There is a lot of prep work involved before you can sell your home, and wading through the process is difficult and confusing. Remove the guesswork by adding these 4 steps to your financial checklist before you sell your home.

Credit Score

Obviously this is a priority for the home buyer, but maybe as a seller this isn’t at the top of your list. However, knowing the exact status of your credit before you sell gives you the opportunity to fix any issues before your credit is under a microscope.

Regular credit checks also help you spot any questionable or disputed items. Get started early to stay on track.

Housing Cost Changes

Monthly bills, like home insurance, property taxes or utilities, may vary from the home you are selling to the new home you decide to buy or rent. An in-depth view of how much more you can afford each month as well as having a goal to lessen monthly costs is important.

Having an accurate price range to work in will prevent surprises later. Speak with a professional, such as an agent or mortgage broker, to better understand price points and financial situations.

Inspections and Reports

Getting mandatory inspections as well as standard reports for home sellers, like pest or roof inspections, ahead of time gives you the full story. Advance notice of any damage or additional taxes due gives you time to take care of repairs or issues before you hit the market.

Talk to an agent and find out which reports are right for your sale. Make sure you know if any HOA disclosures apply to your sale.

Financial Planning

If you have never sold a house, you may not be aware of all the hidden costs home sellers might encounter. Taking time with an agent to create your home selling budget and to discuss a financial plan is important. You will learn the ins and outs of a complicated process while obtaining a precise picture of your finances during and after you sell your home.

Do you have more questions about buying or selling a home? Worried about your credit score and want to discuss your options? Please feel free to contact us.