Selling your Texas house is one of the most important financial decisions you’re going to make. Your house may be one of your greatest assets, and it’s probably worth six figures or more – so it’s important to approach home selling with a strategic focus and the prioritization it deserves.
Obviously, you’ll want to sell your house for the highest price possible. Doing so puts you at the favorable end of the financial transaction and gives you more money to put toward your next real estate purchase.
But in the course of selling a house, you’ll also be responsible for a variety of other costs, including agent commissions, repair costs, and more. How can you save money when selling your house?
First, Some Perspective
Before we talk about actual strategies to save you money when selling a house, it’s important to take a moment to adopt the proper perspective. Selling a home is a massive financial decision, and even in a modest situation, you might walk away with $100,000 or more. In the context of a transaction like this, $20 isn’t that big of a deal.
Collectively, these strategies can save you hundreds, or even thousands of dollars. But even this higher level of savings is relatively small in the grand scheme of things. Keep this in mind and try not to sweat the small stuff during your home sale journey; it’s much more financially prudent to prioritize the home sale price itself and other bigger items.
Work With a Real Estate Agent You Trust
One of the most important things you can do is work with a real estate agent you trust. Your real estate agent is going to be responsible for working in your best interests, which means selling your home for the highest possible price and minimizing your expenses in the meantime.
Agent commissions are generally worth it; because your agent can sell your home faster and for a higher overall price, it’s usually not worth trying to save money by cutting an agent out of the equation entirely. That said, some agents are better at their jobs than others, so when hiring an agent, look at key stats like:
- Median days on the market (DOM). How long are houses on the market with this agent?
- Transactions per year. How many houses do they sell every year?
- List to sale ratio. How much do their homes sell for compared to listing price?
Negotiate the Commission
When you do decide to work with an agent, consider negotiating the commission. You may or may not have much wiggle room here, but it’s always worth asking. If you can get the commission down even slightly, it could really pay off.
Choose Upgrades and Repairs Wisely
Some of the biggest expenses you’ll incur as a home seller include repairs you make before the transaction is finalized. Repairing and improving your home can help it sell faster and for a higher price, but it can also be expensive.
Accordingly, you’ll need to choose upgrades and repairs wisely.
- Functional necessity. Anything that impacts the habitability of the home should be prioritized, even if it’s expensive. Nobody wants to buy a house that requires extensive work – unless they’re specifically looking for a bargain.
- Superficial value. Definitely pull the trigger on any home repairs or upgrades that have tremendous superficial value when compared to the cost of the work. An excellent example here is painting; applying a fresh coat of paint to the house is usually fast and cheap, but it can make your home look much better.
- True costs. You’ll also have to consider the true cost of any repair project you plan. Price materials carefully, shop around for contractors, and estimate conservatively before moving forward.
Do Some Work Yourself
You might be able to save some costs associated with selling by doing the work yourself, though it’s sometimes wiser to hire a professional. Gauge your own skills and experience, then move forward as you see fit.
- Repairs. You may be able to practice some repairs and upgrades on your own, especially if you have prior DIY experience. At a minimum, you should be able to patch holes and paint.
- Staging. If you spend some time researching home staging, you might be able to rent some staging furniture and stage the home yourself.
- Photography. Similarly, if you have some knowledge and experience in the realm of photography, you might be able to handle some of your own visuals.
Make Concessions Strategically
Too many concessions can cripple you as a seller, but if you want your house to move relatively quickly, you should be willing to make at least some concessions. Think strategically to try and maximize your position without losing a potential deal in the process. For example, don’t be too eager to cover closing costs for the buyer; if you do decide to cover closing costs, consider asking for an increased home purchase price as compensation.
Bonus: Save on Moving Costs
While moving costs aren’t technically associated with selling the house, most home sellers end up moving immediately after selling.
These are some ways that you can save money on your upcoming move:
- Sell or donate what you don’t need. Before you get too involved in move planning, thoroughly sort through your possessions and sell or donate anything you don’t need. The less you have to move, the less you’ll pay for your move.
- Don’t buy supplies. Most moving supplies are either unnecessary or available for free. Talk to local stores to get free cardboard boxes and use clothes as packing material for fragile items.
- Get bids from multiple movers. Talk to multiple moving companies before making the final call.
Selling a house in Texas doesn’t have to be complicated or stressful. With the help of knowledgeable, competent Texas real estate agents, you can sell your home faster, for more money, and with greater peace of mind.
If you’re currently looking for a real estate agent, you’re in the right place – you can contact us for a free consultation today!