Selling Your Own Home: What You Shouldn’t Do Yourself

Selling Your Own Home: What You Shouldn't Do YourselfSelling your own home can be both practical and empowering. You can save money and feel like you have accomplished something important. Although most of the tasks involved with selling your house by owner are within just about anybody’s expertise, there are some things you will need to leave to the professionals.

How Do You Know When to Let Someone Else Do It? Do-it-yourselves may have a hard time knowing when to bring in someone else. Before taking on a task, determine exactly what is involved. If this is something you have done before, or similar to something you have done, then you can get away with doing it yourself. If this is something about which you have no idea, then you would probably be better off hiring someone.

Major repairs or renovations make sure your house is in good shape before putting out “For Sale by Owner” sign. If doing this requires major repairs, ask yourself if you have the expertise to complete all of the tasks involved. If your house needs rewiring and you have no experience doing electrical work, for example, hire an electrician. Likewise, you might hire professionals for plumbing, landscaping, drywall, and just about any building or renovating that requires a building permit.

Contracts and Other Legal Issues If you had a real estate agent, she would deal with title searches, mortgage company paperwork, closing documents, etc. Since you are doing it yourself, you will need to relay on an attorney who has the contacts and expertise to keep you out of trouble in these areas.

Finance As with legal issues, financial issues can get kind of tricky. There are usually details to handle with the mortgage company and with the government in the way of taxes. Unless you are a finance professional, it is a good idea to defer to one. You should probably get cozy with one or two mortgage brokers and a really good CPA.

Optional Who else should you hire? That will be up to you. If you would spend more doing it yourself, or someone else does it better, you might consider hiring someone to do it. There are people who will show your home for you during open houses and many Websites offer to list your home for you for a small fee, to cite two examples. Before committing to these or similar expenses, be sure you understand all the costs involved and will still make a profit from the sale even with this expense.