Many Canadians reach a point where they consider or have to sell their home to move to a better place or for financial reasons. Either way, there is also an excellent reason to sell your home to upgrade the quality of life. Selling your home in Canada shouldn’t have to be difficult, especially when coupled with the correct information. However, it is essential to understand the proper processes required to make the wisest financial and lifestyle change without regretting later. As a home seller, it is important to make sure that the house is ready for sale by ensuring it is in good condition, determining the sale price, and ensuring a seamless hand over the sale. Knowing the cost of getting a realtor is also vital when selling. You might want to check the different requirements based on different states in Canada.
Before selling your home, it is best to ensure that all the necessary fixtures are working and functional. The windows should be well-sealed and double-paned, and the foundation shouldn’t have any exterior or interior cracks. The plumbing shouldn’t leak, and the wiring should have enough distribution outlets to power the home for the next buyer. The house is also be fitted with fire safety apparatus, including extinguishers and smoke detectors.
Selling your home comes with various considerations that will help you make informed decisions.
Estimating the cost of the home
Selling a home comes with various additional expenses that home sellers aren’t usually aware of. For example, you might want to consider the costs of hiring a real estate agent, as well as any appraisal costs, staging fees, and moving out fees.
The costs of doing home repairs are also something to consider. IF the home has several issues that need to be fixed, it is best to ensure adequate planning has been done before putting the house on the market for sale.
For home sellers with mortgage plans, selling the house is an opportunity to prepay their mortgage early. It is essential to check with the lender to consider the required discharge fees for paying the mortgage early.
Home sellers who pay regular monthly mortgages benefit more by placing the house on the listings as soon as possible. This helps in reducing eventual costs by reducing the costs of living and any liability or maintenance.
Estimating the eventual cost of selling a home will help the home seller determine the expenses beforehand to gauge the profit margin from the sale of the house. Some home sellers can list their house hoping to get a fortune and end up getting a loss. Therefore, estimating all the costs listed above will help determine whether selling the house will help garner the required profit margins.
The use of technology has helped aid home sellers in determining an estimate of their home by offering a free online estimation. This gives the home seller an estimate to work with, allowing them to plan their house selling budget.
Options for selling the home
Home sellers may opt to sell their houses themselves or contact the hundreds of real estate agents available.
Some real estate agents offer fixed fees for their services based on what they offer. However, it is also advisable to inquire from the agents whether their commission is up for negotiation. Some agents may agree to lower their fees upfront and give you a better deal. Therefore, it is paramount that you understand the services being offered for the commission charge stipulated.
Different real estate agents offer different commissions for their work, depending on their location and house considerations. House agents in Canada usually charge between 2% to 7% depending on the negotiations done with the house seller. Therefore, choosing the right agent is exceptionally vital in calculating the profit margins required from selling the home.
The home seller can sell the home directly by employing the For Sale By Owner Approach (FSBO). This eliminates the need for a real estate agent, making the seller responsible for all the selling responsibilities. However, this approach requires extensive knowledge of the selling requirements in the province and the right approach in finding the right listing price.
Another option for selling your home can be to employ an i-buyer found online to sell the house. This approach enables the seller to focus on keeping their house in good condition and leave all the paperwork and sale processes to the online platform. In addition, the guarantee of a better offer and no agent fees gives the seller better profit margins.
The transaction process
I-buyer offers the seller a guaranteed home offer after being listed. When offers start coming in, the seller can decide to accept the offer or give a counter offer for what they want. If the counteroffer is not up to the seller’s requirements, they are allowed to decline it. Selling a home requires patience and subtle negotiation skills. Negotiating will leave both the buyer and seller satisfied with the deal.
Selling your house directly through online platforms offers the seller control of pricing, negotiations and rids them of unnecessary expenses.
After the sale, the seller will prepare the necessary documents and finalize on disclosure statements. The seller also recommends stating any defects that the buyer might be unaware of before the final deal is closed. The seller will also come up with a list of what is included in the sale of the house and what is not. For instance, any fixtures or items that are not structurally part of the house. Rental items are also up for discussion at this point.
Finally, both the seller and the buyer will reach a completion date for payment and indicate the exact date of exchange.
Things to consider
Home staging is a popular strategy when it comes to selling the house. Potential buyers check out the minute details of the house when they come for a viewing. Therefore, sprucing up the curb, purchasing or fixing up broken furniture, and even creating a homey aesthetic by baking before the viewing can all change the potential minds of the buyers.