There are a million different reasons why people sell their homes, but every seller has one thing in common: the desire to get as much money as possible from their existing residence as quickly and as hassle-free as possible. In this blog we break down how to approach your sale step by step.
Before You Begin
- Really evaluate why you’re moving.
- Do you have too few rooms, or too many?
- Has your job moved to another city and you’re relocating?
- Are the neighbours driving you away?
- Or are you simply looking for a change?
A complete analysis of your current position will set a good foundation for your next home hunt.
1. Buy or Sell First?
That’s tricky. After all, if you find a purchaser for your existing home, before you’ve found a new one, you may find yourself living out of a suitcase if convenient closing dates cannot be negotiated. On the other hand, if you find your dream home before you have sold your existing home, you may be faced with carrying two mortgages for a time.
So how do you manage? Easy:
1. Do your homework and have a good idea about the neighbourhood and type of home you’re looking for.
2. Do an honest evaluation of your family’s needs and budget.
Speak to your sales representative and start your new home search as soon as your existing home hits the market.
Buying First
If you’ve found a home, before you’ve sold your existing one, use “sale of your existing home” as a condition on your offer. If you don’t sell your house within a fixed period of time, you can choose not to go through with the offer. This, however, is a difficult condition for many vendors to agree upon and you may find that you have to forgo your price negotiating power.
Purchasing a home before you sell could be a risky strategy if you’re counting on the proceeds from the sale.
Selling First
If you’ve found a purchaser before you’ve found your next home, use “purchase of a new home” as a condition when you sign back the agreement. Again, it will only be for a fixed time. Even if you have not found the ideal next house by the time the deal closes, you may still wish to proceed with the offer. As a buyer with a “sold house” you will be in a better position to negotiate price.
2. Make Your House More Sellable
While we all believe that our home is our castle, our personal tastes may not appeal to everyone.
Your sales representative will:
- work with you to give you an impartial analysis of your home: how it relates to other “competing” homes on the market and how your home reflects current design and style trends.
- take a good look at the general condition and upkeep of your dwelling.
- work with you to position your home on the market so that your sales experience will take place as expeditiously as possible.
2b. Advertise Your Home on Various Internet Real Estate Portals
Your home will be advertised on many Internet Real Estate Portals to ensure that the details of your home will be seen by a large number of potential buyers.
2c. Arrange Showings
In addition to giving your home the once over with a mop and dust cloth, your sales representative will prepare a home feature sheet. This is a one-page synopsis of your home that highlights:
- lot size
- room dimensions
- features and upgrades
- utility costs and taxes
And more relevant property specifications
Prospective buyers will take a sheet and refer to it while viewing your home. Plus, it makes for a great reference sheet when the buyers are comparing properties.
The Open House:
The upside is that you usually won’t have to be there to act as a guide. The downside is that you might have a series of open houses over a few weeks. Your agent will help you create a schedule that works for you, with as little disruption to your normal life as possible.
The Viewing: When a sales representative has a client who is interested in your home, they will first call to make an appointment with your sales representative.
During the viewing, your sales representative will share the feature sheet and get the sales representative’s business card. The sales representative will stay with the prospects to answer questions, and generally look after your home in the process.
Closing is a time of packing and organization. Be sure you do not pack anything that you agreed to sell! Unless you specifically mentioned certain fixtures, everything must remain in place.
You are responsible for handing over the home in the same condition it was at the time of closing. This applies to everything that was in the agreement. If the home suffers a major disaster, you are responsible for telling the buyer, at which point the buyer may walk away from the deal and have the deposit returned.
The buyer may also choose to close and receive any insurance proceeds. In this unfortunate event, remember not to make any repairs until you find out what the buyer wants to do. These are exceptional circumstances that an experienced agent will always be able to help you navigate.
3. The Closing
Once signing the agreement, both the seller and buyer are under a legal obligation to close. If you decide not to for whatever reason, the buyer has the right to sue.
If the buyer decides to walk away from the deal, you can claim the buyer’s deposit or sue for damages.
Pro Tip:
If your home is your principal residence, you won’t have to pay capital gains tax on any profits from the sale. If, on the other hand, it is an investment property, prepare for the tax man!
Understanding the steps to selling your Uxbridge home before you list your property is key to making a great sale. Read more selling blogs here or reach out to our team to learn more.
Book a Consultation
Whether you are buying or selling, our team is here to help make the most of your next move.
