Deciding to sell your home is a huge decision from emotions to finances. Here are three areas to consider before making any decisions.
First, get a comprehensive property evaluation done by a local realtor. A local realtor understands your market and how your home compares to others in your area. They will also know market conditions and will be able to estimate what you can expect and work with you to get top dollar for your home.
As your realtor builds that plan, here are a few items to consider which will yield a higher sale price for you. A reputable realtor will touch on these points as well and suggest what might need to be done.
Updates might include:
- Minor repairs inside and out
- Fresh coat of paint, inside and out
- Replace dated fixtures
- Use a reputable home stager
- Remove personal pictures
- Declutter
- Professional pictures
These are just ideas and selling real estate isn’t a science but often driven through emotions/ finances or life events. Its best to find a realtor you can trust, ask lots of questions and listen to their advice.
What costs are associated with selling your home?
Sometimes, homeowners hear what the realtor thinks they can sell the home for, and they subtract their current mortgage balance and forget there are other costs involved! Costs add up when selling your home. Here are some you’ll want to account for before proceeding.
- Real estate commissions (plus HST)
- Mortgage discharge fees and possible penalties
- Lawyer’s fees
- Land Transfer Taxes
- Utilities and property tax account settlements
- Bridge financing
- Moving and storage costs
By doing your research and having the figures ahead of time, you’ll be able to make an informed decision. If you need to break your mortgage and need help in determining what your penalty will be, please reach out.
What is your plan moving forward?
If selling your home has already been decided, then make sure you have your plan mapped out (without including any assumptions!). If you will need mortgage financing on your new home, ensure you have a recent comprehensive review, backed by supporting documentation to arrive at the figure. The most dangerous assumption is that you’ll be qualified for financing, because you haven’t had issues in the past – make sure you know exactly what you can afford before listing your current property.
If you would like to review your available options or would like a second option, it would be a pleasure to speak with you.