These 50 Money-$aving tips have been compiled especially for you to preserve the dollars you need to pursue your next homebuying adventure and are provided as another free service to our valued clients. Please feel free to call, write or e-mail with additional questions, other services & free guide offers or to discuss your home selling needs.
- Money-$aving Tip # 1. Moving can be costly. So when you consider your replacement home, think about how your needs and wants may change in the years ahead.
- Money-$aving Tip # 2. If you think you may have to resell again soon, buy a replacement home with features that will appeal to the majority of prospective buyers.
- Money-$aving Tip # 3. Many costs are involved in selling a house. If you love the location of your home but simply need more room, it may be financially more prudent to add on than to move.
- Money-$aving Tip # 4. Be cautious of buying a second home before you sell the one you live in, especially in a slow real estate market. Unless you’re a committed investor, owning two houses in a buyer’s market can be financially disastrous.
- Money-$aving Tip # 5. As your professional real estate agency we have an enormous amount of information at our disposal that can help make your home sell faster. That translates into savings for you.
- Money-$aving Tip # 6. If you are going to go to the FSBO route, put in a lot of time and effort when the house is fresh on the market – then if things do not work out, give us a call – we can & will help.
- Money-$aving Tip # 7. Self-selling in a slow market is not a good choice – there are fewer buyers, so the worth and importance of my services are indispensable.
- Money-$aving Tip # 8. If you are selling on your own home and an agent drops by with an interested buyer, ask whether the agent will accept a reduced commission.
- Money-$aving Tip # 9. As your local real estate agency we have a network of buyers and investors that will increase your chances for a faster sale and usually for a better price.
- Money-$aving Tip # 10. Be sure the real estate professional you select works full time in the business. You want someone to be available whenever you or your prospective buyers have any questions.
- Money-$aving Tip # 11. Ask me about a reduced commission when helping you buy and sell at the same time.
- Money-$aving Tip # 12. The Agent you choose could mean the difference between selling your house quickly for almost the full asking price, or selling the house a year from now at a reduced price.
- Money-$aving Tip # 13. Make sure your Agent agrees to list your house with the Multiple Listing Service in your area. Putting your house in the MLS will ensure that the property receives the maximum exposure, which, in turn, will improve the chances that it will bring top dollar.
- Money-$aving Tip # 14. Make a list of the names and addresses of any potential prospects with whom you have come in contact before deciding to use an Agent. Have your Agent/Broker agree to a reduced commission if someone on this list buys your house within the first month of its listing.
- Money-$aving Tip # 15. When deciding on the length of the listing agreement, remember that, in general, homes that are competitively priced should sell within three months.
- Money-$aving Tip # 16. In most states, agreements with Brokers must be in writing to be enforceable. So thank your Agent/Broker for all the great things he or she is doing for you – but then get them in writing.
- Money-$aving Tip # 17. Time means money. To help sell your home faster, your Agent should prepare a fact sheet about your house and distribute them to as many people as possible.
- Money-$aving Tip # 18. To prevent the possibility of a lawsuit after the sale, get the buyers written acknowledgment of any major and minor problems before you accept an offer.
- Money-$aving Tip # 19. In today’s market, little things can mean a lot. Having written evidence that a house is in good shape could tip a buyer in your direction – resulting in a quicker sale at the right price.
- Money-$aving Tip # 20. It can pay to have your house inspected before listing – particularly if you know it needs some work. That way, if there are any serious problems, you can have them corrected at your convenience.
- Money-$aving Tip # 21. Avoid home inspectors who also do repair work or recommend contractors. You want someone who has nothing to gain by finding defects in the house.
- Money-$aving Tip # 22. If an inspection reveals major, costly problems, you can offer to reduce your price to compensate for them rather than take on the expense before selling.
- Money-$aving Tip # 23. Making simple repairs and carrying out thorough cleaning and maintenance chores – none of which calls for significant spending – can add value to a home and make the difference between a quick sale at the desired asking price and a lengthy one at a lowered price.
- Money-$aving Tip # 24. Simple, but neat, landscaping can help the marketability of your house.
- Money-$aving Tip # 25. The wise homeowner will improve the lot and outside appearance of the house before it is put up for sale. It makes dollars and sense.
- Money-$aving Tip # 26. When your house is scheduled to be shown, put your valuables in a safe place. Even though an agent should escort any prospective buyer through your home, don’t leave money, jewelry or other valuables out in the open.
- Money-$aving Tip # 27. The most cost-effective improvements are to the kitchen or bathroom.
- Money-$aving Tip # 28. Improvements that bring a home up to par with a neighborhood earn a better return than those that put it above the rest.
- Money-$aving Tip # 29. An appraisal can be a valuable bargaining tool during contract negotiations because most buyers view it as an impartial, almost scientific proof of value.
- Money-$aving Tip # 30. To get a top valuation, make sure your home is in “show condition”.
- Money-$aving Tip # 31. When setting the price on your home, leave room for negotiation, Set the price slightly higher than fair market value. Most buyers expect to pay less than the asking price.
- Money-$aving Tip # 32. Price is right if you want a quick sale. Be sure your asking price is competitive with those of similar properties in your neighborhood.
- Money-$aving Tip # 33. If your house has remained on the market for four months or more without selling, chances are you have overpriced it.
- Money-$aving Tip # 34. If you are selling your house yourself, avoid using words such as handyman special, priced reduced or owner anxious in your ads. They devalue your marketing position by suggesting to buyers that you need to sell quickly and that you’ll accept just about any kind of offer. If you are using a real estate agent, be sure he or she solicits your input.
- Money-$aving Tip # 35. By holding too many open houses, you may overexpose your home and create the impression that it is difficult to sell.
- Money-$aving Tip # 36. If your house isn’t selling as quickly as you’d like, ask your agent to quiz other agents about the objections their prospective buyers have mentioned, and then try to address the more relevant issues.
- Money-$aving Tip # 37. When your house won’t sell, consider lowering the price-within reason, of course. It’s a good time to get an appraisal and then to lower the price to the appraised value-or perhaps even somewhat lower. The alternative may be months or even years on the market, ongoing mortgage payments, taxes and other costs to maintain the property.
- Money-$aving Tip # 38. Never tell a buyer’s agent how long you’ll go on your asking price if push comes to shove. If you confide that although your price is $150, 000 you will go as low as $130, 000, the buyer will soon know your intentions. That’s because the buyer’s agent is legally bound to secure the lowest price for the buyer.
- Money-$aving Tip # 39. A seller’s agent is legally obligated to strive for the highest possible price for the property.
- Money-$aving Tip # 40. Don’t let nickles and dimes botch the deal. Picture this: You have just about sold your house. The buyer is rather fond of the light fixture in the dining room and insists it stays. You refuse to part with it. Never mind that the fixture is worth about $150, while the house was appraised at $200, 000. The deal is off!
- Money-$aving Tip # 41. Be sure to spell out in the contract all personal items about which there may be disputes as to whether they stay with the property.
- Money-$aving Tip # 42. Nothing you and the buyer say to each other is binding unless it’s contained in a written contract. So, never discuss an oral offer on your house-you might reveal some of your selling strategy to the buyer.
- Money-$aving Tip # 43. Find out all you can about the prospective buyer’s situation to help you in price negotiations.
- Money-$aving Tip # 44. Make up your mind in advance-and keep it to yourself-about the least amount of money you would accept for your house if you had to.
- Money-$aving Tip # 45. If your mortgage has an assumable clause, check to see whether you can use the interest rate and other terms as a selling point. In some cases, you may be able to offer the buyer a bargain mortgage. For example, if the going interest rate is 9 percent and you have an assumable mortgage at 7 percent, your loan should be worth something to the buyer.
- Money-$aving Tip # 46. If you qualify, the $125, 000 exclusion can include untaxed profit on previous homes for which you rolled over your gain.
- Money-$aving Tip # 47. Good records will help you save tax dollars.
- Money-$aving Tip # 48. The higher the cost basis for your house, the smaller your taxable gain will be when you sell. The cost basis can be increased by the following:
- Any permanent improvements made to the property.
- Any special tax assessments paid over the years (not property tax assessments).
- The costs of buying the house, such as closing costs and certain loan costs.
- Money-$aving Tip # 49. Be sure to deduct costs of selling to arrive at your adjusted sales price. This will reduce the taxable gain on the sale.
- Money-$aving Tip # 50. Consulting your tax adviser before the sale can be very profitable time well spent.