Due diligence is the magic key that will help you reduce the cost of selling a house.
This page arms you with sound information about real estate fees and commission and how to get a reliable appraisal and sale price estimate.
Importantly, it also covers essential advice that will help you avoid having to go on the market twice, a situation which is both costly and preventable.
If you want the full lowdown on the cost of selling a house, you won't find more comprehensive information anywhere else so bookmark the page for future reference.
Appraisals & Establishing A Sale Price
If you're in the initial stages of thinking about selling or wanting to get started, it is this very point of the process that will determine the fate of your sale.
Due diligence requires numerous decisions to be made but it can be hard to find out exactly what you need to know.
First, find out about real estate appraisers and appraisals before you approach real estate agents. This will help you to be better prepared.
The recommended sale price in an appraisal is what is used for marketing your property for sale so make sure you know how to establish an accurate sale price or you can risk your house sitting unsold for months.
If you would like advice specific to you and your property, get in touch.
Mounting Cost Of A Downward Spiral
Selling your house a second time around is categorised by us as one of the hardest of all properties to sell - and the most stressful.
But it's a situation that can easily be avoided with the right advice first time around, especially about choosing a real estate agent.
Consequences of not selling right the first time include:
- Having to find a real estate agent who is better than the last one
- An additional period of paid advertising and marketing at your expense
- The possibility of paying double commission if you don't sign the clauses provided
- Additional interest paid on a mortgage on the property if you have one
- Increased legal expenses
- The emotional cost of more people trudging through your home...
- You may have to re-rent the property again to new tenants
- Price reduced marketing and looking 'desperate to sell' can attract buyers in lower price brackets
- You are more likely to accept a less than desirable sale price
- Above all, it is disheartening. You've made a decision to sell and you 'can't move on'
The Impact Of Day One On House Sale Cost
Getting the best sale price a second time around is harder to achieve because the early buyers have come and gone. Getting new interest in your home is harder to find.
The impact of day one on the market is well demonstrated in this graph. It provides some explanation and also affirms why due diligence at the beginning is so valuable.
The flow-on effect financially and emotionally of selling second time around can take its toll so Wise Up NZ's 'do it once, but do it right' ethos encourages you to utilise all the researched resources here.
Knowing how to take the first step is answered here in this one-page flowchart that demonstrates the real estate process in five easier steps.
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You might also like:
- How to price your home accurately for sale
- Real estate commission and fees
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