Before selling your home or marking dates on your calendar for an open house, it’s smart to plan. Of course, you want the most you can get for your home, but you could make costly mistakes if your enthusiasm for quickly selling causes you to put up a “For Sale” sign before you’re prepared to sell.
Motivation for Selling
What are your reasons for selling? If you aren’t truly motivated or committed to selling, you could be setting yourself up for disappointment.
Buying a new home
Most people who sell their home, buy another one. Put together a list of neighbourhoods where you want to live and drive by them. Check out pricing between new and resale homes and weigh your options.
Call a real estate agent
Talk to two or three real estate agents. Ask each one to give you a plan that explains what they will do to market your home. In addition, ask them to prepare a comparative market analysis. Good questions to ask them would be: What should I do to prepare my home for sale? What repairs should I consider doing? Should I stage my house? How much money will I net from this transaction?
Find a lender or mortgage broker
Find out how much you still owe on the mortgage.
Get a preapproval letter for the amount you could comfortably spend on the new house.
Shop around and see if you can get a better interest rate than you are currently paying.
Sell before buying?
The moment your home goes on the market, you might be tempted to rush out and buy a new one. Keep in mind, it’s almost always more profitable to sell before buying.
Preparing your home for sale
Make those repairs that your real estate agent and you discussed.
Depersonalize and de-clutter your home.
Hire a home stager?
Keep your home neat, tidy and free from undesirable odours.