Selling your first home is an emotional experience. Even if you need a different property, because of relocating for a new job or a need for a larger home due to a growing family, it can be hard to say goodbye to the first property that you owned. Here’s how you can sell your first home without having regrets.
Make Sure You’re Ready To Let Go
Selling your home comes with a lot more emotional baggage than listing your old clothes on eBay. You’re parting with a place that you called home, and that you’ve spent a lot of time in over the last few years. Selling your home is a financial decision, but also a personal one.
You’re very invested in your home, and for most people, their home is the single largest investment that they will ever make. You will have made lots of big and life-changing memories in that house, so it’s almost like being in a long-term relationship.
Before you decide to put your house on the market, put some time into doing the emotional work first. Walk through your home, and talk with your family about all the memories that you’ve made there. Think about how the house has served its purpose for the time that you have lived there, and reminisce about how you loved living there with your partner, children, or other family members. Think about what life will be like when the sale is complete, and whether or not you’re happy with that image.
Put some time into dealing with what anxiety or apprehension you have about letting go of your home. Feeling anxious about it is normal. Decide whether or not willing you’re willing and ready to hear people criticize your home. If the thought of getting bad feedback from buyers upsets you, or you can’t negotiate this sale like a business deal, then you could be in for a rough time.
Once you have accepted an offer, you will be under contract to go through with the sale. Do whatever you can to avoid seller’s remorse sooner rather than later.
Hire An Agent Who’s Worthy Of Your Business
There are lots of active real estate agents out there, such as Offer Pear, and probably hundreds just in your city. Any real estate agent that you speak to will probably happily list your home and collect their commission when the sale closes, but all agents will have the same amount of experience, aptitude, or track record of success.
The challenge for you is to find an agent who will work well for you. An agent who is the perfect fit for you might not be the same agent who was the right fit for your sister, co-worker, or neighbor. Look for an agent who is suited to your particular needs. Make sure you are choosing the right professional during this stage, and it will make a lot of difference in your experience of selling your home.
Work Through The Financials
If you do feel confident in the decision to sell your first home, then the next stage is to make sure that you are in a strong financial position to do so. You will need the proceeds from selling your home to cover all the fees that come with selling a property, otherwise you will have to bring some money to the table to cover all the costs. Hopefully, you will also be able to pocket a bit of a profit too.
If somebody decides to list their property, but they don’t go over those numbers, then by the time they get into escrow, they will soon realize how expensive it really is to sell a house. It’s a good idea to have an understanding of all those numbers ahead of time, so you don’t get a nasty shock later on.
Start off with an estimation of the value of your home, minus your remaining mortgage balance (this is called your home equity). From this point, you can subtract your closing costs, including your agent commissions, fees, and taxes.
Make A Start On The Prep Work
A lot of sellers wish they had given themselves more time to get their house ready to go on the market. A lack of preparation is a common seller’s regret.
Take the time to make sure your home is clean, in good repair, and ready for viewings. Small things, like tired paintwork, or that cupboard door you’ve been putting off repairing can put buyers off.
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