Selling a home involves a lot of planning and preparing. It can be an overwhelming experience especially for first-timers, as there are a lot of things to do as well as factors to consider.
For you to get the best possible deal in the Canadian real estate market, you need to equip yourself with the right information, such as when to sell, what’s the best way to market your home, and how to price your property.
Here are a few helpful tips to keep in mind:
Look for an experienced real estate agent
A professional real estate agent is there to serve as a trusted resource during the home selling process. Look for an agent who has plenty of experience in your area. A good agent will be able to identify any specific disadvantages your home may have and determine a proper course of action, so you can sell your home for top dollar.
Preparing your home for a sale
After you’ve made the decision to put your home up for sale, create a list of things you need to do, including renovations, repairs, and others. The process of selling a home can be tedious, so it helps if you’re organized.
One of the things you can do is to make an estimated “launch” date for your home sale. Create a schedule based on this specific date, so you’ll know how much time you you’ll have left for any tasks you need to complete.
When planning home renovations, don’t expect to recoup the entire cost of any improvements you consider for your home. You need to plan strategically in order for you to make the most out of your money. Go for budget-friendly improvements that can create a huge impact, such as repainting walls, repairing damaged tiles, or replacing kitchen cabinets.
Depersonalize and declutter
As a seller, your goal is make potential buyers imagine themselves living in your home. To do this, you need to make sure your home is free from clutter, and that each space has a clearly defined purpose. Remove family photos, your personal figurine collection, or any other things that might draw too much attention, as you want buyers to think of your place as their own, and imagine how it can fit their lifestyle.
Be sure to make space in your cabinets, closets, and other storage areas as well, so you can showcase your home’s storage potential.
In most cases, sellers won’t be required to pay tax on the money they earned from a home sale if the house they sold served as their principal residence for every year since purchase. If your home was used to generate income, however (if you rented out part or all of the property while you owned it, for example), then you’re required to report the sale of your home during your tax return.
Learn more about other tax rules that could potentially affect the sale of your primary residence and other real estate, by visiting this page.