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4 Financial Tips Before Listing Your Home
4 Financial Tips Before Listing Your Home
As a homeowner looking to sell, it's crucial to research and do homework before listing your home. Finding a trusted agent, creating a list of must-haves in your new home, and touring open houses are important, but finances should not be overlooked. Consider these 4 financial tips before listing your home in the market.
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Get clear on your current credit status
Reviewing your credit and spotting any glitches along the way will save you a headache when waiting for loans or escrow accounts. Some credit rehabilitation projects may takes months to complete, making it crucial to get started right away. Even if you are sure your credit is top-notch and ready to go, it's worth double checking.
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Determine how much you can afford
If your lender is able to offer a higher amount, that doesn't always mean you should accept the maximum payment. Take time to calculate cost of monthly utilities, home insurance, property taxes, and other home-related expenses once you move. When determining how much you can afford, consider speaking with:
- Your agent, so they can prepare to show you homes in your price range.
- Your mortgage broker, to help you understand various financial scenarios.
- Your tax advisor, to keep you informed on what will affect your tax situations.
- Your financial planner, to help you get clarify on your current income and expenses.
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Get inspections and key reports in advance
When selling your home, unplanned surprises such as property issues, unknown taxes, and liens can complicate the sale. The safest option is to have this information before you have an interested buyer. Choosing to be upfront with current issues may result in a lower bid, but will minimize the likelihood of tense negotiations.
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Consider Updates and Remodeling
It may be hard to justify spending money on a home you are looking to move out of, but doing small renovations will add value while updating to current trends. Completing projects, such as updating hardware in the kitchen and bathroom or installing new lighting fixtures are sure to gain the attention from home buyers.
Choice Properties offers you a chance to find the home of your dreams. We work with your budget and ideas in mind to support your ultimate vision. Call us if you are ready to check out the available inventory or to speak with a reputable agent who can assist you with your home buying needs.