Tips for First-Time Home Sellers to Sell Their First Home

What Do Homeowners Need To Know When SellingThose wondering how to sell your home in Canada should prepare themselves for myriad possibilities during the process. Because of the complexity of the procedures involves such as legalities, paperwork, negotiations and costs to consider, first time home sellers may find the experience daunting. However, here are some home selling tips to ponder while preparing the household for the process.

Understand the Cost of Selling a Home in Canada

While the process may differ slightly for each case, the question of how to sell a home in Canada still involves various cost and fees that are standard industry-wide. Here are some of the costs that sellers should be prepared to handle:

Legal Fees and Disbursements: First time home sellers should give serious consideration to hiring a Canadian-based real estate attorney to facilitate transactions and official ownership. They can also create a statement of adjustment, which shows all the calculations that ultimately determine how much the buyer will pay to the seller upon closing. Fees will vary and tend to average between $500 and $1000.

Mortgage Penalties: Those with a mortgage locked in for a set term who plan to sell before the term expires can expect to pay a substantial discharge fee to ‘release' the collateral hold on the home.

Tax Considerations: Unless the home was used to generate income, the good news is that most Canadian residents won't find themselves facing a tax bill as long as they satisfy certain requirements under revised tax laws.

Real Estate Agent/Broker Fees: Be prepared to pay fees associated with hiring a professional real estate agent and/or a broker. The instillation of the Canadian Competition Act means that commission rates and structures are not standardized and must be negotiated between sellers and their representatives.

First Timers Should Think Long and Hard About Self-Selling

If you're selling a home for the first time, think long and hard about going it alone. Yes, those selling a home in Canada have bought a home before and have some familiarity with the process. However, there was likely a real estate expert involved to streamline this complex process. Evaluate the potential money that could be missed while trying to save on commission costs. Do you know how to properly price a home and add it to reputable listing sites? Are you prepared to show the home, deal with inspectors, and handle the myriad of paperwork yourself? All of these perks and more are included when hiring a professional real estate agent.

The Vast Benefits of First Time Sellers Hiring a Pro

Hiring a real estate professional brings a host of benefits and is well worth the small percentage they charge in commission. These pros can help sellers:

  • Choose the best market conditions for selling homes in Calgary.
  • Find the best way to get the listing sold with multiple listing services.
  • Determine a realistic asking price and help explore ways to increase the home's resale value.
  • Prepare for open houses and showings if necessary.
  • Handle the home and legal paperwork and legal matters.
  • Arrange for surveyors and home inspections.
  • Decide whether conditional sales will be considered.

Don't lose out on getting every dollar possible out of your investment — call a pro.

Stage the Home To Entice Buyers During Showings

One easy way to make a home more appealing to potential buyers is by staging it. Staging your home creates an environment that draws buyers in and shows them what living in the home can feel like. Many homeowners accidentally sabotage their home by trying to sell it empty, which can lead to rooms feeling cold and uninviting as well as looking far smaller than they are in actuality. All these things can turn off buyers and cause them to move on, so buyers should do what they can to prepare beforehand. Here are some of the different things that can be done to help showing your home so buyers fall in love with it:

  • Remove personalized items from rooms.
  • Vacuum all the floors.
  • Invest in landscaping for curb appeal.
  • Remove pets from the home.
  • Clean all surfaces from tables and counters to walls and windows.
  • Use neutral paint colours on walls.

Selling a Home in Canada for the First Time?

Considering the sale of a home in Canada for the very first time and wondering how to sell your own home? Be sure to think about the above tips for selling your home, and give strong consideration to contacting a local real estate professional who understands how to properly market and get top dollar for homes.

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