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Selling Your House – Things to Consider

Selling Your House – Things to Consider

selling your homeIf for any reason, you are selling your house, you will definitely want the procedure to be smooth. For this, you have to think upon many things and do some preparation. Your decision may be affected by the situation and your mental status too. For example, if I want to sell my house during divorce, I will definitely be perturbed by some other thoughts and may not take the right decision about the deal. Therefore, you should think well before accepting the very first offer.

Do You Need to Sell Your House Indeed?

First of all, think upon whether you really need to sell your house. For example, if you want to sell it because you think that it is small and you want more space, have you thought of building an extension, creating a basement or remodeling an attic? The cost of relocating to a new home (especially stamp duty) is so high that it is more affordable to extend your existing house than selling it and buying a new one.

Secondly, you should also consider the rising prices of real estates. You may not be able to buy a new bigger home by selling your small home.

Thirdly, consider if you are in negative equity, whether it is affordable for you to sell.

Renting your home rather than selling may be a good option.

Evaluate Your Financial Status

It is good to notify your lender that you are thinking of selling the house. Also you should find out how large your outstanding is and whether there are any penalties for early redemption. Get a rough idea about the value of your house to calculate the money that you would have after paying off the mortgage.

Regarding your new home too, you will have to consider the mortgage you will need and how much the mortgage lender would like to offer.

Who Will Sell Your Home?

You can either sell your house yourself or through a regular or an online estate agent. If you plan to handle the job to an estate agent, do research about whom to choose. You can either hand over the job to a single person or multiple agents. The option of online estate agents is very popular today. If you want to choose one, learn how to compare the rates and services of different online agents. For example, Wayne Chung is a fulltime realtor working in downtown Toronto, neighborhoods and a vast area. He offers his expert guidance to home sellers and buyers according to the current market and also offers free evaluations of homes.

Selling your home is a daunting task. Be careful and take every step cautiously. Hire reputable estate agent, figure out if you would be at a profit and then take the final decision.

selling your home

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