day!

If your home isn’t in the best shape and there are a few issues here and there, then you should get them seen to. It’s often better to invest a little bit of money improving the state of your property than just selling it anyway. You will make it look more attractive, which generates more interest around it, creating more competition, and allowing you to sell for a higher profit.

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Moving Out

It may seem a bit weird to think about moving out before you’ve even sold your house, but there are reasons for this! You see, it will help you prepare everything before you move, which lets you have a seamless transition from one place to another. But, more importantly, it enables you to gain a few estimations and quotes for how much it’ll cost to move everything out of your old house and into a new one. From here, you can factor these costs into the overall cost of selling your home - including any other extras as well.

This gives you plenty of time to weigh up as many options as possible to find the cheapest way of moving out. Too many people don’t think about this until the sale is given the green light and they have to rush to move everything. In this scenario, you tend to look for the quickest options rather than the cheapest ones. As such, you spend way more than you need to, which eats into the cost of selling your home. As a result, the total cost of the sale is less than what it could’ve been if you figured things out beforehand.

You have loads of ways to move out and save money, with the most obvious being that you limit the responsibilities of a removal company. If you can move most things all by yourself, then it may leave them with a few big objects that you physically can’t take in your car. Sure, it’s more effort, but you save a load of money.

These are the five things you should really think about before selling your family home. In essence, all of these things contribute to the overall cost of selling your home. When this cost is too high, then it just means you’re losing out on the money! So, do all you can to lower these costs and sell your house for as much money as possible.

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