When selling a home in Charlotte, it’s important to understand that you have to disclose any known issues with your house. However, you’re not required to actually fix these problems. Whether you should pay for any repair work before you put your house up for sale depends on a variety of factors.
Lowering the Home Asking Price
One way that you can get around making repairs is to simply lower the price of the house. Basically, the money that a buyer would save on the lower price would be put into the repair work that’s required. While many buyers will be willing to make this tradeoff — especially if the problem was only recently discovered during a home inspection — not all buyers will want to deal with the hassle of being in charge of major repairs.
Paying for Repairs
Buyers are often more attracted to homes that require less repair work. However, repairing every minor thing that’s wrong with your house may be unnecessary. A lot of minor issues may not affect the function of the house and buyers may not care about some of these issues either way.
It is worth noting that if there’s a lot of minor issues, it could potentially hurt the first impression that your house has on potential buyers. The more minor issues you have, the more suspicious they’re likely to be that there may be bigger problems that have yet to be discovered. Major repairs are typically worth doing yourself unless you don’t have the budget to do so or would rather just lower your asking price.
Ultimately, how fast you need to sell and how extensive the repairs needed may help you make the decision.
Once you’ve decided to buy a home, there’s no doubt that you’ll want to start househunting right away. However, you should slow down just a little bit. Before you dive into the homebuying process, the first thing that you should do on your home buying checklist is to get pre-approved for a mortgage.
The Importance of a Mortgage Pre-Approval
One of the first things you’re going to do when you decide to buy a house is to figure out what your financial situation is so that you can determine a budget. Otherwise, how will you know what price range to look in? However, the absolute last thing you’ll want to do is find the house of your dreams only to find out that you don’t qualify for the amount you need when you finally apply for a mortgage.
Not only will you be unable to buy the house you want, but you’ve just wasted a significant amount of time looking at houses that may have never been in your price range to begin with.
To avoid this issue, you should get a mortgage pre-approval before you begin looking at houses. A pre-approval is a written commitment provided by your lender. Not only will you have a figure that you can use as your budget, but a pre-approval can come in handy when negotiating with sellers since they prove that your loan approval won’t fall through.
Getting a Mortgage Pre-Approval
To get a mortgage pre-approval, you’ll need to provide your tax returns, prove that you are employed, provide your bank statements, and have a solid credit history. For the mortgage to be secured following pre-approval, an appraisal has to be done of the property.
One of the things that you’re going to want to do before you put your house up on the market is to get a professional home inspection. This will give you an idea of what all is wrong with the house so that you can invest in repairs or, at the very least, adjust the price you’re asking for accordingly.
Even if you don’t do an inspection, the buyer will do one before signing on the dotted line. If they find major problems with your house, the sale could fall through, which is why you have an inspection done before you even list the house. The following are a few tips to keep in mind when it comes to home inspections:
- Clean the house – It’s not just that you want to leave a good impression on the inspector, it’s also that you’ll want to make sure that they can safely get to everything they need to inspect without tripping over clutter. For example, make sure that they can easily reach your furnace or take a look in your basement.
- Collect your paperwork – You’ll need to show the inspector documentation of all maintenance and repairs you’ve done on the house.
- Make sure utilities are connected – The inspector will need to test your appliances and HVAC system, so make sure the gas and electricity are on.
- Replace dead batteries – The inspector will check all of the smoke alarms and carbon monoxide detectors in the house. Make sure that you change out dead batteries so help keep the inspection from slowing down.
- Be present – Show up at the scheduled inspection time and follow the inspector so that you can ask questions and get more thorough explanations about potential issues.
There are few more exciting moments in life than having your bid accepted when buying your first home. Unfortunately, it’s not as easy as just signing on the dotted line and getting the keys. Once your bid is accepted, a closing date will be set. On the day of the closing, a lot will need to be done. The following is what you can expect at closing:
- You’ll do a final walkthrough – Usually, you’ll do a final walkthrough 24 hours before the date of the closing to make sure everything is in order. A final walkthrough is necessary to make sure no problems have popped up.
- You’ll meet with a group of people – Expect a small group of people to be present at the closing, including the seller, their real estate agent, your real estate agent, their attorney, your attorney, a title company representative, and a representative of your bank or lender.
- You’ll need to bring paperwork – As the buyer, you will be required to bring a copy of the contract, home inspection reports, proof of homeowner’s insurance and a government-issued photo ID.
- You’ll need to bring your down payment – Find out before the date of the closing how you should pay. You may be able to perform a wire transfer ahead of time. In some cases, you may need to get a cashier’s check.
- You’ll need to pay several fees – Bring your checkbook because you’ll need to pay several different fees, including title search fees, loan origination fees, appraisal fees and more.
- You’ll need to sign documents – One of the reasons your lawyer should be present is because you’ll need to sign numerous documents to make the purchase official.
A home is a valuable asset,
which means that if you want to sell it, you’ll want to get as much money as you can for it. The following are five home selling tips that will help you get the most out of your house:
- Make necessary repairs – If you don’t repair the issues your house has, then you’re basically selling it “as is.” Most buyers will make an offer lower than the asking price if they notice that there are repairs to be made — if they decide to make a bid at all. After all, not everyone will want to deal with repair work once they buy a house.
- Invest in the curb appeal – Creating a good first impression is essential to convincing buyers to pay the asking price. Clean the windows, siding, pavement, and yard. Cut the lawn and trim the bushes. Consider investing in a few visual touches, such as repainting the house or planting colorful flowers.
- Clean and declutter the house – Your house will feel less valuable than it is if it’s messy. Declutter your home and clean it from top to bottom.
- Stage your house – An empty house often feels smaller than it is. By staging it, you can not only show buyers how each room can be set up, but you can also use high-quality furniture to make the home feel like it’s more valuable.
- Use a real estate agent – A real estate agent can be extremely in several ways. They can help price your home correctly, they can help stage your home effectively and they have an entire network of real estate agents that they can leverage to find motivated buyers.