Selling your house is a big undertaking.
Deciding to sell your house is a critical decision, and there are some questions you should ask yourself first before piercing your lawn with a for-sale sign.
Here are the most important questions you should ask before deciding you’re ready to sell.
How Much Did You Buy the Property For Originally?
The first question you should answer for yourself is how much you originally bought the property for. Knowing the original purchase price will help you determine a reasonably accurate figure for your home’s current value.
Did you haggle and bargain when you bought it?
Or did you offer to pay the asking price?
Conversely, maybe you inherited the home debt-free, in which case you will ultimately stand to make more money from the sale of the property even if you come down in price.
Have You Made Improvements to the Home Since You Bought it?
Next on your list of inquiries should be the number of improvements you have made since moving in. If you have:
Built a new deck.
Updated the kitchen with new countertops, cabinets, or appliances.
Retiled the bathrooms.
Had the roof replaced.
Or anything else that adds value to the home.
You should take that into consideration.
The more improvements you have made to the home, the more it should be worth.
This means that if you bought the house for $75,000 ten years ago and made continuous improvements, you can expect to sell it for several thousand dollars more than what you bought it for.
How Much Is Your Home Worth?
Determining the actual value of a property often involves an appraisal, but those are expensive. Appraisals are typically requested by the bank when a buyer applies for a mortgage.
If you are lucky enough to receive a cash offer for your home, you can skip the whole appraisal process.
You’ll want to take a few minutes to look at “comps” (comparables) that have recently sold in your area.