Moving Out Of Your Property Before Selling It Could Cost You Thousands Of Dollars

Posted by admin on Jul 5, 2019 4:09 PM

Selling your home can often be a long, frustrating and tedious process, especially if you have seen your next potential property and have fallen victim to house lust. For some people, the temptation is too great and they move out of their current property to ensure that they can secure the new property, hoping that their original property will sell quickly due to it being vacant.

Recent research completed by Redfin has found that this is not the case and that in fact, it could cost the seller many thousands of dollars. In El Paso, Texas, for instance, the average vacant home sold for 6.6% less, or roughly $10,000, compared with occupied homes.

In Omaha, Nebraska, and Greenville, South Carolina the problem was even more severe, with vacant properties selling for 7.2% less than occupied homes an average loss of about $15,000. Part of the problem is that most empty properties have a certain feel about them, which for many people can be quite depressing.

Why is the house empty? Did something happen to the previous owners? Lots of irrational thoughts pop into buyers minds, and this can result in them offering a lower price or perhaps not even making an offer in the first place.

The other problem with an empty house is that it has no character. An empty house is not a home, it is clinical and empty. People cannot imagine the fun and laughter that has taken place within the four walls, and every defect however big or small is exposed for everyone to see. Whether it is a small scratch or dent on the wooden floor or a stain on the wall which would normally be hidden by a sofa, an empty home cannot hide anything.

Potential buyers might also assume that as a seller you will be desperate. If your house was repossessed or is close to being repossessed, or if you are paying for two mortgages one for the old home and one for the new, then your finances might well be stretched. As a buyer, who is under no pressure, why not make a very low offer, in the hope that you as the seller will be forced to accept it.

Not All Empty Homes Have To Sell For Less

If you do find yourself in the situation where you are trying to sell an empty property, do not despair, there are still a few things you can do to encourage a higher price.

Make sure the decoration of the home is to a high standard, as this is in effect the only thing that potential buyers have to look at. If might cost you a little money to paint and wallpaper most of the rooms, but this could dramatically increase the price.
Visit regularly and ensure the yard is well maintained as an unkempt front yard is often the first impression a potential buyer will get of any property – let’s not give them a shove in the wrong direction.
Ensure that you or the estate agent gets to the home an hour or more before the potential buyer to ensure that there is plenty of fresh air around the home.

Although some of the above tips will help maximize the price received for any vacant property, the fact remains that it is highly unlikely that an unoccupied property will sell for as quickly, or for as much money as a vacant property. Although it is easy to say, try not to fall into the trap of house lust, and where possible live in your home until it sells. Although it sounds simple moving out too early could cost you $15,000 or more, money which could go towards your next home purchase. Do not rush into a costly mistake, and always take the time to book an appointment to discuss your finances with Rachel, before you make any rash decisions, it could be the best move you ever make.

Comments Off

Comments are closed.

Moving Out Of Your Property Before Selling It Could Cost You Thousands Of Dollars

Not All Empty Homes Have To Sell For Less

Search

Recent Posts

Archives

Categories