Moving from one dream house to another also comes with some sleepless nights

With the Canadian housing market still staying hot, many home owners are eager to sell and cash out before the market starts to cool off. Whether you are considering selling your house now or in the future; there are many things to consider before you put your home on the market.  Here are the top 7:

  1. Reason why

Have a clear objective in mind. Are you selling to buy another, or to downsize, or relocate? Be very clear on your objectives and budget.

Some home owners got trapped after selling their homes. The euphoria from their jumbo profits from the house sale soon fizzled out when the new houses they wanted to buy were now out of reach.

  1. Know the real and hidden costs

7 things to consider before selling your house

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.

  1. 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.

  1. Decide when to sell

7 things to consider before selling your house

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.

  1. Declutter in advance

Getting your house ready for sale takes a huge amount of tidying up. We always have and hold on to so much.

Decluttering is often harder than you think. So start the process well in advance, to avoid stress.

  1. 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.

  1. 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.

Reference:

Mcap

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