Business + Finance + Law

Expensive mistakes people make when selling their home

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Most people think that selling their homes will be a good way to bring in some extra cash, but there are a few missteps that you can make when selling that can end up costing you a lot of money. Whether it’s trying to sell your house or flat without professional help, or whether it’s letting minor problems grow into something major, there are several examples where a little practical thought and planning can help to prevent you making these costly mistakes.

Examples of mistakes that can happen when trying to sell your home

If you’re in the process of trying to sell your house and see from the list below that you’ve made one of these errors, don’t worry – it’s still going to be possible to find a buyer, whether it’s through an estate agent, an auction, or a reputable property buying company.

Not fixing minor visual or technical problems – Visual problems like chipped paint or ripped carpet, or technical problems like an aging and unreliable boiler might not seem like anything major, but they can actually end up knocking thousands off your total home value. Buyers will be able to spot such problems and assess for themselves how much it will cost them to fix, and they will factor that in when they make what’s likely to be a lower offer than you want.

Trying to sell your house or flat without help – It can be very enticing to homeowners to use one of many property websites online to try selling their house or flat without the help of a professional such as an estate agent or property buying company. But the amount of work involved in listing, marketing, and holding viewings can be very stressful and costly, and if done poorly can result in you spending a lot of money and waiting a long time to sell.

Being too ambitious with your deadline for selling – Another problem happens when the homeowner is relying on the profit from a house or flat sale to cover other costs, including buying a new home. They might take a gamble that the sale will happen quickly and make financial decisions for the future based off an ambitious deadline for selling. If the house takes much longer to sell, then you could be creating financial problems ahead.

Making the house unattractive to potential buyers – This is a problem that can be free to fix but is sometimes not addressed and ends up costing a homeowner a lot of money. If their rooms are cluttered with personal belongings and look dirty, they will not be appealing to prospective buyers. When you are ready to sell, if you clear out rooms and make them tidy and appealing, you stand a much better chance of achieving a more generous purchase offer from a buyer.

Selling your home even when you’ve made an expensive mistake

None of the problems listed above are insurmountable obstacles to selling your home, you still have options for finding a potential buyer by making some changes.

For example, instead of trying to sell your home alone you could try to sell it through auction. This way, a professional auctioneer will market the house or flat and seek bids on it, and the auction date will provide you with certainty on the day that your house will sell. But auctioneers tend to have homeowners agree to very low opening minimum bids, with the hopes that it’ll generate interest from buyers that leads to competitive bidding on auction day. If this happens it can result in a nice profit for you, but you might only get the reserve bid and make less money than you want or need. And you’ll also be liable for paying the auctioneer costs.

Or you might want to contact an estate agent who will list, market, and hold viewings for your property. The biggest drawback of selling this way is that there’s no specific deadline for selling and your home might sit on the market for many weeks or months. Another negative factor is that the estate agent will charge you fees for taking care of the sale, so you’ll have to deduct that cost from the overall profit you expect to make selling your home.

An alternative way to sell that can not only ensure a rapid purchase but that also lets you keep all of the money from the sale is to get in touch with a property buying company. An example of a trustworthy homebuying company is LDN Properties – they’ve been buying houses and flats throughout London since 2003, and they do so with a simple process working directly with homeowners to make quick and competitive offers to buy without any fees. It’s a simple and hassle-free way to sell your home even if you have made some costly mistakes with your property.

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