Selling Your Brisbane Home: Our Top Tips For Budgeting and Research
When it comes to selling your Brisbane home, there are a lot of things you need to consider. Not only will you need to find an agent, and make repairs, but you’ll also have to consider other often forgotten about expenses, such as marketing costs. We know it’s a lot to think about – but with a bit of planning, you can prevent a budget blow-out. It can seem tedious, but there are a few steps you should take to plan the sale of your home. This will help prevent any unforeseen costs popping up, or in the event of an unexpected cost, this process will ensure you will have a contingency plan to keep you on budget. Because, as the saying goes, if you fail to plan, you plan to fail.
Step One: Research
Research, research, research! This is the first step to selling your home. You should consider this phase as the first step to keeping you on-budget during the sale.
Go to open for inspections in the area you would like to sell
Visiting open for inspections in your area are an easy and effective way to perform market research. An open for inspection will provide you with information about the pricing you can expect in the area, the demographics of people wanting to buy and potential agents you could use to list your own home. A great tip when going to open for inspections is to act like a buyer, this will make it easy to gain an understanding of the market and will allow you to compare your house with others in your area. Another reason to act like a buyer is so you can meet agents to potentially sell your home and watch how they field tricky questions.
Make friends with local agents and keep in contact
You never know who you’ll choose as an agent, so it’s important to keep in contact with those in your local area. When you choose an agent, it’s important to make sure you have a good rapport with them and you are confident they are passionate about getting the best result for you.
Use the internet to research sales
We admit, it’s a hard slog making it to open for inspections and auctions so if you’re finding it hard to come up with the spare time, using the internet to research sales and their results could be a great way of keeping up to date with the market in your area.
Step Two: Plan Your Budget
Selling your home costs money. From repairs to admin costs, it can all add up quickly, so it’s essential to have a plan. Here are some tips to make the most of your budget.
Make sure you allow for everything – and more
Many unexpected costs can pop up when selling a home, everything from the initial cleanup to major repairs and staging can all take unforeseen money out of your budget. So make sure you are prepared! You’ll want to budget for small repairs such as blown lights, squeaky hinges and dripping taps, as well as major repairs.
Another cost you may need to consider is staging. Even if you think your house only needs new towels or linen, it’s worthwhile budgeting for larger amounts of staging, this way you’ll always be prepared.
You may also want to invest in regular cleaning while your house is on the market. This will make your life a little bit less stressful during the selling process.
Include a healthy “contingency”
When it comes to selling a house, you never know what expenses may pop up, so our best piece of advice is to provide yourself with a healthy contingency budget. That means if unforeseen expenses do occur, you’ll be able to dip into your contingency money to keep yourself on budget.
When selling be aware of your minimum selling price
Of course, when selling your home you and your real estate agent will both be aiming for top price. However, the situation could occur, unfortunately, that you will need to resort to your minimum selling price. This means that your budget should be based off the minimum selling price, and if you do get your top price, you’ll be pleasantly surprised with all the extra funds you have from budgeting accordingly.
But by far the most important thing to consider when planning to sell your home is agreeing with your spouse or business partner. The best way to succeed when selling your home is to have documented budgets, selling prices and strategies outlining what you are both hoping to achieve.
If you’re thinking of selling your Brisbane home, contact RE/MAX Profile today. We can assist you with your budgeting strategy and provide staging advice, so you feel prepared, confident and ready to sell your home.