Friday, April 25, 2014

Pros and cons of selling your own home

Deciding to sell your home is just the first of many decisions you have to make as a property seller. From setting the selling price to advertising your property, there are many things you need to consider. Another decision that needs to be made is choosing whether to sell your home through a real estate broker or on your own. Here are the advantages and disadvantages of selling your home on your own...

Some homeowners may enjoy the independence of selling their own property.

Pros

  1. Selling through a real estate broker means spending on commission fees once the property sale is closed. This can be quite a sum since brokers typically charge three to six percent of the selling price as commission. Selling the home on your own will help avoid these costs.
     
  2. Some homeowners may enjoy the independence of selling their own property. For hands-on home sellers, this can be an ideal setup as you won’t have to rely on other people for viewings, appointments and transactions.
     
  3. For those who are selling their home for financial reasons, it could be beneficial to sell your home without any expenses. This is possible when you sell your own property. You won’t need to pay for real estate broker’s fees, while the other costs may be negotiated to fall on the buyer instead.
  4. Selling your property, particularly if it’s a home you’re currently living in, involves inviting potential buyers to view it. When you sell your own home, it may be more difficult to screen which buyers are actually serious and qualified.

Cons

  1. The selling process involves signing contracts and other documents. A misstep in any of these can make for serious transaction problems. If you’re not familiar with the property selling process, you may encounter some legal pitfalls.
     
  2. It takes considerable time and effort to sell a property. If you have a full-time job, it may be difficult to handle inquiries, appointments and viewings.

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