Selling a home is a mixture of price and speed. If you’ve taken a job in another city or have made an offer to purchase another home, selling your home fast is your main goal. Most people however have some flexibility in deciding when they should sell their home. Here are some considerations:
Are we in a Seller’s Market or a Buyer’s Market?
Will I qualify for a mortgage with the current interest rates?
Time of year: Generally, people are not looking for houses in the cold winter months; spring time tends to be an active time for real estate sales.
Homes are sold throughout the year, but take these factors into consideration when you are thinking of putting your home on the market.
What is worth renovating?
If you are thinking of increasing your resale value, you should be aware that the cost of professional improvements to a home will very often not be recovered in a corresponding increase in your property’s value. A home’s list price is essentially a reflection of the demand from buyers for a home’s features and location. Investing dollars into your home does not necessarily translate into the same increase in property value. However, doing some of the work yourself will give you a much better chance of recuperating some of the costs.
Generally, the areas to focus on in terms of increasing your resale value are the kitchen and bathrooms, since these are the critical areas that frequently are deciding factors in buying a home. Ensure that any improvements made are clearly visible in a quick walkthrough, such as a new coat of paint, new cabinets, counters, or fixtures.
If you are renovating for your own personal enjoyment – then do what your heart desires! Just know that those expenses might not get recuperated in the short-run.
What are Chattels?
Removable personal items that are not normally included in the sale of a home, but may be added to the purchase price to make the property more attractive to buyers. (Examples: washer, dryer, fridge and/or stove).
What are some "Extras" of Home Buying?
When buying a home there are expenses in addition to the purchase price that you need to factor into your budget.
Lawyer’s fees. Shop around. Prices may vary. HST is payable on fees.
Land Transfer Tax. This is a government of Ontario tax which is payable at the time your Deed/Transfer of Land is registered.
Disbursements/expenses made on your behalf include searches:
To ensure a clear title to the property.
Tax, water and hydro arrears.
Executions (no judgments against previous owners).
Fees for every document registered on title (i.e. Deed/Transfer of Land and Mortgage: $50 per document).
The Statements of Adjustments.
Survey fee if there is none or the mortgage company won’t accept the existing one. Address this with the mortgage company. The survey (which can cost $700 or more) may be waived.
What is Bridge Financing?
Money borrowed against a homeowner’s equity in a property, usually for a short-term, to help finance the purchase of another property or make improvements to a property being sold.
What is a Buyer's Market
A residential real estate market in which the number of properties available for sale significantly exceeds the number of buyers.
Can I Ask You for Advice?
Of course you can! Give us a call and our team will be happy to assist you in the process of buying or selling a property.