Checklist for first-time home sellers

Selling your home for the first time can be an overwhelming task. Not only is there the emotional aspect – after all, this has likely been your home for several years and holds a special place in your heart– but there’s also the practical side of it, with all the work that goes into preparing your house for market. It’s not as simple as just throwing a “for sale” sign up on the front lawn. You’ll likely also need to clean, inspect, fix and generally give the entire home a makeover, even if it’s just minimal tweaks to boost it’s appeal.

Here’s a look at just some of the things you’ll need to keep in mind.
Fix what’s broke
If there are any repairs that need to be done to your home, do them before putting them up on the market. Most

buyers don’t want a “fixer-upper” and you’re likely to make more money off the sale of a home that doesn’t need extensive repairs. Not only that, but your house will look more enticing to potential buyers; make a good impression – it’ll last in your buyers’ eyes.

Pretty up the picture
How does your house look – both inside and outside? For the interior, ensure that every inch of the house is clean, that peeling wallpaper or chipped paint are fixed, that the furniture looks attractive, that the rooms are decluttered. For the exterior, take an honest look at how your home looks from the street. Is the yard attractive? Does the front of the house look inviting? What kind of first impression will your home give to potential buyers?

Assess the safety
How’s your roof? Your chimney? Stairs? Front porch? Back deck? Wiring? Plumbing? Consider everything that could be a potential safety hazard and ensure that it meets regulatory safety standards and isn’t in need of repair. You may want to consider hiring a professional home inspector to check your house. Generally, most people only think of the buyer requesting a home inspection, but as the seller, you can also have one done ahead of time, in order to nip any problems in the bud before they’re discovered by a buyer.

This is just a very basic list of the things you’ll need to do as you prepare to sell your home. For more detailed help, the Canada Mortgage and Housing Corporation has an excellent guide to selling your home at http://www.cmhc-schl.gc.ca/.

House or condo: Which is right for you?

You’ve decided to buy a new home. Now it’s time to decide what kind of home you want: Are you in the market for a house or for a condo?

There are numerous factors that come into play when considering which style of home ownership suits you best, but above all, it comes down to personal preference. Are you someone who prefers to call on someone else when you need repairs? Do you hate home maintenance such as shoveling snow, cutting grass and tending gardens? If so you, you’d likely prefer a condo where those things are taken care of for you. Alternately, if you love having a yard and handling your own home maintenance and renovations, then a house would be perfect for you.

Another consideration is space. Condos are obviously much smaller than houses, which can be troublesome if you have plans to expand your family in the near future. Also, if you have pets, you may prefer a larger home with a yard in which you can let them roam free.

You’ll also want to consider privacy. Some people find condos lack a sense of privacy since there’s only a wall separating you from neighbours. As well, while condos often have perks such as party rooms, on-site gyms and patios, these are shared with everyone in the complex. If you prefer your own space that doesn’t require advance booking, a house is a better option.

There’s no question of which is better or worse when it comes to choosing a house or a condo. It’s simply a matter of what suits you, your family and your lifestyle.

Buying new vs resale

Should you buy a new home that’s freshly built and never been lived in before? Or should you buy an older home that’s had a few inhabitants before you? Both options have their pros and cons. Here’s a rundown of some of the biggest for each. 

There’s no doubt that buying a new home straight from the developer has lots of advantages. They’re newer, so they’ll likely have state of the art fixtures, flooring and appliances. As well, newly built homes are often under warranty, so if you find any problems in the first few months of living there, the builder is responsible for correcting them. However, these advantages come at a cost – literally. You’ll likely have to pay a premium for those brand new fixtures and appliances and new homes are less negotiable in price; builders are generally reluctant to discount the price because they don’t want to affect future sales of other homes in the development. However, many developers will offer to throw in upgrades – such as upgraded flooring, appliances or fencing – as incentives for you to purchase. They may also offer to cover your closing costs – an obvious advantage.

Another trade-off that comes with buying a brand new house is size. With reducing costs at the front of mind of many companies, newer homes and the lots they’re on are often smaller than their older counterparts. As well, concern about costs may mean that newer homes are lacking the quality that exists in older homes, built back when materials were less expensive. Alternately, older homes may have been high quality for when they were built, but not up to today’s standards – meaning you’ll have to fork out money for upgrades and repairs.

New homes may be an easier option, since they come with all the new amenities and are under warranty, but they’re not for everyone. If you’re looking to find a bargain home or want a home that’s already in an established neighbourhood and has an older character, a new home likely won’t give you what you want..