In today's tough real estate market, you must do things to make your home stand out from the crowd. Home Staging has become a popular way to make your home stand out from the crowded listing inventory.
When we hear the word "Staging", we tend to automatically think that means we need someone else to come in and decorate, and add even more costs to the expense column when it comes to selling a property. But this is not the case. You can do some things yourself to improve your chances of selling your home.
- Set your listing price by utilizing area comparables, not based upon what you need to get for your home.
- Repair squeaky doors, chipped or smudged paint as well as broken fixtures and fittings that you've neglected.
- Get rid of worn carpets, and consider refinishing shabby hardwood floors. An inexpensive new area rug is a quick fix and can disguise the look of old floors.
- Invest in a fresh coat of paint and get 150 percent green back on your investment.
- Fix all running toilets, or risk flushing profits down the drain.
- Remember that "outside" is the new "inside." Show off all of your living spaces. It's your first chance to make a good impression, so you've got to make it count.
- Renew the look of rooms by replacing old or dated light fixtures, door hardware, light switches and outlets.
- Grind a lemon in the garbage disposal – it smells great and it's cheaper than air freshner.
- Display the kind of plants that aren't injection-molded and painted in a factory somewhere.
- Make things sparkle. Remember that people will look in your cupboards, under your sinks and in your closets. Mop, dust, vacuum, wash windows, baseboards, and anything else that a potential buyer may see as a turn-off.
Paying attention to these few things will help you be ahead of the crowd when potential buyers compare your home against others for sale.
Although nobody's perfect, it's important to be as perfect as possible when selling your home. That will increase the likelihood that you can have success selling it. Here are some helpful tips to give you the best chance to sell your Virginia Beach area home:
- Never avoid doing necessary repairs
You won't necessarily need to take out a second mortgage to fix up your home before putting it on the market. However, you can certainly do some basic home improvements to enhance your home's condition. That includes new carpeting, new gas or water pipes, interior or exterior paint, and so on. Speaking of the interior and exterior of your home, remember that both are important when you put your home on the market. Increasing your home's curb-side appeal will make it more marketable.
. - Never set the price too low
This is yet another mistake that homeowners often make when they put their home on the market. The problem is that taking this step could significantly reduce your profit margin. In fact, if you set the price too low you'll have no profit margin at all. The best way to avoid setting your home's price too low is to find out its actual market value before you put it on the market.
. - Never hire an inexperienced real estate agent
It's important that the real estate agent you pick has a reasonable amount of experience. He or she doesn't necessarily need 20 years experience selling homes. But you should also probably avoid hiring a newbie. One effective method is to get personal referrals for real estate agents. Whichever method you take to find a the right agent, always compare a minimum of three. That will help to increase the likelihood of finding the right one. You should also check the credentials of a particular real estate agent before choosing him or her.
. - Never set your home's price too high
Many experts say this is the biggest mistake you can make when putting your home on the market. It's a particularly bad idea today due to the amount of information that's available to home shoppers. Here's what often happens. If a shopper knows your home is much higher than its market value, then he or she will offer an extremely low price. That will likely anger you, which will likely result in the home not being sold. When pricing your home, it's important to consider several factors to calculate its market value. That will help to determine an accurate price for your home.
. - Never market your home inefficiently
Setting the right price for your home is a crucial step for selling your home. But that won't mean much if you don't market it effectively. The good news is, you can use several effective methods for maximizing the chance of selling your home. Talk to us about some of these marketing methods. Also, keep in mind that the process of marketing lasts until you actually sell your home.
Avoiding the above mistakes will help you sell your Virginia Beach area home sooner rather than later (or never).
When you decide to sell your home, you need to know what the cost basis of the home is, because it needs to be noted on your income tax return for the year you sell your home.
When you are considering selling your home, taxes are probably not the first thing on your mind. Taxes are involved in some way, whether you gain or lose money from a real estate transaction. Enter the term 'cost basis.'
In the United States, cost basis is a tax law term. The original price you paid for your home is what the basis is considered. Factors such as a home's appreciation or depreciation is where the cost portion of the calculation is taken into account and also adjusted for.
You, as a taxpayer, will end up paying taxes on a capital gain when you sell your property and your home has appreciated in value. Subtracting the money paid for the property's original value or basis, this is equal to the amount of money you gained on the sale. You, as a taxpayer, will end up saving on taxes from any loss you may have suffered if, when you sell your property, your home has depreciated in value. With the property's original basis factored in, this is again equal to the amount of money you lost on the sale.
It does not matter if the property is encumbered by a debt in this equation. The home's original cost, plus or minus any profit or loss realized at its sale, is all that matters. Any costs associated with the selling of your home can also be subtracted. The calculation has the possibility of being a little confusing, even if the figures seem relatively straightforward, especially if you don't have the strongest math skills. Contacting a tax specialist is the best way to ensure you understand your tax obligations.
You may qualify for a one time exemption on any gains when you sell your home, so again, consult with a CPA or tax professional for details on how your particular tax situation needs to be handled when you sell your home.
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