To sell or not, that is the question. The average Canadian move 5 to 6 times in their life. We want change and live in a world that does not stop moving! Our family grows, we get older, we change jobs, we need more space, less space. It just never stops and we need something that fits your lifestyle. The real problem is to know if the time is right or not to make a move and this, not only depending on the market. Here are the other factors that you should take in consideration before putting your house for sale.
Where are you going to move?
Thinking of selling is the first step. But if you sell, where are you going to move? It might be an easy move, but if you are looking for a rare find, it might take longer. First step you should do is to sit with your Realtor and make a list of your criteria. Take a look on www.mls.ca to see what is available at the moment. If you think building would be the best option considering what you are looking for, you can start looking for a land and get your Realtor to schedule appointments with builders. Yes, they do that too for you!
How much is it gonna cost?
You might have a good equity in your home: That is a good start! Don't forget that selling and buying includes more costs than a down payment . Before putting it on the market, check if you notice any major repairs to be done to your home. if the roof is leaking, chances are you will need to fix that. Restoring your home should not be taken for granted and it will help your property to sell. If you use a Realtor, chances are you will sell faster at a better price, but make sure to calculate the commission in your budget. Get in touch with your lawyer to know how much is their fees and what other fees, such as the 1% land transfert tax, you will have to pay on closing day. If you are not sure where to start, contact your Realtor to sit and discuss your possibilities.
How is it gonna affect your family?
Not everything is money, moving can have an emotional impact on your family. If you are planning on moving further than your current neighbourhood, you have to think how your life style will be affected. Which school are the kids gonna go to? Where are the closest gyms, grocery, pharmacy and other amenities. How far is it from work? This is an important emotional aspect to consider in all of your thinking.
During that process, you should take advantage of all ressources you can get. Your mortgage lender will make sure you’re ready with a look into your income, credit history, and cash reserves. Your Realtor will make sure you are ready to sell, get the money you need in your pocket and find a new home. Good professionals will help you through this before you make your decision.