3 Important Questions You Need to Answer Before Selling your New York Property
Mar - 21 - 2018
It is quite common for people to sell their homes without knowing exactly how to get the most bang for the buck. These three questions will help you clear-up those selling motivations and make a more informed and financially successful decision before Selling your New York Property
#1 What is My Main Reason for Selling?
First, clearly identify your top priority reason for selling. If it is to get as big a profit as possible, you’ll want as much time as possible to fish for a buyer willing to pay above-market prices. Or you may need to wait until the next peak real estate sales season, which is usually springtime. But if raising cash to quickly pay off looming debts or avoid foreclosure is your goal, a fast sale at a decent price is the way to go. Or if you are selling to avoid the headaches of ownership, your money and time priorities may fall somewhere in between those other scenarios.
#2 How Much Does it Cost to Sell My New York Home?
Add up the utilities, property taxes, mortgage payments, insurance, and any other monthly overhead costs before Selling your New York Property. Each month you keep the home, you have to pay those. So subtract those from your potential profit for each month you believe it will take to sell. For example, if the monthly overhead is $1,500, and it might take you four months to sell, then subtract $6,000 (4 X $1,500 = $6,000). Next, subtract home selling expenses for real estate commissions, repairs, and legal fees. Those calculations help you forecast your bottom line.
#3 Does My Plan Match My Timeline?
Now see if your costs to sell still let you achieve your main goal or reason for selling. If not, then you’ll need to adjust your plan. Maybe you will need to sell sooner than you thought, or try to sell without paying a real estate commission or doing costly repairs. That’s a decision you need to make at the start of the process…before you spend money on Realtors and contractors. Keep in mind that a cash sale to an investor may be the right answer for sellers who need the fastest possible sale at a fair price. Investors can pay cash without the seller having to pay any commissions or do any repairs. Many can close the sale in a month or less, too, to save on overhead expenses.
- A Quick & Painless Solution to a Hoarder Situation in New York
- 3 Important Questions You Need to Answer Before Selling your New York Property
- Hiring a Realtor vs. Selling Directly to a New York Investor
- 3 Things to Consider When You Inherit a House in New York
- Tips for Avoiding Fraudsters When Selling Your New York Home
- Solve Your Money Problems without Going Deeper into Debt
- When You’re Straddling Two Mortgages, Here’s a Lifeline
- House Cash Offers Are About Solutions, Not Just Money
- New York Short Sales and How They Can Be a Lifesaver
- Are You Tired of Being a New York Landlord?