There are a wide variety of things to take into consideration when selling your home, and whether you're looking for a quick sale or not; it is imperative to know the basics of real estate.
By Team Savant
Image: Gustavo Zambelli
Here's What You Need To Keep In Mind:
Market Conditions
The first factor you should note is market conditions. If you've done your research about buying property, then this may not come as much of a surprise to you. However, you need to know what's going on around your area before you decide to sell. In your research, make sure that you hire high end estate agents and figure out which properties are selling quickest and for the most money in your area — this will give you a good benchmark when it comes time to try and sell yourself.
Of course, don't just rely on research alone: Go out and speak with people who recently sold nearby too! Ask them what the process was like from start to finish, how long they took before selling and what price they finally managed to sell at.
House Condition
The second factor to consider is house condition. This is something that many people tend to forget about. When selling your home, it's important that you've already considered the most obvious things (e.g. the paintwork on the walls).
You need to ask yourself — what state is my roof in? How new are my appliances? If I replaced certain fittings, would this increase/decrease my chances of selling? Would replacing things like carpets or even cupboards help me sell for more money?
These are all questions that will give you a good idea of how much your property is worth (and if you should bother doing anything before putting it on sale). Remember, though: Don't overdo it. Just because something can be updated doesn't mean that you should do it: This might actually cost you more than just leaving the house as-is.
House Specifics
The third factor to consider is house specifics. The property itself is what people are interested in buying - not yourself or your personal belongings (which is why things like chipped cups won't make a difference).
If there's a particular aspect of your home which makes it very different from others on the market at the time, this could make it more attractive to potential buyers — thus increasing its chances of selling.
For example: Maybe one room contains an old fireplace that many people end up admiring after coming inside. There's no need to update or replace anything in this room: If it sets your home apart from others on the market, then you might end up selling for more money.
House Value
The final factor to consider when trying to sell your house is house value. Of course, remember that not everything about a property which goes into its estimated valuation has to do with itself.
For example: If there are certain features nearby that you are able to use as leverage during negotiations (e.g. proximity to shops/schools/places of interest), then it may be worth looking into whether or not this is accurate. Maybe the school really is only a short walk away — maybe not.
In Conclusion
At the end of the day, any price you are willing to sell for should be based on how much you think your house will actually go for in comparison to its estimated value. If it's likely that potential buyers won't come close to matching this value, then it may be worth holding off on selling altogether or at least waiting until market conditions improve. So keep these 4 factors in mind when trying to work out how much your house is worth.