Investing in real estate and selling real estate is a costly business. There is a lot of money to be gained and lost in the property market and thousands of pounds can be lost in fees alone. There are several common mistakes that most home owners make and, to maximise your profit, it is vital that you avoid them at all costs.
Mistake 1: [/b]Over Improving the House
There are thousands of articles about how to improve your home before you sell. Some of these changes can add value to your house and a simple step such as repainting your home to make it look fresh has a large impact at a minimal cost. However, each area has a ceiling price and this means that no matter how much you improve your home, you will not be able to sell it above that price. If you over improve your home then you will not see a return on your investment.
Mistake 2:[/b] Getting Emotionally Involved
Now, this one is incredibly difficult to avoid if you are selling a family home. However, for financial reasons, it simply has to be done. The second you decide to sell, your home becomes a house. Unfortunately, although we do not like to hear it, our old home becomes a financial commodity; despite all the cherished memories it may hold.
If you get emotionally involved in the selling of the property it is unlikely that you will come out with the best deal. In order to sell well, it is advisable to step away from the deal as much as possible. Let your agent take control and don’t attend viewings. Your agent will inform you of what the best deal is, taking out the emotional aspect. Selling a house is all about rationality.
Mistake 3:[/b] Not Checking the Fine Print
The first thing that you should do when you decide to sell your home is to contact your mortgage lender. If you are selling too soon then you may have to pay a fee so it may be worth delaying.
After this, you should begin scouring the market so that you have an alternative property in place ready for when yours sells. If you are in a market for sellers then you may be best off renting in the short term until house prices change in your favour. Companies such as dssmove.co.uk can help find you the perfect property, whatever your budget.
All of these mistakes can cost you large sums of money. Over improving your home prevents the maximum possible return whereas emotional involvement will stop you from seeing the best deal. Always plan fully and get your agent involved as much as possible and you should come out with the best deal.