1. Are You Ready To Sell?

First, you need to really assess if you’re ready to sell, by asking yourself, are you ready.

This may sound obvious, but there can be times when a hot housing market can bring out the emotional buyers who want to capitalise on the gains they’ve seen since jumping in to the market.

Maybe you saw your neighbours for sale sign and got excited about potentially buying a new home.

Make sure the reason you’re thinking of selling is sound and well thought out. More on this later…

2. Have You Found Your Next Home?

When considering to sell your current home, it’s especially important in the housing market in Metro Vancouver to know where you’ll be going next and to have property viewings lined up as you sell your current home. This is because homes are selling fast and you need to be ready.

3. Looking to Stay In The Same Market?

One huge consideration to make is if you’re looking to stay in Vancouver housing market. For instance, if you sell your home in Metro Vancouver, will you be moving out to the Fraser Valley or the BC Interior?

Knowing this will be crucial to how you plan and prepare to sell your home. If you’re looking to stay in the Metro Vancouver area, you’ll need to consider how much more budget you can make room for if adding more bedrooms or square feet is a goal for the next purchase.

Similarly, if you sell and move out to another part of the province, it could be hard to get back into the Metro Vancouver housing market due to the low supply and high demand, fueling prices even higher.

4. Would a Renovation Change Your Mind?

If you’re just looking for a change-of-pace and want to have a different living space and home, then a renovation may be a great (and much cheaper option) to giving you that new home feeling, without the need to move.

Another huge plus to investing in renovations is that it can make your home worth even more should you look to sell your home in the future.

Some of the best home renovation ideas for increasing the value of your home, according to Mike Holmes include:

  • Bathroom Renovations + Upgrades
  • Kitchen Upgrades
  • Outdoor Deck
  • Finishing a Basement

5. Determine Why You’re Selling

Similar to point one where you ask yourself if you’re really ready to sell and consider why you’re having those thoughts to sell and move, you’ll want to nail down that reason and you can do just that using the following questions:

  • Why do you actually want to sell? To live somewhere new? To cash-out on a rising housing market? Hate the neighbours?
  • What benefit will you get from selling a home in Vancouver and moving?
  • Can you emotionally walk away from this home and buy something different?
  • Do you have a plan for what’s next if you do sell?

If you’re unsure of any questions from the above list, then you’ll want to consider if selling now is right for you. Potentially moving forward if one of these is a no can make you have buyers remorse for one of the biggest purchases of your life.

However, if you have strong answers and still think selling is a smart choice, then continue on, to see if you’re fully ready.

6. Are There Things To Repair or Fund Before Selling?

In some situations, you may need to repair something in your house or there could be a looming special assessment from the condo building’s strata assessment that could negatively affect a real estate deal. As buyers typically don’t want to make a large real estate purchase knowing there is another bill on the way.

Repair Considerations

When looking to sell, it can be smart to get a professional to come by and report on the conditions of various aspects such as the roof, foundation, flooring, bathroom or kitchen repairs.

Along with any other exterior or interior issues that may cause a buyer to second guess their potential purchase.

Outstanding Strata or Condo Corporation Fees

Strata or condo corporation fees such as a special assessment against the current unit owners can be a huge deterrent for selling a condo or townhouse. The reason being is that most people don’t want to have to invest a lot of money in a newly purchased property if they weren’t anticipating it.

Similarly, when this arises, usually that money won’t increase the value of the property, which is usually expected when spending money to update a property for a new buyer.

Not sure if there are outstanding strata fees that will need to be paid? Check out these resources to help you out:

7. Consider Any Financial Repercussions

Mortgage Fees and Interest Rate Changes

Mortgage fees and interest rate changes can make a huge difference in your ability to make money on selling your home if the timing is not right.

When ending your mortgage contract term early to sell, the bank may impose certain fees and penalties that can cost thousands of dollars for you to break the contract team.

If you’re curious about the regulations and other fees that may be in place when breaking your mortgage contract, check out this great mortgage contract resource from the Government of Canada.

Capital Gains Taxes

According to the Canadian Revenue Agency, if the home you’re selling is defined as your primary residence, then you won’t need to pay capital gains tax on the return on your initial investment in the property.

However, if you’re not sure if you can declare this property as a primary residence, then you’ll really need to consider if it’s worth selling now given the potential capital gains taxes that could be imposed.

And always remember to check with an accountant and lawyer for how to handle this type of situation for your own circumstances.

8. Do You Have The Right Real Estate Agent?

If you still think you’re ready to sell by now, then it’s a good chance you should consider listing your property. The next big question you need to ask yourself is if you have the right real estate agent to make that happen?

If you’re looking for a trusted team in Metro Vancouver to be your friendly local guides on your selling journey, learn more about Daniel John.

Our team specialises in helping all ranges of people, from first time sellers to families looking to upgrade for their next chapter, or the single bachelor looking for a beautiful place for themselves. Find our more about how we work with sellers across Metro Vancouver.