Scott McGillivray shares tips on how to save money when buying/selling a home

Scott McGillivray is a savvy real estate investor, a trusted contractor, and "that guy from HGTV", teaching the in's and outs of income property. Scott is going to give us five tips to save big bucks whether you're buying or selling a home.

If you’re selling:

  • Don’t misprice your home: One of the biggest mistakes home sellers often make is mispricing their home – either by too much or too little. If the price is too high it will sit on the market too long and not be sold at all. If its’ too low, you could potentially miss out on additional profits. To avoid this, look at homes that have sold in your neighborhood over the past six months, and compare based on size, amenities, age, number of rooms, yard size and outdoor space.
  • Put in the extra effort to impress buyers: There are a lot of simple and inexpensive ways to help your home standout in a crowded real estate market. By doing a little work on your own, you can save money and potentially command a higher selling price.  For example:
  • Painting your walls with neutral colors or repainting your cabinets can completely transform a space and help it feel fresh
  • Swapping in new hardware, fixtures and lighting can make a huge impact, and can help your home feel current without spending a lot of money
  • . Updating your entryways with a fresh coat of paint on the door, a stylish house number or door knocker can create instant curb appeal

If you’re buying:

  • Consider a fixer-upper: Buying a fixer-upper can be smart way to reduce your purchase expense, and you can sometimes get a good deal on a home that requires simple updates. However, before buying a fixer upper make sure to consider the long-term profitability of the property, how much free time you have to do renovations, and how much wiggle room you have in your budget to spend on renovations.
  • Shop early in the week: Houses listed on Monday or Tuesday typically sell for less than those listed on a Thursday or Friday. Try to get in on a Wednesday to good look and put in an offer before the weekend traffic hits.
  • If you’re buying or selling:
  • Don’t go with the traditional real estate process: With high prices and low inventory in the LA-market, finding ways to save money is more important than ever.  There’s a new trend in real estate of low or no commission brokerage services. Online services, like Owners.com, offer buyers and sellers a customized experience. Consumers have direct access to the all of the services required to successfully buy and sell a home online and the support of licensed real estate agents. By using technology to be more efficient, buyers get a rebate at closing and sellers save on the traditional agent commissions. By getting money back on the home sale, you can put it toward your mortgage or home renovations.

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Follow Scott McGillivray on Twitter: @smcgillivray

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