Selling your home involves a lot of paperwork and can be stressing, especially if it’s your first time doing it. Now that you are selling it to fund your business, you need to be extremely careful to avoid unnecessary costs and maximize your business’s maximum funds. Otherwise, you may find yourself without enough funds for your business and a home at the same time.
To get as much as possible when selling your home to fund your business, here are mistakes you should avoid.
1. Getting emotionally involved
Though selling your home is an emotional experience, getting too emotional can affect your judgement. You may not want to let go of the house, especially if you have lived in it for many years. There are so many memories created in the house which may trigger your emotions. However, remember you have an objective to raise money for your business, so you need to reason with the right mindset.
Interested buyers don’t have the same emotional attachments, so don’t make changes based on your emotions. Such small things may drive away a potential buyer.
2. Not preparing to sell
This is quite common as real estate agents often see homes that are not ready for a sale. Not getting ready in time may hinder you from opportunities to sell your home fast and at a higher price.
The money you need for your business should motivate getting everything ready on time, so pictures can be taken as fast as possible and be placed online to attract buyers. Prepare early enough by fixing any issues with the house, so everything is ready when its time to start the process.
3. Not marketing online
Even the best houses require online advertising to attract potential buyers. A lot of young home buyers will search for a home online. With quality yet realistic photos of the house online, there is a high chance of selling the home faster. Online marketing is now becoming popular as most people search for things to buy online.
Maximize on your social media platforms to send word that you are selling your home. Add quality pictures of the house as they are the first thing buyers will see.
4. Hiding repairs
If you think the buyer won’t notice a roof leak or bug problem, you’re mistaken. Your buyer is probably smart enough to hire a home inspection agency to conduct a thorough inspection of the house after you accept their offer. If the home inspection agency notices a major problem, it may delay the closing date or even terminate the deal.
To raise money for your business by selling your home, a delay or termination of a good deal is the last thing you want. Ensure your home is in great shape and disclose any relevant issues to the potential buyer to avoid such delays.
5. Selling your home during winter season
There really is a good time to sell your home during the year. Winter season is a slow time to sell since most people are busy with social activities while others prefer staying indoors to avoid the cold weather. Only a few buyers are likely to move so selling your home at this time of the year is not a good idea.
To avoid waiting so long to sell your home, so you get that funding for your business, make sure your sell process does not coincide with the winter season. Try selling when the weather starts to warm up.
6. Not accommodating potential buyers
If a buyer contacts you seeking to view the house, you should accommodate them regardless of your schedule. Your business needs the funds, so the more you delay, the more your business operates under low finances. Besides, that same business that needs your funds is probably the same business that will finance you to buy another house. Therefore, even when the buyer’s schedule to view the house inconveniences you, try to accommodate them as they may be the potential financiers of your business by buying your property.
7. Selling to unqualified buyer
It’s reasonable to request a buyer to show you a pre-approval letter in case they are financed by a mortgage lender or a proof of funds for those intending to pay using cash. Be careful to sign a contract with a buyer who expects to sell their home first to get the money that will pay for your home. Since you are selling your home to finance your business, you most probably want to close the sell by a certain date.
Selling to unqualified buyers may bind you delaying your process. To avoid such misfortunes, you can work with a professional house buying company such as cash buyer property.
8. Pricing your home wrong
Pricing a home is quite tricky. You can price it too low and miss out on making thousands of dollars in profit. The same way, you can price it too high and turn away interested buyers or wait for months before selling and be forced to reduce the price.
Do thorough research and ask around to know how much homes are selling at. Don’t rely on the internet alone. Ask home selling agents for comparative market analysis, so you price your home correctly. Correct pricing from the start will determine how quickly you sell and how much you end up with in your pocket.
Final thought
Selling your home to fund your business comes with a lot of pressure. You are parting with your home to save your business so you may experience mixed emotions. However, try to maintain a sober mindset to avoid mistakes that may cost you both your home and your business at the same time.
Be keen on scammers or non-serious buyers who will waste your time. Though you may be trying to save on cost and avoid hiring real estate agents, consider hiring a cheaper one as they may save you a great deal. You can even opt for a part-time agent, so you try to save on cost.