MINT HILL, NC – Both home sellers and buyers make mistakes. These mistakes can kill the deal or cost you quite a bit of money. Becoming aware of the top mistakes made by home sellers and buyers can help you avoid them.
Top Mistakes Made by Home Sellers
1. Showing Before the Home is Really Ready
One of the biggest mistakes sellers make is showing their home, or even listing it, before it’s ready. Even simple tasks, such as de-cluttering and cleaning can make a big difference.
In an ideal world, you will actually get a strong head start on packing and purging, stage it properly, and then list it for sale. While this isn’t always the case, you should never show your home without it being at its best.
2. Forgetting Capital- Gains Taxes
When you sell your home, if it has appreciated beyond a certain point and if you have not lived there 2 out of the last 5 years, you could be subject to capital-gains taxes on the profits. While some home improvements can reduce this tax bill, you will need documentation showing the improvements that made the home price go up.
Before you sell your home, make sure you know what to expect with capital-gains taxes.
3. Forgetting or Fudging Facts
Sellers have to be honest about their home or it can cause major issues. You cannot just list your home hoping buyers won’t notice or overlook the flaws you should have disclosed early on. Withholding information can cause the trust between you and the buyer to erode, and it is likely to cause major legal issues as well.
Top Mistakes Made by Home Buyers
1. Picking an Okay Location
You’ve heard that real estate is all about location and it’s true. Even if you fall in love with a home, if the location is only okay, it can cost you when it’s time to sell.
While you can renovate the home, add on to the home, and make many changes, you cannot change the location. Make sure you choose a great location when buying a home.
2. Buying Without Seeing the Home in Person
It’s usually a big mistake to buy a home sight unseen. Sure, you saw great online pictures, a 3-D floor plan, and even took a virtual tour. However, this isn’t the same as walking the home yourself.
Before you buy a home, make sure you see it in person. This can help you avoid buyers’ remorse.
3. Waiving the Home Inspection
You might think you need to waive the home inspection to compete, but this can be a big mistake. Home inspections help to protect you from buying a home needing a ton of work. Make sure you don’t waive the home inspection when buying a home.
Avoid these mistakes and you can make a better deal as a buyer or a seller.
I would love to be part of your journey when the time is right for you. If you ever have a real estate question or need, or know someone who does, trust that you can turn to me. I will help you make the right move! Anna Granger (704) 650-5707 | firstname.lastname@example.org | www.1stchoicepropertiesinc.com