How to Make More When Selling Your Home
This year homeowners across the county are experiencing tremendous increases in the value of their home. Single family houses in prime neighborhoods with attractive, well-maintained homes in move-in condition are just killing it. Many of these homes are receiving multiple cash offers above asking price, with no contingencies, short closing cycles and minimal inspections. Now is the time to learn strategies for how to make more when selling your home.
This is truly a homeowner’s dream. Unfortunately, the bounty is not being distributed equally to every seller. In fact, some are getting way less than others and it has little to do with location, age or the configuration of the home. The biggest hurdle to making a killing on the sale of your home is poor condition, caused mainly by poor maintenance and neglect.
Homeowners with houses in disrepair are losing out on a rare windfall that could have been. You see, buyers in this market have money and are willing to pay but they are also smart, picky and they are opportunistic. They will be especially demanding if they smell blood in the water and if your home is a wreck, you might lose out without even knowing. You may still sell quickly and get more than you thought, but you will suffer greatly compared to your neighbor whose been living in the well-maintained home next door.
Creating a Home Disaster Fund
A home emergency fund can help save you from financial discomfort or worse. Even if your house is in great shape, disasters can still occur.
You ALWAYS end up paying for home negligence
The truth is, if you are selling a home that is un-maintained and falling apart, you have been suffering for a long time prior to this point. You have likely been living with components that either don’t work or are obsolete or perhaps are just outdated. You no doubt have had to deal with more than your share of emergency breakdowns, accidents, and costly surprise repairs. Your insurance premiums have been higher than necessary and the operating costs for energy, water and gas will have been much higher too because leaky windows, bad weatherstripping, inefficient appliances and old equipment are wasteful.
You ALWAYS end up paying for negligence to your home. Selling a home in poor condition will net you a lower cash price compared to a nicely kept one, but the real insult and suffering will have occurred while you owned the home…in the way you have been living. Wondering when the next surprise disaster or leak or untimely breakdown is going to strike can be stressful and worrisome, and bad maintenance cam be unsafe as well. No homeowner should have to live that way, and it is unnecessary. Next time do it differently. You don’t have to be rich, just smart.
The biggest hurdle to making a killing on the sale of your home is poor condition, caused mainly by poor maintenance and neglect.
The trick is simply to maintain your home. Inspect and service it regularly. Keep it in proper working order, replace components when they are obsolete or no longer appealing and when something breaks-fix it properly. This way the home is always ready to sell and YOU get to enjoy it in its best possible condition.
The rich worry less about these things because they have the money to make bad situations go away quickly. This makes things seem better than they really are. In other words, they can afford to make mistakes and get away with it. The rest of us don’t have the luxury to be that wasteful. We average folks have to be smarter. We must do some planning, but every homeowner who follows this advice can live like a rich person…only better.
Start when you buy the home. Unless you are a professional builder, avoid fixer-uppers. Always buy a home that is in the best possible condition. Get your own inspector to be certain of getting the facts. Never rely on the sellers’ inspections and especially not the realtor’s opinion.
Watch out! Even New Homes Need Maintenance.
Your brand new home is awesome… but it already needs maintenance the day you move in. Why a new home needs maintenance too!
Strategies to make more when selling your home
If you already own a home, continue reading as this advice applies to you especially.
When deciding to purchase a home, make sure you can afford to maintain it. Don’t ignore this and don’t go by some stupid government statistic. Have at lease $1.50 per square foot per year available for recurring preventive maintenance. In addition, you should also have a fund set aside for unscheduled repairs. In addition, you should have money available for the eventual replacement of critical old, worn-out, obsolete components. Most folks know that a new roof is expensive, but they may not know how much it will cost or when it will really need to be replaced. Nearly every component of your home has an expiration date. These dates and costs are important to know and budget for.
I want to emphasize again, do not buy a home that you cannot afford to maintain. The home will likely be your single biggest and most valuable asset. To get full value, you MUST maintain it properly. Do so and you’ll be a happy homeowner who can sleep well at night…and eventually… a rich one too!