STEPS TO SELL YOUR HOME
- Deciding when to sell and setting the right price
- Prepare your finances
- Getting your home ready
- Add experts to your team
- Understanding strata
- Freehold responsibilities
Deciding when to sell and setting the right price
In real estate, timing influences what your home will sell for. How quickly you need to sell, whether it’s a buyers’ or sellers’ market, and seasonality all play a role in your home’s final selling price. Stay on top of market conditions to better understand today's real estate prices. For the most detailed knowledge, you’ll want to consult your Realtor.
The right asking price will attract attention and maximize your return. A Realtor helps you determine the best price to set for your home. They’re experts at assessing and marketing your home’s value. They’ll help you determine a price for your home based on their knowledge, experience, and market research.
Prepare your finances
Will the buyer “assume” your mortgage or are you “discharging” it? If you’re buying a new home, is your mortgage “portable”? What taxes are involved? These are important questions to ask your Realtor, your mortgage lender, and your notary public or lawyer.
Financing your purchase may not be an issue if you’re downsizing your home, but you should understand the costs involved beyond the asking price. These include moving costs, lawyer or notary fees, utility fees, reimbursing property tax and utility payments, and your Realtor’s compensation. Plan for these costs when looking for your next home.
Getting your home ready
An attractive, well-kept home has a better chance of selling faster. Clutter makes rooms look much smaller than they are. Try to create a feeling of spaciousness.
Minor updates, like improved lighting, can add value to your home . Think about how to highlight and improve your home’s best features.
How quickly you need to sell, whether it’s a buyers’ or sellers’ market, and seasonality all play a role in your home’s final selling price.
Add experts to your team
It’s essential to have a notary public or a lawyer handle the documents that change hands and ensure your best interests are always protected. If you’re looking for professionals, your Realtor likely has contacts they can recommend.
If you're looking to buy a strata unit, ask your Realtor about potential fees and receive strata meeting minutes. You'll also want to know if there are any restrictions, such as ones for pets.
Parking and storage are other considerations for strata home living. Understand your potential new home’s situation before buying.
It’s also important to look for strata depreciation reports. They’ll help you know what building maintenance is coming up.
If you're buying a single-family or freehold home, you’ll be responsible for the heating and cooling systems, hot water tank, deck, and yard maintenance.
You’re also responsible for exterior and interior maintenance. Unexpected repairs can also be costly. Take time to understand the costs of home ownership for the type of home you’re moving into.