How To Save Money When Selling Your Home

There are many costs associated with selling your home, but there are also many ways to save. Some fees and costs are unavoidable, but there are many ways to reduce the amount you spend. For example, you can save on real estate commissions by negotiating a lower rate or by selling your home yourself. You can also save on marketing and advertising expenses by using online tools instead of hiring a professional. By being proactive and organized, you can save money on the sale of your home without sacrificing quality or service.

Real estate fees or commissions may amount to 6% of your final selling price. However, there are many tactics you can use to keep more of your profit in your pocket — and not leave money on the table.

For example, you may want to consider when to list. Listing at the wrong time can cost you thousands of dollars in lost profits. You can also save on fees by using a discount broker or by being willing to negotiate. By being mindful of all the potential costs involved in selling a property, you can ensure that you get the best deal possible.

Leverage the current state of the real estate market

If you’re selling your home in a seller’s market, you may be able to take advantage of the situation in more ways than just asking for a higher price. For example, you could ask the real estate agent to charge a lower commission, or for the closing fees to be waived altogether. You could also ask for discounts on related services, such as home staging or moving costs.

Know the costs

Understand the fees associated with your home purchase, both fixed and flexible. This will help you budget for the entire process. Some costs, like filing paperwork with your municipality, are unavoidable. Others, like agent commissions or staging fees, may be more negotiable.

Ask for a favorable commission

Agents are used to negotiating their commission, so if you’re looking to save on this cost, don’t be afraid to ask. In a seller’s market, your home is likely to sell quickly and for asking price or more, so your agent may be more willing to agree to a lower commission. Remember, the less work your agent has to do, the more likely they are to cooperate.

Make the necessary repairs before listing your home

It’s important to be thoughtful about the repairs you make before putting your home on the market. Some repairs are more likely to generate a return on your money than others. So before you start repairing everything in sight, focus on the most important fixes.

List it at the right price

While pricing your home at a higher price than the market value may seem ideal, it can actually cost you money in the long run. In a seller’s market, pricing your home at or slightly below market value will generate more interest, translating to a bidding war and a greater chance of selling your home for more than the asking price.

Hire an agent!

Though you have to pay a commission to an agent, an experienced real estate agent is well worth it and may actually end up getting you a much better price for the sale of your home than you would get selling it on your own.