Updated: May 2
Selling Guide – Ontario
Written by: Bilge Isikdogan Instagram:
Below you will find a very simplified 6 Step Guide on selling your house in Ontario.
GET YOUR FINANCES STRAIGHT
If you are looking to buy a house once or before your house sells, it would be best for you to find out if you qualify for that purchase. Depending on the market prices, or the changes in your life you might or might not qualify. You should also call your lender and find out the payoff for your current mortgage. See if you have to pay any penalties or additional fees for ending your mortgage once the sale goes through.
Selling a house will cost you money and calculating these correctly will help you determine whether you can sell your house or not. Some costs related to selling your house include: real estate commissions (the seller pays both the selling and the buying agents commission), lawyer fees & disbursements, adjustments (property taxes, hot water tank, etc.), mortgage fees, staging, buying a new house (down payment, inspections, legal fees & more), moving costs and others.
DECIDE WHEN TO SELL YOUR PROPERTY
This could depend on a lot of things such as: time of year, competition in the neighbourhood and similar neighbourhoods, the state of the real estate market and the economy. But the most important one is looking at your personal needs and goals. Why are you selling your property? Do you need to sell your property? Do you need to sell your property now? Are just some of the questions you should ask yourself first, then look into other factors mentioned. DETERMINE PROPERTY MARKET VALUE The real estate agent you work with to sell your house will have access to a database where they can see the recent sales of similar houses in your neighbourhood or surrounding neighbourhoods to come up with the right price for your house. But depending on your house you might need to hire an appraiser to get the value.
PREPARE YOUR HOUSE FOR SALE
To maximize resale value, most houses need to put in some work. Curb appeal is the first appearance of your house. Fixing your driveway, porch and the front garden will make a big impact to buyers. Small repairs inside the house such as painting (neutral colours), touching up any scuff marks, making small repairs such as changing cabinet handles, changing and adding more light (don’t forget the brighter the better!), decluttering your hou