Advantages and Disadvantages of Selling Your Home Yourself
Before making the decision of whether or not to sell your home yourself, it is best to look at the advantages and disadvantages of doing so and weighing each one carefully.
- Number one, there is no Brokerage Fee (commission) to be paid. You receive all of the proceeds. This is, of course, the biggest benefit of selling your own house.
- You are in total control of the transaction. If mistakes are made, they are your own – there is no one else to make the mistakes for you!
- If you equity is low, you may be able to sell your house without having to write a cheque.
- You are always available at the home for showings, answering inquiries, etc.
- You must rely on your own instincts.
- All marketing and advertising costs are your own, which can be expensive.
- Unless you pay to have your listing included, you will not have access to the MLS--the Multiple Listing Service. You must hunt for buyers one at a time.
- Without proper knowledge, you may under price or overprice the house. If you are not skilled in negotiation, you may leave money on the table.
- All of the paperwork, legal forms, etc. are your responsibility and must be handled by you.
- There will be large demands on your time, if you want to maximize your returns.
- Many buyers believe that if you are selling on your own and not paying a commission, they (the buyers) should get the saving - not you. This could be an issue in negotiations.
- As you approach negotiations, you must sever emotional ties with your house or you will place yourself at a disadvantage.
- You must become knowledgeable of legal and financial issues to be most effective.