Selling your old family home can be an emotional experience. You probably spent years loving and making memories in the place you raised your children, celebrated birthdays and other special occasions with friends and family, or even hibernated for many cold winter months. It's understandable that you might not be eager to let go of such a big part of your life so easily.
However, the reality is that every day that goes by without someone new living in your old house is another day when you're just throwing money away by keeping it empty. The longer you wait to sell, the more time its value has to depreciate before it finds a buyer – especially if it's foundering on the market for months at a time.
Fortunately, if you are looking to get the most out of your old family home, then you're in luck. This article can help guide you through the process of selling your old family home.
However, it's important to keep in mind that there is no perfect formula for getting top dollar on your sale- every home is different and has its own unique set of challenges or benefits depending on the neighborhood and the overall condition of the property.
Take a look below for some helpful tips to consider when trying to sell your old family home!
Hire a Real Estate Company
When selling your old family home, it's important to remember that you're not in this alone.
Don't try to take the entire burden of the sale process on yourself- all real estate brokers are legally obligated to be straight with their clients about how much they expect for a house and how long they foresee taking until it's sold. If you are selling a house in foreclosure, then this is even more important.
There are many different reasons why a house may be pulled from the market, and a broker can tell you what they are and how to resolve them. The experienced real estate agents will help you understand different options on how to sell a house in foreclosure for the best price with the least amount of hassle, or how to sell your house and relocate fast if that's what you need at this moment, etc.
In either situation, they can give you an honest assessment of how much your property is worth and how long it'll take to sell- giving you a better idea of how long you have before the bank starts demanding their money back.
Do Your Own Research
It's also important that you do some research on your own regarding the sale prices of comparable homes in your area. You can obtain this information easily enough by looking up public records or asking other real estate agents in your area what they know about the expected selling prices of comparable homes.
This will give you a better idea of how much your property is worth, and help guide you towards an appropriate sales price. Regardless of whether you're selling your old family home or not, it is important that you also research everything about the local neighborhood in which it's located.
Visit the local grocery store, take note of the supply of public transportation and busy streets, find out what crime rates are like at night, etc. Putting in this effort will help ensure that you know exactly what you're getting into before putting your house on the market.
Have Your Home Inspected
One of the biggest issues that home sellers fall victim to is not getting their property inspected before putting it on the market. No matter how much you think you know about your house, many things can go wrong with it that only an experienced professional would be able to identify.
By having a professional inspector come out and look at your house for flaws, you'll have a better idea of how much work will need to be done to make it sellable.
This will also give you time to save up money or find contractors who are willing to do repairs on credit if necessary- ensuring that you won't ruin your chances at selling by presenting yourself as someone without means or foresight when potential buyers look at the inspection report.
It will also help you weed out unqualified buyers before they even start looking at your house, which can help keep the stress of selling off your shoulders.
Remember how you used to keep the house so clean and neat? Well, it's time to get rid of that stuff! An empty house is much more appealing than a cluttered one.
While it might be difficult to part with some old cherished items, try not to let nostalgia cloud your judgment when considering how to sell your old family home. Besides clutter dragging down how much people will offer for the property, having too many extraneous belongings on display also creates a less inviting environment while buyers are exploring the house in person.
Depending on how long you plan on keeping your home off the market before selling it, consider holding onto particularly sentimental items until after the sale closes; this way you can avoid having them negotiate around or potentially move out afterward.
Make Necessary Repairs
As touched on before, a good realtor should be able to give you some sense of what repairs and updates are needed for your home. In addition to adding value to the property by ensuring it is in top condition upon selling, performing necessary upgrades can also involve additional costs that eat into what you will net from the sale.
Some costly repairs might be worth biting the bullet on if they will significantly impact how much someone would pay for your house (like costly septic or heating system malfunctions).
However, if there aren't any safety issues with your old family home then consider giving yourself the edge when it comes time to sell by taking care of those small fixes and upgrades so buyers do not overlook them as an obstacle during their buying decision.
Selling your old family home is a rewarding process that can be tinged with sadness. By taking the necessary steps to properly prepare for selling, you can walk away knowing that you sold your house at the best possible price and gave yourself every chance for success.
Just remember to consult with your realtor about the best strategies to make the sale, and don't be afraid to factor in some of these tips when deciding whether or not it is time for you to put your old family home on the market.