Your First Steps
DEFINE YOUR REASONS FOR SELLING
Before you begin the selling process, closely evaluate why you're moving. Do you have too little space or too much? Has your work location changed? Or are you simply looking for a change?
A complete analysis of your current position will set a good foundation for your home-selling strategy, as well as for your next home hunt. If, for example, you have already purchased a new home and your goal is to make a quick sale on your current home, this reason will chart the path you take in the home-selling process. If, on the other hand, you aim to net the highest price possible for your home, you need to prepare yourself for a potentially slower process.
Be clear about these reasons, as they will directly influence the amount of time and effort you put into preparing your home for sale, and the amount you set for your asking price.
BUY OR SELL FIRST?
This can be a tricky question. After all, if you find a purchaser for your existing home before you've found a new home, you may find yourself living out of a suitcase if convenient closing dates cannot be negotiated. On the other hand, if you find your dream home before you've sold your old one, you may be faced with having to finance both homes and shoulder the extra debt until you sell.
So how do you manage? It can be quite simple. Do your homework and have a good idea about the Vancouver neighbourhood and type of home you're looking for. Do an honest evaluation of your family's needs and budget. Start your new home search inVancouveras soon as your existing home hits the market, and use strategic contractual conditions.
- BUYING FIRST If you've found a home before you've sold your existing one, use "sale of your existing home" as a condition on your offer. If you don't sell your house within a fixed period of time, you can choose not to go through with the offer. This, however, is a difficult condition for many vendors to agree upon and you may find that you have to forgo your price negotiating power. Purchasing a home before you sell could be a risky strategy if you're counting on the proceeds from the sale.
- SELLING FIRST If you've found a purchaser before you've found your next home, use "purchase of a new home" as a condition when you sign back the agreement. Again, it will only be for a fixed time. Even if you have not found the ideal next house by the time the deal closes, you may still wish to proceed with the offer. As a buyer with a "sold house" you will be in a better position to negotiate price.