Selling your home is a big decision. You have to be prepared to do a lot of work, spend some upfront costs and devote a significant amount of your time to getting it done.
Not only that, but you have to be prepared to move, which is also costly and stressful.
So what should you consider before making the decision to sell your home?
Your house is likely the most expensive thing that you own. Therefore, selling it will probably earn you a lot of money. However, selling a home is not as simple as selling something on eBay. There are costs that come with putting your house on the market that you need to be prepared to pay.
For starters, there is a significant amount of preparation that goes into selling your home, and staging can come with costs. You will be marketing your home to prospective buyers, so it should look as close to perfect as it can get.
That means if anything in the home is broken, you'll need to fix it. If any of your appliances are outdated, you should update them. If you painted a room an ugly color due to a lapse in judgment, repaint it.
Additionally, if you hire a real estate agent to help sell your home, you will have to pay them a commission, which could be as high as 10% of the price of your house. Closing costs are negotiable, so you might be able to secure a good deal. You also could list your home on your own, which is known as "for sale by owner." However, selling your home can be stressful and time-consuming.
Homes are sentimental. You live your life in your home, and for many people a house is not just four walls and a roof.
Selling your home means moving, which is a major life event. It means purging a lot of your belongings, packing up your valuables and saying goodbye to a place that brought you comfort and security for a period of your life.
Once you sell your home, there is no going back. Make sure that you are emotionally ready to sell your home before you do so, or you may regret it.
Before you sell your home, you need to have a new place to live lined up. Therefore, while you are going through the often stressful process of selling your home, you may also be looking for a new one. If you try to do this at a time when you are also bogged down with work, family obligations or other time-consuming events, you could find yourself running out of hours in the day.
Before you consider selling your home, you should have an idea of what your new home will look like. For example, where will it be, how much will it cost and how much space will it have? The answers to these questions will be essential when deciding which of your possessions to keep and get rid of, the minimum amount you can sell your house for and more.
The Federal Savings Bank can help you secure financing when you're ready to sell your home whether it be downsizing or needing more space. Contact us today for more information.