Very few people stay in the first property they buy, so at some point there will come a time when you’re thinking about selling your Pemberton property. Unfortunately, selling your home can be just as complex as buying, and as you are usually buying another property at the same time it can be a fairly stressful process and a big decision to make.
Before you commit to starting the selling process it’s important to ensure this is the right thing to do and the right time to do it. We asked our agents for their advice on the best time to sell and they gave us these 5 questions to ask yourself:
“Why do I want to sell my home?”
If selling your home is a personal choice rather than something you have to do then it’s a good idea to think about the motivating factors for selling and if this is the best way to achieve your goals.
One of the most common reasons for selling is because you want more (or less) space from your home. If you’re looking to expand then it’s a good idea to consider if you can expand your current home to accommodate your needs, opposed to moving completely as moving can be fairly disruptive.
Another reason we often hear is that the seller is tight financially and an obvious solution is to sell their home and downgrade. However, selling may actually be more expensive than you first imagined so it’s important to understand the financial implications associated with selling to ensure you will make as much money as you expect.
“Can I afford to sell?”
Making money from a property sale is not always a guarantee and the process is not cheap. There are a lot of factors that can affect the money from a sale including how much of your mortgage is left, what your downpayment was, and any other loans you may have taken out.
If your property value is higher than when you paid the chances are that you will make a profit, however, if the value has dropped you could be taking a big risk. You should also note whether you will be penalized for prematurely breaking your mortgage.
In addition to potential profit and loss, there are a number of costs associated with selling:
- Realtor commission – typically ranging from 1%-5%
- Closing costs and legal fees – typically around 2% of the sale price
- Home inspection and appraisal – $200-$500
- Repairs – depending on the results of your home inspection, repairs can range from a new coat of paint to more major work so factor in what you can afford and what will be worth it
- Staging and photographs – many agents include basic marketing but if you want to go the extra mile you may want to pay for staging which can range from around $400-$800
“Should I hire an agent?”
Selling your property privately has the advantage of saving money on the agent’s commission. However, it’s a good idea to think about the advantages of hiring an agent. An experienced Realtor will know all the legal requirements of selling your property saving you time and stress, in addition to conducting all the marketing aspects of selling.
They will also work to negotiate you the best possible deal, taking care of every stage of the process.
“How can I get the best price?”
Getting the best price often means putting in some work before listing your home. It’s important to put yourself in the shoes of the seller and work on the areas that would be most appealing to you.
Spend time creating the best first impression of your property. Important areas include the entryway, the kitchen and the bathrooms. Give your property a thorough clean and declutter and depersonalize your space so buyers can imagine themselves in your home.
“Is it the right time to sell?”
Once you’ve assessed your finances and decided you want to sell, it’s important to determine if it is the right time. Consider penalties with ending your mortgage and keep a close eye on the market to see if it is favouring buyers or sellers more.
Your Realtor will be able to advise you on the current market conditions and if it is better to wait or to sell immediately.
If you have any questions about selling your property in Pemberton don’t hesitate to get in touch with one of our full-time agents.