Buying your first home is a big step. But selling that first home is just as big a step. While it is exciting to be moving on to another home, or a new adventure in life, there’s still a lot to consider when it comes time to sell.
I’ve talked to enough people about selling that first home to understand it can be a stressful experience. But it doesn’t have to be. Follow these basic 5 steps to selling your first home, and you’ll be well on your way.
1 – Secure pre-approval for a new mortgage. I’ve talked about the importance of gaining pre-approval before you start shopping for a home here before. Not only is it a courtesy to your real estate agent that will save the both of you countless hours, it allows you to actually shop within your means. Do this before you as soon as you know you’re serious about shopping for a new home. You won’t be sorry.
2 – It’s important to know your costs. This was true when you bought your home, and it’s still true. Factoring in costs like lawyer fees, land-transfer tax, and mortgage insurance before you close your deal with definitely save you some headache and last minute stress.
3 – Choose the right time to sell. If you feel it’s time to move, plan accordingly, and don’t just jump headfirst into the housing market. In the end, the best time of year to sell comes down to your own needs, but there is certainly an advantage to listing your home in the spring, rather than the late fall or the dead of winter. Give it some thought, and plan to sell strategically if you can.
4 – You’ve made it this far, now make sure your home is ready for sale. There are easy ways to prepare your home for showing, but you need to make sure that it’s ready for that. If you have renos you haven’t finished, get them done before listing. When you’re ready to sell, it’s time to de-clutter the inside of your home, and spruce up the outside. A few small touches here and there can go a long way to convincing a would-be buyer that your home is the just right for them.
5 – Now that your home is ready for sale, it would be ideal for you to sell your house before buying a new one. This isn’t always possible, but the benefits are that you won’t be stuck with two-mortgages if your home doesn’t sell immediately, and you won’t be faced with a tight schedule.
Of course, there are a lot of intricacies involved with selling any home, whether it’s your first or your fifth. If you have any questions about the process, and about pre-approval or costs in particular, give us a call. We’re happy to help you through buying your next home, from step one and beyond.
At CENTUM we are always Looking out for your best interest.
Office: (204) 727-2177
Cell: (204) 720-4002