Post from MilitaryByOwner
It’s that time of the year again — PCS orders are coming. And with your PCS on the horizon, it’s time to start the moving process again.
Among all the ankle biters may be the big task of selling your home. Even if you were able to avoid keeping your home show-ready during the holiday season, there’s no denying that your springtime home sale is fast approaching. It’s not a bad idea to prep your home now to sell later.
1. Decide whether you’ll do a “For Sale By Owner” (FSBO) or hire a real estate agent
Before you dive into your to-do list, you need to determine if a FSBO is the right route for you.
Not sure which option best suits you? Here are a few FSBO pros and cons to help you make the decision:
Pros:
- You can save money. The money that would otherwise go to a real estate agent’s commission could instead go to your next home.
- It’s more personal. While a real estate agent can point out the beautiful features of your home, you can provide more detailed info. Quirks, creative uses of space, and an appropriate amount of sentiment can help you capture and hold a potential buyer’s attention.
- More flexibility. While agents prove to be a valuable asset, they don’t live and breathe your home sale. They have other clients and obligations that might conflict with your availability. Without a third party, you’re free to plan appointments, showings, and meetings whenever it works best for you and a potential buyer.
Want more info on selling your home by owner? Check out this free guide: Answers to Your “For Sale By Owner” Most Frequently Asked Questions.
Cons:
- You may not know the market. While you may have some experience selling a home, an agent does it for a living. A real estate professional can help you set a realistic asking price, guide you toward updates and repairs to increase the value of your home, and help you stage since it’s their job to know the current market.
- Paperwork. You’ll have a stack of legal documents to complete in order to finalize your sale. If you’re not familiar with the process, an agent can guide you through it.
If you choose to work with an agent, start your research now to ensure that you find the right fit for your home sale!
2. Evaluate your finances
Your finances dictate everything in your home sale, from how much you can invest in getting your property ready to sell to how much you’ll pocket. For this reason, it’s crucial to evaluate your budget before you even buy a can of paint.
- Set the asking price. Your asking price is a reflection of your home’s current market value and the amount you’re hoping to walk away with after closing. Whether using the services of an agent or doing it yourself, here are some tips:
- Compare your home’s price to similar homes for sale nearby.
- Evaluate the overall market.
- Consider location and future developments.
- Keep your emotions out of it.
- Understand your tax standing upon the sale. Just like your regular income, the government will want a share of your capital gain. And these taxes can be a big deal if you’re unprepared and haven’t budgeted for them.
“Fortunately, there are exemptions from paying taxes and even more specific exemptions for military members, but you’ll have to brush up on tax laws or consult with an accountant to know if your home sale will be worth the money involved. If the profits don’t equal more than what you’d pay in taxes, it might be time to reconsider a sale further in the future” — What You Should Be Doing Now to Sell or Rent Your Home Later
3. Start any needed home repairs and maintenance
There’s a high probability that your home needs a few repairs or at least some maintenance before it’s ready to be listed. Now is the time to chip away at these tasks. Not only can this alleviate your stress as you get closer to crunch time, but it will also help you budget and space out expenses leading up to the sale. Some areas to pay attention to:
- Paint updates or touch-ups.
- Deep cleaning.
- Roof repairs or replacement.
- Repairing water damage.
- Replacing worn carpet or flooring.
- Updating hardware or bath/kitchen fixtures.
- Fixing or replacing broken appliances.
- Repairing broken railings, baseboards, and imperfections in the walls.
Once you lay the foundation for a successful home sale, you can dive into more tasks later. Priorities like home staging, removing unnecessary items from the home, and creating an unforgettable listing are all crucial parts to a home sale. But they can wait for now.
When you’re ready, head over to MilitaryByOwner to get your home listing in front of the military families moving into your area!
