Whether you are considering selling your home this fall or in the future; there are many things to consider before you put your home on the market. Here are eight of the more critical ones.
1. Budget
Know what you can afford so that you don’t stretch yourself thin.
2. Know the costs.
There are plenty of expenses when selling your home. Some are straightforward such as renovations and paying for movers. Others may not be as obvious – nor who pays for them – such as land transfer taxes (buyer pays), real estate agent commissions (seller), mortgage insurance (buyer), legal fees, bank fees and possibly capital gains taxes.
3. Find out your home’s worth.
Knowing how much you’re likely to get for your home can dictate how much you may be able to afford when buying another house. Do your research by checking what similar homes have sold for in your neighbourhood.
4. Choose a real estate agent.
You can choose to sell your home yourself to save the commission fees – but you also incur all the responsibility. Otherwise, choose a real estate agent who knows your area and by asking for referrals. And don’t be afraid to negotiate those commission rates!
5. Decide when to sell.
Do you sell during the traditional spring and fall markets, or off-season? Selling during the peak means more buyers and possible bidding wars, while selling off season means fewer homes competing with yours.
6. Add visual appeal.
Creating curb appeal is an obvious benefit, but don’t forget to freshen up the interior as well. Make any minor renovations, declutter and consider staging, because professionally staged homes typically sell faster and for more.
7. Get a home inspection done.
While buyers will probably get their own inspections done, having one ready says that you’re confident in your home and have nothing to hide – it provides peace of mind for everyone.
8. Coordinate closing dates.
Being able to move from one home to another on the same day just makes everything easier. Otherwise, you may have to either rent another home short-term, put belongings in storage, and generally cause unnecessary upheaval in your life. If it’s just not possible, give us a call and talk to us about bridge financing.
2018 Home-selling Resource
The Canadian Real Estate Association