Selling a Home - Step by Step Guide

Selling a Home - Step by Step Guide

When you’re deciding to sell your home there are a few steps you must consider to ensure the sale happens successfully and for maximum profit. Whether this is your first time selling, or you have previous experience, you should be familiar with these top steps to selling your home.

Table of Contents - Selling a Home - Step by Step Guide

Determine your families future housing needs

Finding out your family's future housing needs is one of the most important steps to selling your house. When you discover what your needs are upfront, it helps eliminate impulse buying and helps you to find your dream home faster. Write down the features and amenities you would like your new home to have. When you're creating your housing wish list, it’s important to separate your wants from your needs to keep you focused when you do find a house.

Create a family budget

Now that you have figured out what your housing needs are, you can sit down with your spouse and go over your family's budget. Leverage online real estate listing sites to find price ranges of the houses that fit your needs. Based on these new home values, determine how much the mortgage would be based on your estimated down payment. Does this mortgage payment scare you? If not, does the mortgage payment fit into your family's budget? If you're satisfied with your budget then move onto the next step. If your budget seems too tight, remove some features from your potential home, which should help lower the purchase price. The lower the purchase price the lower the monthly payment and the better the home will be in your budget.

Discover neighbourhoods that meet your needs

You now know your family's housing needs and have your budget lined up. The next step is to drive through neighbourhoods that match your housing criteria. While your driving through, determine what neighbourhoods you like and ensure the house prices match up with your budget. It’s recommended once you have discovered an area you like to visit it during different times of the day to make sure the location is still the best for you.

Get pre-approved for your mortgage

Your next step is to get pre-approved for a mortgage. The house may fit your budget, but the lenders often have their own rules and regulations for lending. LendCity Mortgages has an online application process, or you can visit us at our office. A pre-approval will not only allow you to determine your maximum purchase price but it will also lock in the best rates for you. If the rates go up during your pre-approval period then you have nothing to worry about as you have your rate locked in. Also, at this stage, we can assess if your mortgage can be ported, which could eliminate any mortgage penalties from your current lender.

Discover your homes current market price

Now that we know how much you can qualify for on your purchase, the next step is to discover the value of your home to make sure selling it makes sense. We suggest reaching out to a local Real Estate Agent to visit your home and give you a great understanding of what your home is worth. If you connect with this realtor we suggest having them list your home for sale, but also using that same Real Estate Agent to help you purchase your next home.

Optimize your home for the highest selling price

When you consult with your Real Estate Agent in the above step, he/she will give you suggestions to improve your home for a fast and most profitable sale. Often, increasing the curb appeal is one of the easiest and most common methods to make sure your home sells quickly. Some tips to increase your curb appeal are;

  • Paint your front door
  • Mow the lawn
  • Trim bushes and trees
  • If you have shutters, clean them or paint them
  • Make sure your house number is visible
  • Add flowers and small plants to a garden, if you don’t have a garden make one
  • Powerwash your driveway
  • Clean Eavestroughs

Prepare your home for viewings

Once the outside of your home is touched up, you must ensure the inside of your home is clean and fresh smelling. It’s difficult to keep your house clean at all times but do your best. Many buyers, if they think they found their dream home will want to see it immediately, not giving you much time to clean up. The cleaner your home and better smelling the faster it will sell.

Many Real Estate Agents will suggest not to paint your home unless it’s an incredibly odd colour, but we do suggest to paint your trim, especially if it's white. Dirty and stained trip shows wear and tear, but a fresh clean paint job on the trim will show the home is maintained which buyers will love.

Start looking for new houses

Once your home is ready to be sold, it’s important o make sure you can find your new house. The last thing you want to do is to sell your house and then not be able to find a new one. Reach out to your listing agent and book some time to view houses for sale. Also, check your local for sale by owner listings and show your realtor any of those listing. Often your real estate agent will know if the houses are priced too high.

Once you find your dream house make sure you put in an offer to purchase. As soon as your offer is accepted send it to us and we can process it right away for you.

Finalize the purchase of your new house

Once you have the offer accepted, financing finalized and you're satisfied with your home inspection, you can then remove any conditions on your dream home to make it official.

We suggest trying to get the purchased home a few days before you sell your existing home to allow ample time to move.

Book a moving company

After you have sent in a firm offer to purchase to the seller, you either need to book a moving company or U-haul. The benefit of a moving company would be that generally, they can move you faster than you could move. Moving companies also have insurance to protect from any damage that could occur when moving.

Often moving companies need a few week's notice.

If you're moving yourself, usually you do not need a reservation, but a reservation is still not a bad idea.

Meet with your lawyer

Now that you have a fully executed offer to purchase, booked your moving company and are getting ready to move in, you must meet with your lawyer.

Your lawyer receives all of your legal paperwork from your lender and will explain it to you and guide you through signing the legal documents. In most cased lawyers like to meet a day or two your actual closing is taking place.

Your lawyer will also ask you to bring in a certified cheque for the total amount needed for down payments and expenses for purchasing the home.

Take possession and say goodbye to your old house

The hardest part of selling is saying goodbye to your old memories and neighbours.

Do your best to not let it bother you. Your new home will be filled with fun and memories, which will increase the longer you live there.

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