If you’re about to put your home on the market, no one needs to tell you that getting it into pristine condition is one of your top priorities. It’s important to have your property looking its best because impressing potential buyers is the key to earning the highest possible amount from your sale. 

Often, subtle improvements and upgrades can add a substantial amount to your bottom line once your transaction is finalized. However, the extent of your home preparations can open up a long list of questions, including what repairs need to be done and what should be left to the new owner. 

When you think of how much everything costs in both materials and labour, it can be tempting to look for shortcuts. DIY (do-it-yourself) upgrades can help save and make money on your sale, at least in theory. Since this is a topic on nearly every homeowner’s mind, it’s worth a deeper exploration.

Knowing all about your buyer and what they are looking for is essential for getting the best results from your transaction. The related reading below will help:

• Why Home Sellers Need to Think More Like Buyers
• Why Did My Neighbour’s House Sell but Mine Didn’t?
• What’s Your House Really Worth?

How Much Money Can DIY Save?

Renovations can seem prohibitively expensive when you start thinking about all of the small repairs you’ve put off over the years. Inflation and high gas prices have driven up the costs of tools and materials significantly. However, these pale compared to the cost of labour when using professional contractors to perform the work for you. 

If you’re handy and can handle the repairs yourself, the savings can add up very quickly. That said, there are several considerations to keep in mind before mapping out a renovation schedule. You need to be careful not to overestimate your ability to perform the renovations to a high standard. Otherwise, you may end up paying even more for a professional tradesperson to redo the project or lose out on the full potential of the sale.

It’s often better to do nothing at all than invest in unprofessional-looking renovations that can actually detract from the perceived value of your home. When deciding whether or not to handle a project yourself, first think of the time and effort it will take you and how that might affect your sale.

• You may have to take time off from work, which could result in a loss of income.
• You might have to delay putting your home on the market. If you’re up against a deadline, performing any upgrades yourself may not be possible.

Remember the Intangible Costs

Getting your home ready to sell isn’t just expensive and time-consuming, but it can also be stressful. Even without renovations, your to-do list is long and there never seems to be enough hours in the day.

Before committing to massive home improvement projects, ask yourself what the total price of all of your upgrades will be. Keep in mind that many of these costs are intangible. 

• You might save money on paper, but later realize that it wasn’t worth the time or the stress. Bringing in professional tradespeople is worth it if living the next few months in a construction zone is more than you can bear.
• As critical as it is for your home to present well, current market conditions can also impact how much you earn from your transaction. You want to strike when the iron is hot, especially if houses are selling for over their asking prices. It’s worth paying for extra help to prepare for a fast sale. Otherwise, it’s possible for the market to fall out of your favour because you waited too long. 

Focus on Value, Not Cost

Upgrading your home before selling is about more than adding cosmetic appeal at the lowest possible cost. Your primary focus should always be on how much more your sale will earn versus the investment of your time and money.

• For example, you might save $10,000 in labour costs by fixing up your kitchen by yourself. On the other hand, getting it done professionally could add much more than that to your final selling price. It’s all about creating tangible value in the eyes of your potential buyer.
• Not every renovation is necessary. Potential buyers nearly always have their own ideas of what their house should look like. 
• Buyers will also have a budget in mind to customize the house to their liking. 

You might think that your $10,000 project adds value. In the meantime, your buyer plans to tear it all down and redo it according to their own specifications.

Keep It Simple With High Value Upgrades

An experienced real estate agent can give you excellent guidance as to what renovations you should and shouldn’t make to get your home ready for buyers to walk through. For the most part, it’s best to keep things simple:

• Focus on deep cleaning and decluttering so buyers have a blank canvas to imagine what their life would be like in your home.
• Perform any minor repairs that would otherwise be distracting, such as filling in nail holes from pictures and a fresh coat of paint.
• Expert staging can help your listing stand out even with minimal upgrades. Since this so often results in a faster sale and a higher return, Woolcott Real Estate provides complimentary staging services to all clients. 
• Kitchen and bathroom upgrades tend to be the most expensive, but also the most worthwhile. Still, the scope of your project will depend on the age and condition of your home. A relatively new build or recently updated room will likely only need a few minor touches. 

Generally speaking, you’ll want to focus your efforts on inexpensive repairs that are proven to have a high payoff. Extensive renovations might allow you to sell your home for more, but only you can decide if they are worth the time and effort.

Are you still looking for ideas to make your home look spectacular? The resources below will give you some inspiration:

• Worth It or Not? What Renovations Really Help When Selling Your Home
• The Power of Staging When Selling Your Home
• Does Curb Appeal Still Matter When Selling A House Today?

A Combination Approach

For the best possible results with the least amount of investment, you can always consider a multi-tiered strategy for getting your home ready. This means doing some of the work yourself, such as cleaning and decluttering your home. You may also take on minor projects such as painting and replacing outdated lighting fixtures.

If your Realtor® determines that more substantial upgrades will be worth your while, hiring reputable contractors assures that the work will be completed to the highest quality standards. With the right connections, you can get your home prepared for the market quickly and begin generating excitement about your listing. 

Knowing what to do yourself and when to ask for help allows you to experience the best of all worlds, making the most of your transaction with the least amount of investment and stress on your part. 

Whether you’re ready to get your home on the market or just need some advice to get started, Woolcott Real Estate is here for you. Connect with us right here or call 905-332-9223 to reach one of our experts today. 

If you want the best possible results from your home sale, the place to start is on the outside. This focus on the exterior is often referred to as creating “curb appeal,” and it is crucial to making a lasting and positive first impression on potential buyers. 

In light of this, our experts at Woolcott Real Estate have put together their best tips and tricks to help improve the curb appeal of your home before you sell.

The Importance of Curb Appeal

Simply put, curb appeal is the visual appearance and attractiveness of a property for sale and its surroundings as seen from the street. When a potential buyer drives by your home to scope it out, they may be persuaded by the appearance. Or they may run for the hills.

A poorly maintained, outdated or simply unattractive exterior can put the entire sale at risk. Potential buyers may not even give your home a second thought or they may offer considerably less than asking. Without a neutral look and clean aesthetic, your buyer may be left with a sour taste in their mouth. 

If that happens, buyers typically walk away without so much as a hint of interest. In the off chance that they come back later on, they will likely try to negotiate for a much lower price, which means you are not maximizing the full value of your home. This, of course, is the bad news.

Fortunately, a few small upgrades are often all you need to create a neutral, clean, and attractive property. Now, curb appeal is a selling point that works in your favour, especially if any competing sellers near you have not taken this step.

There’s a lot of thought and planning involved in selling your home successfully. You can get a look at what goes on behind the scenes in some of our related reading below:

• Why Home Sellers Need to Think More Like Buyers
• Do I Really Have to Update My Home Before Selling It?
• Why Did My Neighbour’s House Sell but Mine Didn’t?

See Your Home Through the Buyer’s Eyes

While you can never appeal to everyone, the goal is to design your home in a way that pleases the vast majority of buyers who come to visit in person. Improving your curb appeal helps to provide a clean slate for potential buyers to imagine their own lives in the space. 

Prospective buyers should be able to effectively visualize the improvements that they could make and how they would accessorize and decorate to add their own personal flair to the home. Most importantly, you want to enable them to see their own family living there.

When you’ve lived in a house for a long time, you may be used to the tiny imperfections to the point where you don’t even see (or smell) them anymore. 

• That broken step doesn’t bother you – you just skip over it. 
• You’ve glanced past the unmaintained flower garden a thousand times. 
• The dirt on the siding isn’t that bad. Or is it?

Take some time to view your property from the buyer’s perspective. To do this effectively, bring in a neutral third party who won’t hesitate to point out what you might be missing. An experienced real estate agent is the perfect choice for this.

Without fail, we can always find a few things that can be updated, maintained or cleaned to help improve the curb appeal. The smallest details might end up having the most impact once the offers start coming in! Here are a few things to watch out for:

Exterior Maintenance and Cleanup Checklist

Not sure where to begin? Think simplicity, safety and cleanliness when sprucing up the exterior of your home. If a minor update can add resale value, even better! Below are some of the main elements that are near and dear to the hearts of most potential buyers. 

Roof

The roof is a big one. If it’s been decades since your roof was revamped, it leaks when it rains or it appears unattractive, you should look to have it repaired before putting your house on the market – especially if it’s missing any shingles. 

Far too many potential buyers will not even look at a home when there are problems with the roof. Not only will fixing any issues help improve curb appeal, but it will also help raise the value of your home.

Siding

After a long winter or particularly wet spring, the siding of your house can get a little on the dirty side. This is a flaw that you likely don’t even notice anymore in your day to day life. However, buyers will notice – if only subconsciously. 

Now is a great time to grab your power washer and get to work. You might be surprised at what a sparkling clean exterior can do for the aesthetic of your home!

Deck

Decks and patios aren’t just about lounging outdoors. They are where you form many memories. A well-maintained deck can even help to create the perception of greater square footage! 

Since you already have your pressure washer out, give the deck or patio a good soak as well. If that doesn’t help improve the look, it might be time to stain and seal.

Walkways & Driveway

Are the stones or pavers in your walkway broken or chipped? After enough time passes, your driveway may be more rocks and rubble than smooth asphalt. 

Upgrading the walkway and driveway is more than just about aesthetics and boosting property value; it’s about safety, too. Anything that looks like it might be hazardous is an instant turnoff to buyers, especially those with families.

Your local real estate agent can recommend a contractor to repair or reseal your driveway. This upgrade is just one more subtle effect that will make a potential buyer’s eyes pop with interest. 

House Numbers

Your house numbers should always be clean, bright and easy to read. If it’s been a while since they were last updated, now is the time. Consider the style of your home when choosing the new numbers for an added effect.

Backlit house numbers make it easy for friends and visitors to find you. They also add a lot of visual appeal. This is one very minor upgrade that can go a long way to impressing potential buyers.

Furniture

Old and dingy outdoor furniture can diminish the curb appeal of a home, especially if everything else is neat and tidy. Either use this time to invest in some new furniture for when you move or toss the old stuff.

Landscaping

Landscaping is arguably the most important part of creating desirable curb appeal. Brown grass with bald spots and flower gardens that have gone wild, combined with weeds, leaves, sticks and everything else, can completely change the way a buyer sees your house. 

Your lawn and yard might look like a disaster, but you’d be surprised at what you can accomplish over a short weekend. Grab a pair of gloves – and possibly a friend to help – and start pulling weeds and cutting the grass. 

Aerating, watering and fertilizing your lawn will make it even more green and beautiful. Planting fresh flowers and trimming the hedges add the perfect finishing touches. A little TLC can go a long way to transforming the outside of your home!

Lighting

Have you ever noticed the difference between a house that has exterior lighting and one that doesn’t? Illuminating walkways, driveways, flower gardens and the physical exterior of your home can add a sense of luxury to your nighttime curb appeal. 

More lighting can also improve safety and even deter trespassers. Thanks to solar lights and torches, you can add beauty and illumination without additional charges on your hydro bill.

Clear All Clutter & Garbage

You’ve worked hard to transform your home’s exterior into an outdoor oasis. Let’s not ruin the effect by allowing clutter to accumulate.

It’s time to pack away all of your garden tools, bikes, old pots, garbage cans and recycling bins into a shed or neatly organized in the garage. It goes without saying that broken furniture or discarded accessories do not belong in your front yard. You can often arrange for their disposal by calling the city.

Periodically, you’ll also want to get outside to remove any sticks, leaves or other debris that blows into your yard. Take a few minutes each week to keep your home looking as neat and tidy as possible.

Seasonal Curb Appeal

Contrary to popular belief, you can create gorgeous curb appeal in the wintertime. Simply committing to keeping your yard free of snow and ice will go a long way to making your home appear well-maintained and cared for. 

Those outdoor lights are more valuable than ever in brightening your exterior during shorter daylight hours. A few pieces of seasonal yet neutral decor can add warmth and ambiance to your home no matter how cold it gets outside. You can also consider a few evergreens and other weather-resistant plants to add greenery and life all winter long.

Are you curious about what other upgrades can have a significant impact when selling your home? The resources below will give you some ideas:

• Worth It or Not? What Renovations Really Help When Selling Your Home
• The Power of Staging When Selling Your Home
• Minor Upgrades, Maximum Results

Reach Out for Support

Have you completed many of the steps above, but still aren’t sure if your house is ready to hit the market? Feel free to contact our team of experienced local Realtors®. One of our friendly and knowledgeable local real estate agents would be happy to counsel you on how to improve the curb appeal of your home. Not only that, our top real estate agents can provide a free home for you, help you put your property on the market and sell it at the best price possible!

Reach out to us right here with any questions, or call 905-332-9223 to connect with one of our experts today. 

Do you ever wonder what goes on in a buyer’s mind before they finally pull the trigger and purchase a new home? Understanding how your potential buyers are thinking and feeling is a significant part of a successful sale. 

This can be a challenging endeavour if you’ve been out of the real estate market for a long time. Even though you were once a buyer yourself, a lot has changed over the past few years. 

Navigating today’s challenging market may require some creative thinking and a slight shift in your strategy. In this post, we’ll shed some light on your buyer’s thought processes so that you can make your listing even more desirable.

Think About Your Own Goals

As a seller, it’s easy to get caught up with what you want and need from the transaction. Earning top dollar and a seamless, almost effortless close are the ultimate goals for most people. Knowing what you are hoping to achieve also makes it easier to understand your buyer; they want the exact opposite.

• You want to command the highest price. The buyer is hoping for a deal. 
• You’d rather sell the house without making extensive upgrades. The buyer wants a home that’s ready to move in right now.
• You’d prefer a flexible closing date that allows you plenty of time to find a new place, pack and move. The buyer wants to take possession as soon as humanly possible. 

Who will get more of what they want and who will have to make some compromises depends on a few factors. Current market conditions may dictate most of the terms, but both parties should also come prepared, with clear goals and knowing what concessions may be required.

Tip: One way to know what potential buyers may be thinking is to read what they may be reading. The posts below could be a great starting point:

• Our Ultimate Handbook for First-Time Buyers
• Hidden Costs of Buying a Home You Need to Know Now
• How To Win In A Multiple Offer Scenario

The Psychology Behind a Real Estate Purchase

On the one hand, buying a home is an extremely logical process that involves a lot of financial planning and analysis. Your buyer will think long and hard about where they want to live and what type of house they want to purchase. 

They’ll be on various real estate websites calculating what their monthly expenses might look like once they own a house. There is a lot of left-brain style thinking and analysis that happens before a buyer begins placing offers.

At the same time, buying a house is one of the most emotional decisions anyone will ever make. Your typical buyer is both exhilarated and terrified. Your goal as the seller is to help nervous buyers feel less worried and more excited to take the next step. The way you do that is to prepare your house to dazzle and set a competitive price that attracts attention.

The Market Versus Opinions

It’s not just buyers who get emotional about their big move coming up. Selling a house where you have a lifetime of memories can also bring up complex and conflicting feelings. Nevertheless, it’s critical to base your selling plan on up-to-date facts and accurate information rather than on opinions.

Overpricing a home based on an outdated evaluation or the assessment of a friend or relative is one of the biggest mistakes a seller can make. In the battle between opinions and the market, the market will win every time. Partnering with an experienced real estate team who is deeply familiar with the current landscape is an integral part of a successful home selling plan. 

Tips for Thinking Like a Buyer

As a seller, it’s imperative that you prepare your home with the buyer in mind. Every design decision you make should be directed toward making your buyer feel less nervous and more enthusiastic. A dark purple accent wall may appeal to you personally, but many potential buyers could find it distracting. 

You probably don’t have to invest in extensive renovations before putting your home on the market. However, you can never go wrong with thoroughly cleaning and decluttering each room so that the buyer can paint their own imaginary picture of living in your house. In addition, a fresh coat of neutral paint can make even an older home appear newer and well-maintained.

• Before your listing officially hits the market, it’s a good idea to walk through each room with fresh eyes and look at everything that you may currently take for granted. 
• Even better, see if you can get an honest and unbiased opinion about the appearance of your home. It can be a trusted friend, but it has to be someone willing to tell you what you may not want to hear. Someone who is “too nice” to tell you that your house has an off-putting odour could cost you in the end. 
• Getting a pre-listing inspection can also reveal any small areas where you can make vast improvements in the appearance and appeal of your home. 
• The best way of all to tell if you are ready for the market is to work with a Realtor® who understands what buyers are looking for in your area. 

Looking for more ways to formulate your plan to sell your home? The posts below will help you get ready for the market:

• The Power of Staging When Selling Your Home
• Our Full-Service Real Estate Team’s Guide to Marketing Your Home
• What’s Your House Really Worth?

Set a Compelling Price Point

If you want the highest possible return, your price has to be realistic and competitive. Again, think about how your potential buyer will feel once they spot your listing. 

• A low price point might seem compelling at first glance, but the buyer may see a bright red flag and worry that something is badly wrong with the property.
• If your price is too high, they won’t even consider your home.

The perfect price point is both reassuringly high and pleasantly low at the same time. The buyer feels like they are getting value for their money. And you have a better chance of earning a higher amount because you may attract the attention of multiple buyers. There’s nothing like a little healthy competition to help you earn top dollar when selling your home. 

Do you want even more tips to sell your home in a challenging market? Our experts are here to help you plan your winning strategy. Reach out to us right here or call 905-332-9223 to connect with our office today. 

For decades, financial and real estate experts have loudly proclaimed that there is “no better time for first-time buyers to get into the market.” High housing prices make it challenging to follow that advice in the current landscape. 

However, the benefits of buying a house are as important, if not more important, than ever. With a place of your own, you no longer have to worry about rent going up or the landlord deciding to sell the home. Plus, each monthly payment builds your equity and brings you closer to the day when you will be mortgage-free. 

The question now is, how can you get started? In this post, we’ll take you by the hand and walk you through all of the steps to buying your first home. 

Choose Expert Representation

There are a lot of myths floating around about the pros and cons of working with a real estate agent. Sellers often believe that they can save money by doing all of the work themselves. This is usually not the case. More often that not, a seller will struggle to keep up with all of the demands on their time and end up with less than they would have if they used an agent.

However, it makes no sense to go it alone when buying. Friends and family may love to provide their expertise. The seller usually pays all real estate commissions, which means you get all of the benefits of working with a Realtor® with no out-of-pocket expenses. 

You may have a list of about a million questions about buying a home or whether it’s even a good idea for you right now. It’s important to have an expert you trust to guide you and represent your best interests at every stage of the process. How can you choose an agent to represent you when you’ve never dealt with the real estate market before? 

The following tips will help you get a head start on your research:

• There’s more information available online than ever before. Browsing the websites of local real estate teams and checking their Google reviews is a great way to get the lay of the land. 
• Find out how long the real estate team has served your area. Ideally, you want someone who knows how to navigate the market even when it’s not in your favour. 
• Make a list of potential real estate agents who seem like a good fit. The next step is to email them with a few of your questions. How they respond—and how quickly—can indicate the type of service they will provide.

Do you need more resources before starting the search for your first home? Here is some related reading you may enjoy:

• Hidden Costs of Buying a Home You Need to Know Now
• How To Win In A Multiple Offer Scenario
• 7 Amazing Benefits of Working with a Real Estate Agent

Beginning the Process

Once you’ve found an expert you trust to represent you, you can take your first tentative steps towards home ownership. What might that process look like?

If you’re just getting your feet wet, you can start with a mortgage pre-qualification. This is a simple step that you can complete in just a few minutes from your laptop or smartphone. You’ll answer a few questions about your income, assets and debts. 

Within minutes, you’ll get an estimate of what the major financial institutions might lend you. It’s not an amount you can take to the bank, but it’s a good start!

When you know for certain that you’re ready to buy your first home, ask your real estate agent to recommend a mortgage broker. You can get a pre-approval, which is a far more accurate estimate of how much you will be able to borrow, presuming nothing changes between now and your closing date. 

In the meantime, it’s best to avoid applying for new credit cards or taking out other loans if you can help it. Another benefit of getting pre-approved is you can lock in the lowest interest rate for 90 to 120 days. 

Do you want more information on how to finance your purchase? You may enjoy enjoy “Pre-Qualification Vs Pre-Approval – Which Is Better?“

Create Your Wish List

This might be the most exciting part of preparing to buy your first home. You get to dream about what your new house will look like and what attractions might be in your new neighbourhood. 

Creating a list of needs and wants will help you move from the planning stages to actually packing your bags and moving into your new home. Start by dreaming big, then outline what compromises you are willing to make. A starter list might look like the following:

• What structure are you looking for? A convenient condo with no maintenance or detached home with a backyard?
• Where should your new home be located? What city and what neighbourhood?
• Do you want a newly constructed home or something in a more established area?
• How many bathrooms and bedrooms do you want?

Understanding Down Payments

With the average price of housing up dramatically over the last few years, buying a house requires some financial resources. You may have heard repeatedly that you must have at least 20% upfront before you can even think about breaking into the market. However, this is one more misconception that prevents many would-be buyers from moving forward. Here’s a more detailed look at what you actually need to secure your first home. 

• For all properties $500,000 and under, you will need a 5% down payment ($25,000).
• You will need 10% on any amount between $500,000 to $1 million. The down payment for a $700,000 house breaks down like this: $25,000 for the first $500,000, then 10% on the remaining $200,000 ($20,000) for a total of $45,000.
• A $1 million home may seem ambitious for a first-time buyer, but it does happen. You would need to come up with a minimum of $75,000 to make this a possibility. That is $25,000 for the first $500,000 plus 10% on the remaining half, which works out to $50,000.
• Now imagine the down payment you would need if you jumped right into a luxury home priced at $2 million. The breakdown is the usual 5% on the first $500,000, then 10% on the next $500,000. Any amount over $1 million is where you will need 20%. In this case, it works out to $25,000 + $50,000 + $100,000, for a total of $175,000 upfront.

There may be another reason for the myth that you can’t buy a house with less than 20% down. Most housing loans will be subjected to mortgage insurance, one of the most significant closing costs. However, there is a way to avoid it–by putting a 20% down payment. 

What Closing Costs to Expect

Speaking of closing costs, let’s talk about some of the other expenses associated with your home above and beyond the purchase price. To be safe, it’s a good idea to set aside anywhere from 3 to 4% to ensure a comfortable transition. Many of these costs can be included in your mortgage.

• Legal fees to ensure the title is free of any liens that could interfere with your purchase.
• Title insurance to protect against identity theft or real estate fraud.
• Utility hook-up fees and any home maintenance costs.
• Property insurance, home inspections and appraisal fees.
• Land transfer taxes, which cannot be included in your mortgage.
• And, of course, mortgage insurance on any purchase with a down payment of less than 20%. You can pay this in one lump sum or as part of your monthly mortgage.

What goes on behind the scenes in a real estate transaction? The following resources will help make you an educated buyer:

• What Real Estate Lawyers Do
• The Deal Fell Through. What Happens Now?
• How To Negotiate A Real Estate Contract

Government Resources for First-Time Buyers

Calculating how much you’ll need to buy your first home can seem mind-boggling. If the numbers add up but leave you feeling a little bit crunched, there is good news. The provincial and federal governments offer incentives to ease your financial burden and help you get your first foothold on the property ladder. 

• Home Buyer’s Plan: You can withdraw up to $35,000 from any tax-sheltered investment without penalty as long as you repay those funds within 15 years. 
• First Home Savings Account: This relatively new program allows young Canadians to start saving for their first home payment as they turn 18. Each year, you can put up to $8,000 into a tax-free investment up to a maximum of $40,000. Unlike the Home Buyer’s Plan, there is no need to repay these funds. Best of all, your investment can grow, which substantially increases your purchasing power as time goes by.
• Land Transfer Tax Rebate: Land transfer taxes are one of the most significant closing costs when purchasing a home. Fortunately, first-time buyers qualify for an instant rebate of up to $4,000.
• First-Time Buyer Tax Credit: First-time buyers can qualify for a tax credit of up to $1,500, which can help cover incidental costs when moving into a new home.

Do you have more questions about the process of buying your first home? Reach out today or call 905-332-9223 to connect with our office.

Here you are, minding your own business as you go about your day. All is peaceful, and then a family member asks for help selling their house. You’re ready and willing to help, but your mind is spinning. Where do you start with this monumental task? 

It’s difficult enough to shop for new shoes for someone else, never mind taking on a real estate transaction in today’s whirlwind market. Fortunately, you’re not alone. Help is available when you know where to look for it. 

In this post, we’ll show you what you need to know about selling a house for someone else and where to turn for advice. We will also provide a thorough checklist to ensure you don’t forget any of the essential steps. 

How Involved Will You Be in the Transaction?

Before diving too deep into the details, you should first have an understanding of the scope of what your family member needs help with. Selling a home when your name isn’t on the title can involve several legal implications. Planning these details out in advance will streamline the transaction and save everyone a lot of stress along the way.

• If your relative wants you to handle everything while they spend the next few months overseas, you will need to become their Power of Attorney. 
• In the event that you are selling on behalf of a family member who has passed away, you need to be the Executor of the estate. 
• If they simply want your advice, support or muscle on moving day, you won’t need any special legal documentation.

Are you looking for more information on the legal aspects of real estate? Check out Selling a Home for Someone Else? Here’s What You Need to Know.

What Are Your Responsibilities?

You have a certain amount of responsibility when helping a family member or loved one sell their house. Even if you’re not officially the Power of Attorney, you should always do everything possible to achieve the best results from the transaction. When a Power of Attorney agreement is in place, you actually have a fiduciary duty towards your family member. This means you are legally obligated to work in their best interests at all times. Below is an overview of what this might look like: 

• You have a clear understanding of your family member’s goals and wishes.
• You will do your due diligence to ensure the property sells quickly and earns a fair price for the homeowner.
• You will keep accurate records related to the transaction.

If this sounds like a big responsibility, there’s a good reason. Selling a home for someone else is a massive undertaking. Though there are many similarities between selling your home and someone else’s, there are also a few significant differences. 

For example, when selling your own home, your focus is likely on earning the highest amount possible. This is especially true when you’re upgrading to a bigger space or more expensive neighbourhood. However, your family member may have different priorities. While everyone wants to earn as much they can, selling fast might be more urgent depending on their situation. Whatever their needs are, you have plenty of resources to ensure the sale is seamless and successful.

Do you need help navigating other challenges when selling a house? The resources below may be helpful:

• Can You Successfully Sell a House With a Stigma?
• How to Sell Your Home After a Divorce
• Can You Sell a House When You Have Tenants?

Bring in the Professionals

Your task of helping someone else sell their house will be far easier for everyone if you work with an experienced real estate agent right from the beginning. You will also need a lawyer at some point. However, a knowledgeable Realtor® can be your one-stop resource for everything else along the way. 

Expert guidance will prevent you from making costly mistakes while ensuring every step to maximize the sale falls into place. Of course, this brings up another question. How do you find the right real estate team to streamline this transition? The guidelines below will help:

• Look for an experienced team who has dealt with every type of transaction–including those involving Power of Attorney or estate sales.  
• Do they have an established web presence with significant traffic? This is critical since so many buyers in today’s market begin searching for a new house online.
• Have they succeeded in all types of markets? A high-quality real estate agent should know how to navigate both busy and slow times in the market.
• Are they a full-service team or will you be expected to handle most of the work yourself? This can be the deciding factor when you have a busy life and are not immersed in the real estate market. 

Finding the right real estate agent involves some background research, but it is well worth the effort. Through them, you’ll also have access to other contacts you will need to help you fulfill your obligations to your family member. These may include lawyers, financial advisors, professional tradespeople, cleaners and moving companies. 

A Comprehensive Checklist When Selling a House for Someone Else

Real estate transactions can be stressful at the best of times, especially in an uncertain or shifting market. Taking on the responsibility for someone else is even more challenging. We’ve created the following checklist to help you proceed with confidence.

Before the sale

• Contact a real estate agent. A local expert who has experience with Power of Attorney or estate sales will be able to answer your questions and guide you through every other step. Plus, they can put you in contact with any other professional service you may need later on. 
• Determine what legal authority you need, if any. It will be beneficial to have an experienced real estate lawyer by your side, whether you pursue Power of Attorney or not. A lawyer can also help you settle any issues that might complicate the transfer of ownership. 
• Talk to your family member to understand their goals. See what they want to achieve from the sale and help them form realistic expectations. If they want the highest price possible, it will take more time to properly prepare and stage the home. 
• Assess the property. Your real estate agent can perform a home evaluation to estimate its value in today’s market. In addition, they can suggest minor repairs that could result in a higher selling price. 

During the Sale

• Work with the real estate agent to evaluate all incoming offers. If your family member wishes to be informed, be sure to keep them in the loop as well. 
• Be ready to pivot your selling strategy whenever necessary. If all goes well, you should be scheduling showings shortly after the listing goes live. If not, you may need to reevaluate your price or marketing strategy.
• Keep the home clean and ready to welcome potential buyers. In addition, try to keep your schedule open to allow buyers to walk through when it’s convenient for them. Remember, you do not have to be present for showings. The real estate agent will be there to show the property and answer any questions.
• Don’t devalue the property, but be willing to negotiate with buyers. Depending on the current market conditions, you may need to make some small concessions to make the home more appealing.

Is achieving the highest possible price is critical for your loved one? If so, the following posts will help:

• Worth It or Not? What Renovations Really Help When Selling Your Home
• The Power of Staging When Selling Your Home
• Minor Upgrades, Maximum Results

After the Sale 

• Maintain the property. The buyer has the right to receive the home in the condition it was when they bought it. The seller is responsible if any damage occurs between now and the closing date. Taking good care of the property will save you from a lot of unnecessary expense and hassle.
• Work with the real estate lawyer to close the transaction. Selling a home involves a mountain of paperwork. If you are the Power of Attorney, you can sign documents on your family member’s behalf. If not, you can work as a go-between to help them understand the process.
• Tell your relative the great news that their house is sold! The transaction is over, but you can still be there to support them as they plan for their next chapter.

Do you need more guidance in selling your home or for someone else? We are here for you no matter what. Reach out today or call 905-332-9223 to connect with a compassionate expert today. 

When you first bought your home, you probably never dreamed how much value it would gain over a few short years. The longer you’ve owned it, chances are – the more your equity has grown. 

For example, a house you paid $500,000 for or less could one day be worth nearly $1 million. Selling your home gives you access to funds that will go a long way toward your next step in life. For some people, that could mean upgrading to a bigger, more spacious dream home. For others, it could mean moving to the other side of the globe to experience an entirely new culture and way of life. Whatever your dreams may be, it’s critical to have an idea of what you will have in the bank once your sale closes. 

Understanding Closing Costs When Selling

The amount your house sells for in the current market may make your eyes pop. However, you will need to account for the closing costs and other expenses before you can accurately calculate your profits. With most transactions, the seller is responsible for some of these costs while the buyer takes care of others. Below, you’ll find a breakdown of the closing costs you can expect when selling.

Real Estate Commissions

The seller pays for real estate commissions upon closing, which typically range from 3% – 5% of the final price. This amount is then shared between the buyer and seller agents. Some homeowners may try to sell without the help of an agent to avoid commissions. However, when you consider how much work a local expert saves you and how much more your house is likely to sell for, you almost always benefit from having an experienced agent working on your behalf. 

To learn more about the benefits of using a real estate agent, read FSBO vs Real Estate Agent Assisted Sales: What’s Better?

Legal fees

Once you accept an offer, one of your first calls should be to an experienced real estate lawyer who will review the sales agreement to ensure all clauses are sound. The seller will also have to take care of any back taxes or liens on the property before the transaction closes. 

Selling during a challenging time? The resources below will help you get results no matter what:

• Do I Really Have to Update My Home Before Selling It?
• Why Did My Neighbour’s House Sell but Mine Didn’t?
• Can You Successfully Sell a House With a Stigma?

Possible Home Repairs

The home must be in the same condition as when you accepted the buyer’s offer. You’ll be responsible for the repairs if any damage has occurred in the meantime. If the offer was conditional, a home inspection may also uncover necessary maintenance or repairs. 

Mortgage Penalties

A typical mortgage term runs from three to five years. Selling your home may mean breaking your contract early unless you time it perfectly to align with your renewal. 

Many lenders will charge a penalty since they are losing out on interest income. You should be able to find these terms outlined in your original mortgage contract.

Moving Expenses 

Although not officially a closing cost, it’s important to factor in your moving expenses when selling your home. Hiring a professional mover may seem expensive upfront, but it also saves you from lifting and transporting heavy items yourself. In addition, you may need less time away from work to settle into your new home. And keep in mind that most moving services come with insurance to cover you if any items are damaged in the transition. 

What the Buyer Pays

Selling your existing home is only one part of your transition. If your plans include purchasing another home, it also helps to know your closing costs as a buyer. Here are the main expenditures you’re likely to face during the process. 

Legal Fees

Legal representation can be even more critical as a buyer than as a seller. Your lawyer will perform a title search to ensure the home is free of encumbrances so the transfer of ownership can proceed. Legal fees will also include title insurance to protect you against identity theft and real estate fraud. 

Mortgage Application Fees 

Before purchasing a home, you will want to get pre-approved for a mortgage. This involves filling out a mortgage application, for which most lenders will charge a processing fee. This can add up to 1% to 2% of the total loan amount. 

Land Transfer Taxes

The provincial land transfer tax is one of the most significant costs you will face as a buyer. In Toronto, buyers also have a municipal land transfer tax. Luckily for the rest of us, the provincial tax maxes out at 2.5%. Unfortunately, this is one cost that you can’t add to your mortgage and must be paid upfront. First-time buyers can expect some relief with the Land Transfer Tax Rebate.

Home Inspection

You don’t have to order an inspection when buying a new home. However, the cost pales in comparison to ending up with a property with more problems than you anticipated. If the current market allows it, your real estate agent will likely recommend requesting a home inspection as a condition of your offer. 

Homeowners Insurance

By law, home insurance isn’t mandatory. However, most lenders will require it before they approve your financing. In addition, you’ll need to add mortgage insurance whenever your down payment is less than 20% of the total purchase price.

Unexpected Costs Sellers Should Know

There is no doubt about it; selling a house can be expensive. Everything we’ve discussed so far is a closing cost, but you will likely have to make a few investments before you even get that far. There are no closing costs without a transaction, which means you must first get your home worthy of showcasing to potential buyers. Here are a few costs you may encounter.

Pre-Listing Inspection

The best time to soothe a buyer’s worry about a potential problem is before it even comes up. A pre-listing inspection instills confidence while uncovering any area of improvement. Taking this step helps your listing stand out in a softer market where buyers have plenty of options. 

If you want to know even more about how to fully maximize your sale, the resources below will help:

• Our Full-Service Real Estate Team’s Guide to Marketing Your Home
• The Power of Staging When Selling Your Home
• A Back to Basics Guide to Maximizing Your Sale

Home Preparations

Preparing your home to impress before putting it on the market is critical to a successful sale. Intense cleaning and decluttering costs nothing but time and effort. Minor repairs such as fixing leaky faucets, replacing silicone around sinks and bathtubs and a fresh coat of paint can help wow potential buyers as soon as they open the door. 

Hiring professionals has a cost, but will ensure the quality of the work. All of this helps you get the highest amount possible from your sale in any market.

Promotional Costs

You don’t want to rely only on the MLS® and Realtor.ca to bring qualified buyers to your door. To get the most out of your sale, you’ll need to promote your listing extensively. A local real estate team will be able to create beautiful marketing materials that make buyers take notice. In addition, they should have a built-in marketing system that reaches buyers wherever they are searching, online or offline.

Staging to Sell

When your house sparkles and shines and all of the photos and videos are taken, you are well on your way to a successful sale. Just one piece of the puzzle remains. Should you stage your home before buyers walk through? Hiring a professional can come with a significant cost, both for the consultation and the service. However, this can be the final element that helps your house sell faster and for the highest possible amount in the current market, and is often well worth the investment. 

Did you know that Woolcott Real Estate provides complimentary staging services? Learn more about how we maximize the value of your home by contacting us right here or calling (905) 332-9223 to reach our offices today.