Selling a house in Canada is as tedious and overwhelming as selling a home anywhere. A lot of homeowners are under the assumption that just putting up the house for sale is enough. You have to do your research and get to know the market. From closing costs to offers and deals, there are a lot of factors that come into play when selling a house, or any kind of property for that matter. Moreover, the agent that you hire has to be knowledgeable and smart in real estate.
Acquiring the understanding that it will not be easy is wise because overconfidence leads to unrealistic expectations. Keep in mind that each province may vary in how it deals with real estate legalities.
Where and how do you start with the process?
In Canada, there are three ways in which you can sell your house namely; through an agent, an i-buyer, or looking for a buyer yourself.
Nevertheless, there is one basic question you need to ask yourself before anything else. “Do I use an agent or do all the heavy lifting by myself?”
The answer is yes, you can if you have no idea what you’re doing. The main goal is getting the most out of the sale. Therefore, if you don’t know how to do it, look for a real estate agent who knows that part of the neighborhood well and has been in the business for a while
The i-buyer (instant buyer) which uses the app Properly option is also good to utilize. You don’t have to waste precious time looking for a buyer.
Sign an agreement/contract with the agent.
Once you get your agent of choice, establish terms of agreement right away. Draw up a contract, with agreed fees. You should also make it clear in the document the duration of time they intend to deliver a buyer and secure a sale. That way, no one is wasting the other’s time. If she/he can’t deliver, time is of the essence. You can immediately look for another agent after their time is up for selling the house.
Get an estimate for your house
Selling your house may cost you more than you think. You have to bear in mind that you have to deduct the cost of repairs, appraisal, of the house, staging fees, moving costs, and finally the agent’s commission fee which can be anywhere from 3%-7%. This can amount to a figure you were not anticipating.
So it is necessary to know the estimate of how much you will get to see a profit. It is also possible that penalty fees may apply for the early termination of your mortgage contract.
Another thing you can do is ask for advice from experts about what you can do to the house to increase value to it and get a bigger sale.
Make preparations in your home for showcasing purposes
Most homes in Canada have to be prepared since they don’t come fully ready. Therefore, the seller has to fix everything that is not working and make it look presentable. You have to give your potential buyers the picture of comfortability and a good aura in your home. Comb through every room and see how you can decorate it or add decorum that stands out, where applicable. They have to believe that they are buying a house that comes with true value.
The real task is the outside. First impressions are everything. The minute a potential buyer pulls up at the driveway, they should be hurriedly scrambling inside because they are ecstatic about the exterior already and cant wait to see the interior of the house.
On the other hand, even though you aim to make a good impression, don’t overdo repairs. You might use too much money that you won’t be able to recover once the sale is finalized.
Advertise your house online
The big ‘for sale sign’ is good, but still not enough. Word of mouth is not enough. You have to publicize that your house is on sale. Additionally, mentioning all the great details about it and why people should come to take a look may attract buyers. Make listings of your home on different websites and ensure that they maintain a level of professionalism. People love to believe that if it looks good, then it must be good. This will work in your favor.
Prepare required documents sooner rather than later
You want to be prepared at all times and not be caught off guard by anything. Have all documents close by and study them thoroughly to understand the whole process. If you do get an offer, you will have a better understanding of what you’re signing and what repairs need to be done as part of the selling contract.
In addition to that, you have to disclose (disclosure statement) if the house you have lived in for whatever duration of time, has ever been a murder site or anything close of that nature, has had mold issues, or if you have ever grown marijuana in the house! This is a Canadian law requirement when selling a house.
Budget while in the house for moving costs
Don’t forget that you will need money to move out. While still living there, give yourself time to save money for moving out. You might need to hire movers, or one last cleaning service cost before you hit the road. Or to save money, just clean the house yourself.
When a buyer finally comes along
Don’t double down, but be firm about your final price. After all, you are the one who will be stuck with a bad deal. It is not easy bargaining with anyone because each one wants to get what they want to get. But know your limits. Know when it is time to throw in the towel and when it’s not.
Either way, you walk away with a whole lot of experience, and hopefully, a whole lot of cash.