Underestimating selling costs
Buying and selling homes is expensive so you need to budget for expenses such as real estate agents' costs (which could be a flat fee, or a percentage of the sale price), marketing expenses (including professional photos), settlement costs, (and stamp duty on any new home you are buying).
Selling your home on your own
Going solo might seem like a great way to save money, but it could cost you more in the end. Without the expertise of a licensed agent, you might not get the best deal. Agents bring valuable research and negotiation skills to the table. The money you save on fees could be far less than what you might lose on the final sale price.
Overpricing your property
It's easy to be sentimental about your home and overestimate its value. However, setting the price too high compared to similar homes can scare off potential buyers. A competitive price is crucial for attracting interest and getting your home sold quickly.
Skipping the home open preparations
If you don't present your property looking its very best, it can have a negative impact on the final sale price.
At the very least you should:
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Declutter and remove personal items.
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Make sure the whole house is clean and tidy.
Do some basic gardening such as pruning, mulching, and mowing.
Even if your property is old, showing that the house has been well-cared for leaves a great impression.
Overspending on repairs and renovations
Before splurging on repairs or renovations, talk to a real estate agent. They can offer advice on what’s worth fixing and what’s not. Spending $20,000 on improvements only to see a $10,000 increase in sale price isn’t a good return on investment. Often, a fresh coat of paint and some garden work can do wonders without breaking the bank.
Trying to hide any defects
That pot plant you've stuck in front of a cracked wall isn't going to fool anyone! Attempting to cover up issues, isn’t a good idea. Buyers will likely discover any hidden defects during their building inspection anyway. It’s better to be upfront about any problems and address them appropriately. Being transparent builds trust and can prevent complications later in the sale process.
