The fine folks over at CNN Money recently gathered together a collection of tips from top experts and readers for buyers and sellers. We’ve gathered together a sample of the tips offered:
Sell your home fast
Underprice it from the start. If you list your home for at least 10% less than it’s worth, you’ll often sell it for 10% more.
Buyers notice a house that’s underpriced: They’ll take it by storm and drive up the price with a bidding war.
People worry that setting the price low will deter bidders. That’s not the case. If you don’t get competitive bids, you didn’t truly underprice the house to begin with.
— Barbara Corcoran, founder, real estate firm the Corcoran Group and panelist on ABC’s “Shark Tank”
Protect yourself as a renter
Your landlord or property management company can make or break your rental experience, so look online for negative reviews. Slow responses to maintenance calls and deceptive leasing practices, like advertisements for amenities that don’t exist, are the most common complaints.
A first-time landlord is a slightly higher risk. Ask a lot of questions, including where he lives and who will respond to maintenance requests. Before you sign a lease, test everything — appliances, windows, light switches. If anything needs to be fixed, make sure that’s included in the rental agreement. And don’t sign anything that holds you responsible for the building’s exterior.
— TJ Rubin, managing broker at Fulton Grace Realty, Chicago
Take the drama out of a renovation
Don’t walk blindly into a major renovation project. Know why you are remodeling, and define what you really need so you don’t just pretty up a space that doesn’t work for you.
And before you even contact a contractor or designer, take 25% of your renovation budget and sock it away. That way when your contractor finds water damage, you can fix the problem and move on without fighting about how much it’s going to cost — or what part of your plan you have to scrap to stay on budget.
— Susan Solakian, consultant and author of The Homeowner’s Guide to Managing a Renovation
Make sure to go read the full article and see all the tips offered.
Source: CNN Money
Authors: Kim Clark, Susie Poppick, V.L. Hartmann, Jeff Ingles, Susan Johnson, Austin Kilham, and Christine Lee