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If you’re planning on selling your home in the coming months, this checklist will take you through the step-by-step process you should be following.
1. Determine whether you’re ready to sell.
- Think about your goals and plans for the next 5 years.
- Weigh the pros and cons of selling your house.
- Are you selling and buying at the same time?
- Calculate your equity.
- Consider the pros and cons of renting out your home instead of selling.
- Speak to a broker about the local market and current sales prices
2. Calculate your selling expenses.
- Look into which renovations will increase the value of your home, and calculate how much they’ll cost.
- Decide whether it makes sense to stage your home.
- Consider your capital gains tax
- Factor in broker’s fees and moving costs
- Look into the expenses of buying a new home.
3. Strategize your sale
- Ask your broker time of year to sell your home. This will depend on your property type and price range.
- Interview three reputable and locally specialized real estate brokers to list your home on Centris.
- Look out for signs of a bad real estate broker!
- Negotiate terms of your listing contract, such as commissions and termination date.
- Discuss a marketing strategy with your real estate agent, highlighting the most attractive assets of your property.
- Get your documents in place and give a copy of each to your broker
- Seller’s Declaration
- Condo Association Rules and minutes
- Former Act of Sale
- Declaration of Hypotec
- Municipal Tax declaration
- School Tax declaration
- Certificate of Location
4. Determine your home’s value and set a price.
- Ask your broker for a comparative market analysis (CMA) to determine the market value of your home. This value will be based on
- Comparable homes in your area with similar square footage, construction, age and condition that sold within the past year.
- Listings for homes for sale in your area.
- Average cost per square foot in your area.
- Special and unique attributes of your home, such as private balconies, architectural details, inclusions.
- Current market trends and time of year.
- Consider easy and cheap ways of boosting your home’s value.
5. Advertise and market the home.
- Organize a photo shoot with your broker or agency photographer.
- Run through your marketing plan and select the best channels of communications between
- Online advertising
- Print advertising
- Email advertising
- Internal networks
- Target the kind of demographic that would be most attracted to your type of property and neighbourhood.
- Communicate the special benefits of your property compared to other listings available in the area.
6. Prepare and stage the home.
- Declutter and de-personalize your home. Sell, donate or trash everything you don’t need.
- Plan for necessary repairs.
- Make improvements to increase your curb appeal.
- Paint interior rooms white or light, neutral colors.
- Fix up your kitchen if needed. Keep in mind that the kitchen is the most important selling point in your house.
- Turn your bathroom into a mini-spa, removing all personal belongings and partly-used toiletries.
- Rearrange furniture to maximize the sense of spaciousness and functionality.
- Give each room a specific and well-defined function.
7. Prepare for showings and open houses.
- Keep the home in show-ready condition at all times.
- Deodorize your carpets, especially if your household includes a furry friend.
- Open all the windows and blinds during showings
- Switch on all the lights before your guests arrive
- Put up signage in the area to advertise your open house.
8. Review offers to purchase.
- Check that each offer includes the proposed offer price, pre-approval letter, contingencies, proposed closing date and offer expiry date.
- Discuss the results and compare offers with your broker.
- Have a strategy in place for lowball offers.
9. Make counteroffers and negotiate.
- Approach each offer as an opportunity to negotiate.
- If you won’t budge on price, consider non-monetary incentives, such as offers to include furniture, appliances, window treatments or lighting fixtures.
- Discuss the offer and its justification with the buyer’s agent.
- Set a closing date and move-in date in your counter offer.
- Finally, accept an offer.
10. Prepare for the closing
- Schedule in the buyer’s inspection.
- Book your movers and plan for your move
- Remove the last of your belongings from the home
- Book your notarization date
- Finalize the act of sale with the buyer’s notary.