The best way to get the most out of your property investments is to maximize your profit. How exactly you accomplish this becomes a very important question when it comes to actually selling the place. You should aim to squeeze as much profit as you can out of a given property deal. Here are some of the ways in which you can increase your total profit from the sale!
Do it quickly
Speed is definitely an important word when it comes to making profit here. After all, the longer the house is on the market, the more it’s going to cost you. Still, there might be something to be said for holding out for a big buyer. The problem with that thinking is that, pretty soon, you have to start dropping the price of the property. Not what you want, really! Put an emphasis on speed.
Work without an agent
Agents can be pretty darn expensive. Yes, they offer quite a lot of benefits. But they often charge egregious commission fees. Many property owners feel that they slow down the process anyway! The buyer will also save money, as real estate agents charge them arbitrary fees too. You should make sure you know how to sell your house by owner. The savings on commissions and fees are only good as long as you do this right!
Fix it up
A lot of people make the mistake of renovating a property before they sell it. They’ll add decking, more windows, better air condition, a hot tub… Anything that makes the place seem more luxurious. But this is a mistake. The fact is that the vast majority of renovations don’t make their costs back. And there are some outright bad renovations that will lower the value! Consider playing it safe and simply getting it fixed and looking neat.
Make sure the value is correct
It’s surprising how many property owners will simply hazard a guess at the value their home is worth. They’ll assume it’s a certain amount over what they originally paid. Someone may assume, for example, that the value will have increased 15% in the three years since they bought it. But if your estimate is too high, then no-one will buy it, and you’ll have wasted money on trying to sell it. If it’s too low, then you lose out! It does cost money, but you should still get a professional appraisal. You may find yourself pleasantly surprised.
Correct any legal issues
If there are any legal problems in the deal, then they’re going to cost you a lot. They may even lose you a promising sale. You need to be absolutely sure that there are no housing code violations in the property. You need to ensure that any contract you’re drafting is airtight. Much of this means that you may want to look into some legal advice when you’re selling a property. This is probably recommended anyway. Especially when you consider the large sums of money you may be dealing with! Having a legal representative on your side can really help.
How useful was this post?
Click on a star to rate it!