If you’re preparing to sell your home in the near future, your main goal is likely getting the biggest profit you can from the sale. However, what you may think will help you get more money once you sell your home may not actually be the best bet for you.
To help you in making the right decisions in this area, here are three tips for making more money off of the sale of your home.
Consider Small Renovations
When many people think about what will make their home more valuable, their first instinct is to put a lot of their own money into the home in order to boost its value. However, there comes a point where the law of diminishing returns comes into play here.
Knowing this, Joe Gomez, a contributor to Opendoor.com, advises that you focus your efforts on smaller renovations rather than taking on bigger home renovations at this time. As you do this, try to make upgrades or changes that will appeal to the largest number of people. This means that you don’t want to choose something that’s too trendy or that plays into your own individual tastes too much. If you were to do this, you run the risk of your buyer not actually finding value in the renovations you’ve done, which could result in your home being less valuable to them rather than more valuable.
Pick The Right Pricing Strategy
The price at which you put your home on the market will also be a big deciding factor in how much you’re actually able to get for your home once you sell it.
While some people assume that putting their home on the market at the highest possible price will get them the most money, Melina Glusac, a contributor to Insider.com, shares that over-valuing your home is one of the worst things you can do to hopefully get a large profit. Instead, you may want to err on the side of under-valuing your home, even just slightly. Especially in a seller’s market, this can cause you to get multiple offers for more than your asking price, which is what you want as a seller.
Watch The Market For The Right Time
When you’re selling your home, one of the ways you can get more one the sale is by being one of a smaller number of homes on the market at that time. To do this, Alaina Tweddale, a contributor to GoBankingRates.com, shares that you’ll want to really watch your local housing market for the right time to list your home. When fewer homes are available, that’s when the principle of supply and demand will be in your favor, resulting in a potentially higher offer.
If you want to try to make as much money off of the sale of your home as possible, consider using the tips mentioned above to help you accomplish this.