We all want the same thing when selling our home: to cash in on our hard-earned investment and make tens of thousands of dollars in cold hard cash!
But before we do that, let’s have a serious chat for a second and spill some tea on the dirty part of selling: are you ready to sell?
Selling your home isn’t as simple as throwing it onto the market and seeing what happens (well, it could be but that’s not going to get you the highest return). A property for sale usually comes with a lot of history behind it. Maybe it was a family home full of great memories and emotions. Maybe it’s an investment property that is more transactional in sale. Maybe someone is downsizing for retirement and starting a new life. Point is, you never know the emotion that can come with selling until you find yourself in the situation. In fact, some emotions may not appear until half way through the process.
No matter what your reason for selling, there will be some good old fashion sweat equity, and could be some emotional stress on the horizon.
Your Real Estate agent can help you determine the ultimate question: How much is my home worth?
But before we go down that road, let’s chat a minute about are you actually ready to sell?
For most situations, it’s a clear answer. You need to sell for one reason or another. It could be a happy or sad reason, but at the end of the day, the property needs to sell to allow for a new chapter to start (and an old one to end).
When thinking about selling, ask yourself the following questions:
- Do I have the time to prepare this house for sale? It’s entirely up to you how you would like to prepare for sale. Some folks want a quick sale, and will sell a property ‘as is’. This requires very little prep. If you are looking to get top dollar for your home, you may need to spend some time cleaning, painting, staging, gardening, and finally finishing that Honey-do list (after all those years). Tip: If you want to get a great heads-up on possible issues that could come up when selling, pre-inspecting your home is a great start. It will outline every potential issue with the property, and what may ultimately deter a potential Buyer.
- Am I willing to do repairs to the property as needed? Once you have an idea of any potential repairs, how much are you willing to complete? We all like to think our home is picture perfect, but chances are there may be some things that could be freshened up. We all look good with a fresh haircut right? Same idea. A little paint can go a long way, fixing the trim that’s been a little used and abused, cleaning out the garage to make a neater appearance…. Your Agent can help you identify areas of opportunity with you.
- If I am not willing to repair, am I willing to negotiate my price? The whole point of selling is to get top dollar, isn’t it? So why are we putting cash into something we are trying to sell? Well, there is a balance point. We need to make sure we are comfortable in finding that point. But, what if some items are very expensive? Well, that’s where the power of purchase price and negotiation can help. Your agent can clarify on an individual basis. (see here for post on Negotiation)
- Who will be your legal council in this transaction? In Nova Scotia you will be required to hire a local Lawyer to process your transaction. There are many great choice on who will be represent you. Call around and shop! Firms have different prices, personalities, and reputations. It’s your sale, so its your choice in who you use.
- Can I afford to sell? This might sound like a silly point, but it’s not. Sometimes we have financial obligations tied to our properties. Every situation is different. Have a chat with your banking representative to make sure after you sell, there is enough to cover real estate commissions, any financial obligations, and legal fees.
- How much will we gain from selling? This is the ultimate question, and completely subjective. From a financial perceptive it means how much will we make when it’s all said and done. But, other just important factors, could mean more space, a lifestyle change, a start to a new chapter in someones life…. There is a lot we can gain!
- Where will we be moving to? With the exception of selling a property that you do not currently live in, we all need to live somewhere. The big question is what is going to happen after we sell? Having an idea of your desired end-goal will help. And yes, you can make the sale of your home conditional until you find another home…but depending on the market trends you may not want to. Your agent will clarify.
- What support may I need in this transaction? Selling can take friend…and lots of them. Sometime you may require the professional help of movers, decluttering or junk removal services, painters, electricians, to name a few. There is power in numbers and community. One thing is clear: taking on a project is easier with help. Having the right person to help you will ease stress, free up time, and get the job done right. Your first step is with your Agent. They can help you with every single step. You don’t need to do everything on your own, and in fact, this is what they are hired to do- so let them help you!
Once you have answered these questions, you’re ready to call us! Connect with us by emailing firstname.lastname@example.org and one of our team will be in touch ASAP.