Are you considering moving to a new city or town? Perhaps it is time to downscale or find a slightly more spacious home for your growing family? Regardless of your reasons for exploring the idea of moving, it is never easy to make the decision to officially put your home on the market. The question is, is now the right time? Here’s how to figure that out:
Look at the market conditions
Unless you need to sell your property urgently, it is best to wait for the market conditions to become more favorable. Be sure to chat to the most reputable real estate agents Caledon has to offer if you are uncertain of what the market looks like in today’s climate.
Investigate how much equity you have
You can do this by subtracting your current mortgage balance from the overall market value of your home. It is important to ensure that you have enough equity to pay off your existing mortgage. Many real estate experts also recommend waiting to sell until you have enough equity to pay off your mortgage and to walk away with a reasonable down payment (around 20%) for your future home. Keep in mind that you will also need to cover your closing fees and your moving expenses.
Consider past renovations and home improvements
There is no doubt that certain renovations and home improvements can increase the total value of your property. However, it is only worthwhile to spend money on these renovations and improvements if you will be living in your home and enjoying them for a good few years before putting the property on the market. If you sell too quickly, you might find that you spent more on the improvements than you could actually account for with your asking price.
Think about the stress surrounding selling and moving
It is important to ensure that you are emotionally ready to tackle the process of selling your home. Are you emotionally prepared to say goodbye to the many memories made within those walls? Are you physically ready to get the property in tip-top condition to impress potential buyers? Are you ready to endure the stress of finding a new home and moving your belongings there?
All of this will factor into your decision. If you are busy, struggling with your health, or still emotionally attached to your home, it may be better to wait a few months before reassessing the situation and taking the plunge.
Get a real estate agent
A real estate agent is a must long before deciding to officially sell your house. He or she will be equipped to advise you in terms of the market, what improvements to make to the property to attract more buyers, how best to stage the interior, and how best to go about marketing the listing when the time comes. Ask around for recommendations and always read reviews and testimonials before selecting the real estate agent with whom you would like to proceed.
Here’s to successfully navigating this exciting new chapter in your life with the support that you deserve!