If you’re planning on selling your home, it’s a good idea to maximise its value before listing it on the market. However, increasing your home value often requires an investment, and you may not necessarily want to spend too much money into it. Given the COVID-19 pandemic that has badly affected the economy, it is a seller’s responsibility to take the necessary measures to make the most money on the sale of their property.

Here, we have listed 6 tips on how to maximise profit upon the sale of your home.

1. Consider A Home Inspection

   Knowing your home’s overall condition, its weak spots and best features will help you make a precise evaluation of what your property is worth and how to market it properly.

   Home inspections may also point out the repairs that may be necessary to maximise your home’s value. Having your home inspected will be seen as a benefit by your potential buyers.

2. Consider Necessary Renovations

   Every home has its own unique features and structural differences. The impact of a home renovation may differ based on the market you are in and your property’s existing value. Several projects, like adding marble floors or high quality kitchen cabinetry, tend to have bigger value increases for mid-range homes.

   It’s critical to consider the estimated increase and costs to your home value since bigger renovation projects can be time-consuming and result in more unplanned expenses. Making general upgrades that will improve the appearance of your home is a good way to increase the value of your home and appeal to your target buyers.

3. Know Your Target Market

   It is common for sellers to forget that their house will appeal only to a certain section of buyers, particularly if the property has been on the market for several weeks.

   It is common for sellers to feel that their house should appeal to all types of buyers out there. However, you have to keep in mind that the needs of home buyers and property investors are very different. With that in mind, be sure to know your target market and remember that you can’t always meet every expectation.

4. Set The Price Right

   If you had set a very high price on your house, you might need to drop the price in the end, which may make the process of selling the house longer and difficult. Over time, homebuyers can be doubtful of houses where the price continues to decline, suggesting that there’s something wrong with your home or that the seller has some unrealistic expectations. This may limit your negotiating power since buyers could perceive the trend as a sign that they can keep on negotiating until the price reaches their preferred number.

   These days, most buyers will search for houses using a price range, so if your price is beyond that range to someone, your property will be much harder to sell. This is something that you should avoid because taking longer to sell may have financial consequences, particularly if you have already started paying your new home’s mortgage. In order to set the price of your home right, try using a home valuation tool that uses current property data to compare your listing with others.

5. Sell At The Right Time

   If you don’t have prior experience in selling a property, you may end up making mistakes of putting your home on the market at the wrong time. Knowing the best time to sell a home is very important. If you want to know the best time to sell a house to get maximum returns, it is when the buyer demand is high and the supply is low.

6. Market Your Home Through Various Platforms

   Never restrict yourself to just one marketing channel. To get a great deal, consider marketing your home through different platforms. This will not only increase your property’s visibility to possible home buyers, but it can also give your home the best price.

In Summary

It is possible to maximise your profit when selling a home. As long as you know your target market, price your home right, sell at the right time and consider minor renovations, you’ll be able to sell your home without experiencing any financial consequences. However, if things get complicated, don’t hesitate to get assistance from property professionals to help with your concerns.

Feel free to drop us a message here if you need any assistance in selling your home.

The statement and information in the articles are the opinion of the writer and meant only as a guide. Any property purchase, rental or lease involve many legal issues and other complication depending on the individual facts and circumstances. Readers and Users are strongly advised to seek professional advise including from qualified and competent lawyers, bankers and/or real estate agent to verify the information and the statement before embarking on any purchase, rent or lease of any property. To the fullest extent permitted by law, we exclude and disclaim liability for any losses and damages of whatever nature and howsoever cause and arising including without limitation, any direct, indirect, general, special, punitive, incidental or consequential.