Tip 29: Why am I selling?
You made the decision of selling the house. You went through the motions of going over your house and looking for things to repair.
Before you get to the next step – advertising your house in the paper and by word of mouth - spend some quiet time to yourself so you can gauge your true feelings about why you want to sell your house.
If you have compelling reasons or circumstances that force you to sell, this may affect your position as a seller. As the property owner, you should always be on the driver’s seat.
Only you can dictate the terms of sale. If you’re emotionally or financially disadvantaged, you may want to put off selling your house until you’re 100% convinced that you’re ready – emotionally and financially.
Tip 30: Not the time to be fickle…
If your house holds much sentimental value and you feel that parting with it will affect you psychologically, assess how strong your emotional attachment to your house is.
Once the house is sold, there is no turning back. Sale contracts are legally binding. You can’t appear at the doorway of the new owners and say, “Sorry, I’ve changed my mind. I acted irrationally by selling. I want my house back!”
Tip 31: Nostalgia is a strong feeling
You want to sell because you’re getting divorced from your husband of 25 years? If you no longer love your husband, but still love your house, think twice about selling.
If the house means that much to you, then perhaps you may want to re-consider. A house is not only a physical structure. It is a refuge, a reservoir of memories of a family that built a future together.
Sell your house if you have to, but if you’ll spend sleepless nights regretting the decision to sell, you might be risking your mental health.
Tip 32: I’m in a bind…
Financially strapped? Many people think of selling their house to acquire much-needed cash. Your house is your only asset and perhaps the only asset that banks will look at if you apply for a loan.
Instead of selling, you may consider the option of using the equity you’ve built up in your home to apply for a loan. But don’t sell just because you need cash. Banks are often willing to give you room to maneuver on your house equity.
Tip 33: My home isn’t a hotel!
If you hesitate about selling your house because you want your children to have a place to stay when they visit, remember that you raised them to be responsible, self-sufficient adults.
If you really want to sell your house, this should be the least of your worries. Your grown children can perfectly manage on their own. Your house isn’t the Four Seasons!
T34: Listen up, but stay with your convictions!
Remind yourself that it’s your house, so buyers should play by your rules. Don’t let some smooth talking buyer convince you that your house isn’t worth that much.
You did your homework, so you’re the only one who knows what you should be getting for your house. Remember it’s the buyer who needs a house, not you. If one buyer is starting to get on your nerves, there are other buyers.
Tip 35: I’m selling, no matter what.
Banish your fears and emotional ups and downs because they only lead to inaction.
Bolster your self-confidence by constantly saying to yourself, “I want to sell my house, I will sell my house, and I will make money from selling my house”. This mantra will guide you and make you stronger as you go through the motions of the eventual sale.
Tip 36: Even well-meaning friends can derail you!
Stay focused. Don’t surround yourself with friends who like to foretell gloom and doom. “You might regret it,” or “There’s just too much stress handling the sale yourself, let the experts do what they’re best at”.
These pieces of advice, no matter how well-intentioned, have no place in your goals. Don’t be easily swayed by what your friends or colleagues tell you. Refuse to listen to horror stories about meeting the strangest of strangers.
Continue to: Part 5: Getting Serious and Getting Ready
Continue to: Part 5: Getting Serious and Getting Ready
If you own a home or are thinking about buying a home, knowing the difference between home equity loans and a mortgage is imperative before making a purchase. Both are types of financial transactions that involve the value of a house and how that value is assessed and used.A mortgage is given to a prospective homebuyer when he takes out a loan to purchase a house while, Equity is the value of a home, minus the remaining amount owed on the mortgage. Learn more:
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