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Thinking About Selling Your Home? Avoid These 5 Costly Mistakes

It isn’t just the temperature that heats up in Canada with the advent of spring; it’s also the real-estate market. Selling a home can be stressful, and it can also be exciting, especially if we’ve found another place we’d like to buy.

But it’s not just a lack of experience that can cause us to make errors, lose a sale, or even get sued; it’s our emotions.

Let’s slow down for a second. Take a deep breath. Here are five of the costly mistakes online real-estate marketplace, Zillow.com, warns against.

#1: Get pre-approved

Don’t sell before you have formally qualified to buy a new home. Don’t assume that because you got a mortgage last time, you’ll get one this time.

#2: Know the rules of your existing mortgage

Don’t guess what your loan or mortgage discharge might cost. There can be significant penalties involved in paying it off early.

#3: Do your pricing research first

Don’t guess the sale price of your home. Understand fair market value. If it’s overpriced, it won’t sell. If it’s underpriced, it will – but at your loss.

#4: Consider all of the numbers

Don’t underestimate your closing costs. A lot can be involved, from commission to legal fees to taxes in some situations.

#5: Don’t forget your utilities and insurance

Don’t forget to switch your utilities and insurance. You’ll want them off at one and up and running at the new one the day you take possession. Find out how much time your supplier or broker needs. If you’re insured with Dumfries, feel free to contact your agent directly; we’re happy to help you with reviewing your policy and setting everything up.

What’s next?

One of the big “don’ts” is “don’t show your home unprepared.” If you’ve decided to list or are still considering selling your home, you’ll want to read our next post. It will have a link to a great worksheet, and handy “do’s” to make sure your home appeals to buyers.