You may be thinking the time to sell your home has come. But are you actually ready to sell your home? Selling a house takes planning and preparation. Making sure youe home is “List Ready” can be a complete game changer specially when the market is favouring buyers. So before you get excited about listing your home for sale, make sure you’ve prepared.
Check out these easy tips we have put together for you to make sure you are Ready to Sell Your Home
Before Selling
- Created a budget, that includes the costs to buy and the costs to sell
- Interviewed REALTORS to find someone you trust – talk to friends, read online reviews, ask lots of questions
- Outlined your goals for both the sale of your current home and purchase of your next home
- Talked to your bank about any mortgage penalty you need to pay.
- Spoken with your accountant about any tax implications (for investment properties or your primary home if it is partially rented out).
- If your home is tenanted: you’ll need to consider the restrictions and implications of selling a tenanted home
- Considered how showing your home to potential Buyers will impact your lifestyle, in particular, your pets and kids. Where will they go when people tour your home?
Before Buying
If you’re also going to be buying a home, you’ll need to make sure:
- File your Income Taxes
- Your credit report is error-free
- The expectations for your next home are realistic: does what you want to buy exist for the price you want to pay?
- You have been pre-approved for a mortgage for a new home, with terms, interest rate and an amount that are satisfactory to you.
- You’ve talked to your bank to ensure you qualify for bridge financing. Bridge financing is a loan from your bank to ‘bridge’ the gap in finances when the closing dates of your current and new home aren’t the same. For example, if you take possession of your new home on October 8th and your current home closes on October 15th, you won’t have the downpayment needed for the new home until you get paid for your current home on October 15th. Bridge financing is an advance from the bank to help you cover that period of time.
For a more detailed list on how to get ready check out this Remax Checklist
