5 Reasons Why You Need to Check The Value of Your Property Before Selling

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Getting ready to sell your property can be both a fun and stressful time all wrapped into one. You want to ensure that you get your money’s worth out of selling your property, but you also want to ensure you don’t start off asking too much and end up missing the wave of potential offers that could be streaming in.

Here are a few reasons that you should really check into the actual value of your property before you decide to sell it on the market.

You get the maximum amount of money from the sale

One major reason that you should be checking the value of your property before you sell it is for the simple purpose of ensuring you know what the property is actually worth. You don’t want to sell the property for what you think it may be worth and find out afterward that you could have gotten much more out of it. By checking your property’s value before you list it, you can ensure that you know what you can expect to get from the property when you sell it to a willing buyer.

So you can discount the price for repairs

Most homebuyers will have a home inspection completed before they ever sign the final documents. During this home inspection, the inspector will be looking for issues that will need to be addressed by both the seller and the buyer. Major issues like water leaks or a worn-down roof can be a big issue when it comes to pushing the final sale.

For example, homes in Boise, Idaho see both cold winters and very hot summers. This change in precipitation throughout the year can take its toll on a roof. If you look into commercial roofing Boise locals report paying anywhere from $100 to $150 per square foot depending on the type of material used. Since they know that a roof is not cheap, they’re going to want to discount the price of the roof from the overall sale price. By understanding what the value of your property currently is, you can set a better sale price that will intrigue buyers to go through with their purchase. Plus, you won’t be surprised if a potential buyer asks you to lower the price due to the repairs that are necessary for the future.

So you know your capital gains tax

If you’re into buying and selling real estate on a normal basis, then you know about capital gains tax. This is the amount of money you have to pay to the government based on the profit that you made from the sale of your property. When you have the property’s value assessed before you sell it, you can determine just what you’ll be expected to pay in capital gains tax. This can ensure that you can properly plan out your finances for the tax year with ease.

To ensure you’re not upside down on the property

In the real estate world, being upside down on a property means that you owe more than the property’s worth. It’s not uncommon for real estate markets to fluctuate over time. While your house may have been worth a lot more when you bought it, recent trends may have the value at an all-time low. By understanding where the value of your home is right now, you can better assess whether or not right now is the ideal time to sell it. In some instances, you may find that waiting a couple of years can help to ensure you’re not upside down on the property.

Simple renovations could drastically enhance the value

It’s important that you understand where your property value is starting at. This gives you a basis for determining what you want to do with it. In some cases, you may notice that properties with various updated amenities are selling for higher than your property. With a little renovation on your part, you can potentially enhance the value of your property. If the renovations will be much cheaper to do than the value they can bring to your property, you may just want to do the renovations first before you sell the property.

No matter whether you have a commercial or residential property, it pays to know the value of the property before you decide to sell it. The above are just five of the many reasons you should get the assessment before your listing ever goes out. We’re sure by now you have a better understanding of just how imperative the actual property’s value is to your financial success when selling your property to a new buyer.