Home Selling Money Saving Tips
Homeownership isn’t forever. Homeowners decide to sell their property for many reasons – up-sizing, marriage, job loss, divorce and many other reasons. Selling a home is most likely the single biggest financial transaction of your lifetime, so it’s important to do it right. With home prices reaching the stratosphere in cities across the country, it’s important to save money when possible, especially if you’re buying and selling at the same time. Here are some simple home selling money saving tips.
Make Smart Renovations
A lot of homeowners assume just because they’ve spent $20,000 on a brand-new kitchen, it will translate to $20,000 or more when they list their home. While some renovations lead to a positive ROI, a number of renovations do not. In fact, some renovations like a pool can actually hurt the resale value of your home. By making smart renovations like refinishing your cabinets and updating your fixtures, you can increase your home’s resale value without spending a bundle.
Ask About your Mortgage Penalty
If you’re like most homebuyers with a five-year fixed rate mortgage, you’ll face a hefty mortgage penalty by breaking it early. It’s important to speak with your lender to see what your options are. You may be able to blend and extend your mortgage if you’re purchasing a new home. If your mortgage isn’t portable, you should maximize your prepayment privileges to lower your mortgage penalty.
Improve Your Home’s Curb Appeal
You don’t have to spend a bundle on home staging to get top dollar for your home. By improving your home’s curb appeal, you can help ensure it sells for the most. Curb appeal is your home’s first impressions, so it’s important to knock the socks off buyers. Ensuring your lawn is watered and freshly mowed can go a long way to showing buyers your home is worth visiting.
Shop Around for a Real Estate Lawyer
It pays to shop around for a real estate lawyer. Fees can vary a lot from lawyer to lawyer. It’s best to choose a lawyer who specializes in real estate law, as buying a home is a complicated financial transaction is legal implications. Obtain estimates from each least three real estate lawyers and get them in writing.
Request a Home Inspection
While home inspections are often requested by homebuyers, did you know requesting a home inspection can be a good selling tactic for a home seller? In bidding wars, a home inspection can actually encourage more bids and lead to a higher selling price. By requesting a home inspection up front, you’ll show buyers you have nothing to hide. If the home inspector finds any problems, you’ll have plenty of time to remedy them.
These are just some of the simple ways to save when selling a home. Selling a home can be expensive if you’re not prepared, Patrick Parker Realty experts will help guide you through the process to make sure you’re saving money wherever you can. Contact us today for a free home market analysis.