If you want to sell your Boston home this year, you’ll have to do it quickly so you can increase your chances of winning the bidding war. Here are some strategies for making it happen.
Underpricing Your Home
If you list your Boston home for 10% less than what it’s actually worth, you will likely sell for 10% more than the value of the home. When people think they’re getting a great deal, they won’t mind offering a little more to make sure their bid is the winning one. Buyers know when a home is underpriced, so they’ll make sure their bid is impressive if they really want the home, so don’t worry that a low price will turn bidders off.
When you’re pricing your home, don’t go higher than the most expensive price you’d be willing to pay. That way, if someone places a bid higher than you, you’ll know you gave it your best. Remember that buyers will indicate their interest in buying a home pretty quickly, but in this market, that could backfire, because if the seller hasn’t found a new place to live yet, they may not be able to accept the buyer’s offer.
The best thing to do in this situation is to propose a residential lease to the seller. That way, if you close on the house in a short amount of time, you can rent it back to the seller for two or three months to give the family or individual a chance to search for a new home without feeling rushed, and you’ll still get the house you want.
Get Renter Protection
The property management company or your landlord can make your rental experience a positive or negative one, so be sure to search online for negative reviews from other tenants. The complaints that will occur most often as slow responses to maintenance calls or raising the rent without warning; some rental properties will also advertise non-existent amenities, which is another major complaints.
You’ll be at a slightly higher risk if you’re dealing with a first-time landlord. Be sure to ask lots of questions, like how the landlord will attend to maintenance issues or whether the landlord lives on the property. Test everything on the property before you sign the lease. And, under no circumstances should you sign a lease that makes you responsible for the exterior of the rental property.
Making the Most of Being a Landlord
When you’re a landlord, you’ve got to think like the tenant living in the worst conditions on your property, or the tenant who won’t pay rent on time, but won’t leave the property for years. These tenants know the regulations under which a tenant can be evicted, and will use this to their advantage. It’s important that you’re just as well-versed in these laws.
Write the lease in a way that will protect your rights, and indicate your stance on excessive noise, trash, and causing disturbances in the neighborhood. It’s important to save a little money from the rent you receive from tenants each month to cover legal fees if need be.
Eliminate Unnecessary Expenses
Start making changes to the property that are free, like opening or closing the drapes. Turn off any electrical appliances that aren’t in use; for instance, some TVs use more energy when off than on, so unplug the TV when you’re not watching it.
Make renovation drama-free by having clear objectives for remodeling. Think about which renovations are a necessity so you’re not making a space that isn’t best for you aesthetically pleasing. Before you get in touch with a designer or contractor, save 25% of your total renovation budget. This way, if water damage is found, you can simply pay to have the problem fixed without worrying about the cost, or eliminate another design feature to fix an essential issue.
███▓▒░░. Ed Greable Realtor .░░▒▓███