Are you planning to sell your home as part of your preparation for retirement? Selling your home can be expensive, especially when you’re wanting to save up as much money as possible for your retirement finances. Here are a few ways to get more money out of your home sale.
Make High ROI Updates
First, you can make high ROI updates to your home to increase the property’s value. This can help you to increase your asking price, and as a result, make more money off your home. Even though renovations and updates will cost you money initially, they can increase the value of your home significantly.
However, not all home renovations are created equally when it comes to ROI. Some renovations might look really great but they might not actually affect your home’s value that much. Make sure that you spend some time researching which home renovations and updates will have the greatest return on your investment. Making high ROI updates will help you to get more money out of your home sale.
Skip Commissions and Other Fees
Another way to get more money out of your home sale is to skip commissions and other fees. When you’re selling your home traditionally, many expenses can add up quickly and unexpectedly, especially as you’re closing on your sale. Traditional home sales require real estate commissions paid to an agent.
Real estate commissions usually cost around 5-6% of your home sale price, which could end up being tens of thousands of dollars that you’ve lost. You can skip commissions and other fees by selling your house to a cash buyer, such as a cash home buying company. Cash buyers usually buy homes without real estate agents and will have minimal fees and expenses, helping you to save the most money possible when you’re selling your home.
Sell at the Right Time
Finally, you can get more money out of your home sale by selling at the right time. There are certain seasons of the year when homes are in higher demand, which could increase your buyer options and the money that you receive from your home sale. Selling your house in the “off-season” could cause you to have limited options for buyers and a smaller profit margin. In most areas, spring is the most popular season to sell a home. Make sure that you pay attention to your local market to know the right time to sell your home.
So, if you’re trying to get more money out of your home sale to supplement your retirement finances, remember these tips. You can get more money out of your home sale by making high ROI updates, skipping commissions and other fees, and selling at the right time. This can help you to have a profitable sale of your home as you’re headed into retirement.
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