Eventually everyone finds themselves driving around looking at houses for sale, in the hopes of upgrading to a better house. Trust me, you’re not alone. However, there are a couple of things to be aware of.
First, get a regular appraisal of your house done every year. A licensed realtor or appraiser can give you the most recent valuation of your house, based on all the factors and can suggest small improvements that maximize your value.
Second, if you own a condo and you’re thinking of upgrading, before you put your condo on the market, consider getting a Status Certificate first. It’s usually valid for sixty days, and if your condo or townhouse is in Toronto, all other things being equal, your house will sell within that sixty day window. This allows the buyer to skip requesting this certificate as a condition of closing, which can take up to two weeks! This makes selling your condo or townhouse a simple process for your buyer and allows you to move into your new house faster.
Third, if you think buyers will request a home inspection, consider having one done prior to putting your house on the market. Although this costs around $200, this is generally a huge time saver, and lets your buyer know that you are confident in your home and they have nothing to worry about.
Fourth, remember that if you do buy before you sell your house, make your own offer conditional on selling your house. This means that the purchase of your new house will not take effect till after your existing house is sold. While this strategy works well during normal periods, and during buyer’s markets, sellers are less likely to accept this condition during hot markets.
Finally, remember, the safest route is to sell your existing home first for some of the reasons outlined above. But should you decide you want to buy first, use the tips above to lower your risk and speed up the process. Also, in some hot areas, you won’t wait very long to sell your house. As of this writing, the average toronto house will stay on the market for 30 days.
In conclusion, upgrading to your new home is an exciting project. However, keep some of these points in mind and you can simplify the process.
Buying a home in Toronto can be a great real estate investment. Also make sure to check out Kristy Bhagat’s site for the best Toronto homes for sale
