You can save money when selling your investment property by exploring alternative options that are not only cost-effective but also save you time. In our latest post, we discuss various selling strategies, emphasizing how you can save money when selling your investment property. We discuss the downsides of listing a Chicago house with an agent, such as repair costs and agent commissions, and offer practical advice on how to achieve the best price for your property quickly.
Sell To A Professional
Working with a professional home buyer such as Heartland Funding Inc. offers numerous advantages that can help you save money when selling your investment property. You can sell quickly, relieving yourself of responsibility for the home and avoiding ongoing maintenance costs. Additionally, you can eliminate expenses like taxes, utility bills, homeowners insurance, and other ownership costs. There’s no need to spend money on repairs or professional cleaning. This convenience allows you to quickly sell and use the proceeds for another investment. Selling to another investor can be appealing, as both parties understand the property’s value, leading to a straightforward and mutually beneficial transaction.
Sell Your House On Your Own
By selling your property on your own, you can save money on commissions. However, you’ll still be responsible for covering marketing and closing costs. Expect to spend numerous hours each week screening calls, responding to inquiries, and scheduling property showings. You’ll also need to budget for repairs, listings, and ongoing maintenance for as long as you own the property. Statistics show that selling independently typically takes longer than listing with an agent, leading to higher monthly ownership expenses. While you’ll save on the agent’s commission, you’ll be responsible for everything else, including marketing, contracts, and negotiations.
If You Do List…
Don’t Bother Upgrading
If you choose to list your investment property, you can save money by only addressing essential repairs. Leave any necessary upgrades or outdated aspects for the new owners to handle. You can provide a credit for these upgrades or offer other incentives to entice potential buyers. Many buyers will value the chance to personalize the property to their liking. Consider the scenario where you spend a significant amount on a kitchen renovation, only to discover that a buyer dislikes the style you chose. Everyone has different preferences, and allowing buyers to make their own modifications can actually facilitate a sale. This approach can also save you money as you won’t need to invest in upgrades that may not align with a buyer’s preferences.
Price It Right
If you’re thinking about selling your Chicago property, it’s important to get the price right. Many homeowners make the mistake of overpricing their homes because they’re unsure of their true value. Agents might also inflate the price to encourage a sale. However, an incorrect price can lead to your property sitting on the market, losing its appeal over time. Potential buyers often assume there’s a problem with a house that doesn’t sell quickly. Before listing, it’s important to understand your home’s real value. This helps set realistic expectations and prevents disappointment from lower-than-expected offers. Our team can help you determine the accurate value of your property and make a fair offer promptly.