Thinking about selling your home in Rochester? Doing so can be an excellent decision, especially if it’s a place you seldom use and are tired of the upkeep that comes with it. In order to maximize your sales profits and ensure a smooth transition of real estate, there are five things to do first.
1. Calculate the Fair Market Value
To know whether or not selling your property is worth it, you’ll need to calculate its fair market value. Look at the recent selling prices of properties in your neighborhood, divide by square footage, then multiply that by your own home’s square footage. Using an appraiser is a good idea.
Market value is crucial when it comes to determining what people will be willing to pay. Take a close, hard look at the type of area your property is in and how people spend their time there. For example, the average selling price of a timeshare in America falls around $20,040, whereas houses and condos can go for over $1 million depending on location.
2. Determine What You Can Do to Increase the Property Value
Once you have a clear idea of your real estate’s value, it’s time to see what you can realistically do to increase that value. Of course, this will largely depend on how much work, time, and money you’re willing to spend on doing so. Common ways to do this include the list below.
- Add fresh coats of paint
- Repair any damaged areas
- Do landscaping for curb appeal
- Consider renovating outdated areas
- Make the property more energy efficient
3. Choose a Real Estate Agent
It can be tempting to try to sell your property yourself in order to avoid paying realtor fees. However, this is both highly risky from a legal sense and may also prevent you from getting the price you deserve. Always talk to different real estate agents in your area and get a feel for their style and experience. The right one for you will have experience selling vacation properties and will be willing to put in the time and effort it takes to help you get the best price possible.
4. Consider Taxes
You’ll have to pay tax on the sale of your home, as it will be considered a type of income. Rather than leave yourself open to some unwelcome surprises later on, you’ll want to calculate the taxes you’ll owe and build them into your planned costs for the sale as a whole. The average person already spends some 11 hours calculating what they owe at tax time. Make sure you give yourself enough time to prepare for this.
5. Get the Home Showroom Ready
First and foremost, a property must be emptied of your personal stuff and cleaned prior to taking listing photos and scheduling showings with potential buyers. Not only will it look its best when clean, but buyers and realtors will feel more comfortable. Even basic furniture and personal items like computers can be host to a whopping 21,000 germs per square inch!
In addition to cleaning, you may want to work with your real estate agent to stage the property by adding accent furniture that doesn’t get in the way, fresh curtains, a new welcome mat, etc. The ideal props used here will depend on your home’s location. A parlor palm can look appealing in tropical locations, for example.
Selling any real estate property can feel overwhelming. It helps to sit down and make a list of all the things you need to do before, during, and after the process. Additionally, the right time to sell depends both on the market and your personal needs. If things are feeling off, it may be best to reevaluate the situation and wait until the timing is better for you. Likewise, enlisting the right real estate agent in the first place will go a long way in ensuring you get the best outcome.
Tags: Rochester, Rochester NY
This entry was posted on Tuesday, November 29th, 2022 at 2:07 pm and is filed under Rochester Homes for Sale. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.