Ready to say goodbye to your property - Let us help you move forward with ease?
Ready to say goodbye to your property - Let us help you move forward with ease.
and why it’s essential to have legal expertise you can trust
Step 1: To sell or not to sell - making informed decisions
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When deciding whether to sell your home, it's crucial to consider whether you're in a seller's market (with few homes for sale and rising prices) or a buyer's market (with many homes for sale and decreasing prices).
You should also investigate which types of homes sell best in your area.
If you're not under pressure to sell, you should weigh the following factors:
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Selling a property and relocating can cost thousands of dollars, including real estate commission, legal fees, and moving expenses.
The less equity you have in the property, the greater the financial impact. It's essential to calculate this financial impact before deciding to sell.
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The timing of your sale is important to consider, taking into account the state of the property market and your equity in your home. A buyer's market could negatively affect your sale. If your equity is low, will you be able to repay your lender with the sale proceeds? The greater the equity you have in your home, the better equipped you are to cover your sales costs.
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Are there any capital gains taxes payable on real estate profits?
Ensure that you understand where you stand.
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If you're selling to escape from crime, difficult neighbors, or because you need more space, it's worth doing a reality check.
Checking crime statistics may reveal that you're safer in your current neighborhood than in a new one. A tall fence may be able to protect you from troublesome neighbors.
You could also consider renovating your current home to get the extra space you need.
Step 2: Should you sell or improve?
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Selling a home costs money. In addition to selling and moving costs, it will cost substantially more if you have to purchase new appliances and furniture for your new home.
If you do not have to sell immediately, carefully consider whether you should sell - especially if it is a buyer's market and you won't get top price for your home.
You should consider whether you can renovate your home to better suit your needs.
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What is your house's condition?
Does it have any major problems?
Make a list of the improvements you want, then get cost estimates from a builder.
Will the cost of the renovations add more than that amount to the value of the home? Improvements do not always translate into higher resale value.
Be realistic about what the renovations will achieve.
Step 3: Find out what your property is worth
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Your property's value is what a buyer is willing to pay at any given time. Your final selling price will depend on many factors:
If you want to sell quickly or you are in a buyer's market, you may decide to set your price lower than the market value.
On the other hand, if you are in a seller's market, you may want to set your price higher than the market value.
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If you are going to use the services of a real estate agent, interview several before you choose one. Ask them to give you an assessment of your property's value.
Obtain a comparative market analysis. A comparative market analysis should take into account repairs, improvements, and annual costs of your property, in addition to its size, features, and amenities. It should contain an analysis of recently sold, comparable properties in the neighborhood, and a list of comparable properties currently for sale.
Get an appraiser or registered valuer's report. If you want confirmation of the list price you have in mind, get a pre-sale valuation or appraisal. Registered valuers and appraisers use comparable sales in addition to other information to make their determinations of the market value of your property.
Disclaimer: This article should not be relied upon for legal advice. Always seek professional legal advice before making any decisions regarding your business.