Your home is a pretty big investment, and you want to take care of it with good maintenance so you can protect its value so that then when it is time to sell your home, you can get back your home's equity. As you consider selling your home and prepare it for sale, look into hiring a professional real estate agent to help you navigate this process. Here are some recommendations you can follow to prepare your home for the market and successfully sell it quickly.
Look Into Your Home Equity
When you are preparing to sell your home, you will want to know how much equity you have in it. This is an important detail because you will want to be able to pay off your existing mortgage with its sale price, and you will want to know how much you can potentially have left over after you pay off your existing mortgage. And to do this, you and your real estate agent will need to look at current home sales in your area to see how much similar homes are selling for. This is a true determining factor in how much your home will sell for, so complete a comparative market analysis with your real estate agent to establish a value for your property.
When you know how much your home is worth, you can consider how much you will walk away with for your next potential home purchase. You will look to have at least a twenty percent down payment for your next home purchase, but you may also want to pay for the closing costs, moving costs, and other expenses you are facing.
Repair Your Home
Another important consideration to look at is what updates and repairs your home needs to best prepare it for the real estate market. When you make improvements to your home before its sale, you should look at making the improvements and updates that will help increase its value most compared to how much you spend.
Instead of renovating your home with expensive updates and changes to its interior, look to make repairs and handle major maintenance projects to update your home. This will ensure you maintain the home structure and how well its systems work, in addition to maintaining the safety within the home. For example, if you have a home with a dated kitchen and a roof that is aging, consider replacing the roof with a new shingle system and updated gutters. Then, replace your old HVAC tsystem and repair the home's foundation issues instead of adding a back deck onto the home.
Contact a home selling agent to learn more.