Planning to move out of your current home and sell it to someone else? Ideally, you would have given a lot of thought to the situation before deciding that this is the best path to take.
But if you haven’t yet, it wouldn’t hurt to do some sort of introspection before anything else. Consider all aspects of the sale you’re about to make, as this might help you make other decisions down the road, like whether you should get an agent or who you should sell your house to.
So before you go ahead and put your house up for sale, ask yourself the following questions first.
How much is my house worth?
Before you even consider listing your house for sale, you should make sure that you’re selling property that’s worth something.
That means looking at the current market value of your house. You can determine this yourself or with the help of an agent.
If you’d rather get this information on your own, you might want to look into value estimator tools online. Check your recent property tax bill as well; the information you need might be there.
You can also look at the sale prices of homes in your neighborhood that were recently sold. Make sure to only get benchmarks from properties that are similar to yours.
Does it make sense for me financially?
At first thought, selling a home might be associated with an influx of cash. But if not done right, the endeavor can actually be quite expensive.
There are a lot of costs to take into account: moving, repair and renovation, new mortgages, closing costs, and other extra expenses. On average, your expenses can add up to about 10% of the sale price.
So consider the state of your finances first. You should also take into account your remaining payments for the house (are they taken care of?), any loans you’ve taken (will they affect the transition significantly?), and your equity (will it be enough for the downpayment for a new home?).
What is my timeline?
How soon do you expect to get a buyer for your house? Take note that like all major purchases, the process might take time. So before you type in “sell my house fast in Dallas TX” on Google, make sure you set a realistic timeline first.
A lot of factors are at play when you’re selling and buying a house: the location, the price, the condition of the property you’re selling, and more.
If your need is urgent or if you don’t want to deal with the hassles that come with a standard home sale, you might want to consider selling your property to a company instead of an individual.
Why do I want to sell my home?
Think about the reasons why you want to sell your house. Is it because of personal or professional reasons? Do you want to upgrade or downgrade? Do you have to move somewhere else? And more importantly, is selling your house the only thing you can do?
Think hard about why you want to do this. And consider the possibility that it might do more damage than good. In that case, maybe you should look into other options, like renting out your house instead of selling it.
With enough preparation, selling your house can be a rewarding and fulfilling experience. Just make sure to plan ahead and consider all your options. Good luck!