Whether you’re a millennial buying your first home or a boomer downsizing, entering the housing market can be stressful and challenging. To make the process smoother, here are five helpful tips that Realtors use from the Ontario Real Estate Association.
Understand industry lingo. From the Buyer Representation Agreement to the Agreement of Purchase and Sale, there are a number of legal documents with technical names that you need to know. Work together with your Realtor to make sure you understand these documents and what to expect throughout the process of buying or selling.
Think outside the box. If you’re looking for a new home, don’t limit yourself with a strict checklist of must-have features. Try to be flexible because you might find that your dream property isn’t exactly what you imagined. For example, a larger home isn’t necessarily better, since a great layout and the right combination of rooms and storage space can have a big impact on the comfort and flow of everyday living. Similarly, when selling a home, decorate and choose furniture to create multifunctional spaces. For instance, kids’ bedrooms can be reimagined as guest rooms or home offices.
Consider winter. Many people flock to buy or sell in the spring and summer when the weather is warmer, but entering the market during the winter has its advantages. As a buyer, you’ll have less competition and may be able to negotiate a better deal. As a seller, there may be fewer properties on the market, which can help your home stand out; also you’ll attract more serious buyers for viewings since house hunting is more of an effort when it’s cold and snowy outside.
Get your plans in order. Having a well-thought-out plan is a must for both buyers and sellers. Planning ensures a seamless transaction once an offer is made and accepted. For sellers, this means making sure each homeowner listed on the deed is in agreement to sell and that a move-out date has been arranged for tenants (if you have them). For buyers, it’s wise to have your mortgage pre-approved and a home inspector chosen, this way you’ll have your finances and someone who can evaluate the property ready for closing.
Stage the interior. Sellers should stage their homes to attract greater interest. By focusing on curb appeal, decluttering and making sure the home is well lit, your property will stand out to potential buyers. On the flipside, if you’re shopping for a home and the seller hasn’t put any effort into staging, a Realtor can help you cut through the clutter to envision the home’s full potential.
For more information about buying or selling a home visit www.orea.com.