Top Real Estate Secrets
Whether you’re a buyer, seller or both, check out these tips for navigating the real estate market successfully.
Tips for buyers:
It’s all about location
Whether you’re a first-time buyer, investor or existing homeowner, you need to understand the best locations for your investment. Buying the smallest house on the best street versus the largest house on a less preferred street will reap big rewards when it comes time to sell. As an investor, a condominium that is near public transit or a university is a good move.
Know your credit rating
It’s best not to just assume your credit rating is in order. To avoid getting any surprises before you meet with a lender, check your rating first so you have time to resolve any issues that might stand in your way of buying. You can call either Trans Union of Canada at 1-800-663-9980 or Equifax Credit Information Services Canada at 1-800-465-7166.
Know your price range
Meet with one or more mortgage lenders to obtain a pre-approved mortgage before you start house hunting. Once you know how much you can spend you can narrow down your choices. It’s safer to buy within your budget, no matter the economic situation.
Head out of the city
Sometimes it pays to go further afield depending on what you’re looking for. If you want more space and more property, but have a budget to stick to, a downtown location won’t do. You have to widen your circle of prospective locations.
Tips for sellers:
Refresh and beautify
Getting your home ready for sale is crucial. Consider a consultation from a professional stager so your home’s potential is maximized when potential buyers see it. Think about getting rid of clutter, adding stylish accents to tired furniture and tidying the yard for curb appeal.
Upgrade and update
You don’t have to completely renovate your home, but consider updating areas that are tired, such as replacing a kitchen counter and sink or replacing worn carpeting. Adding hardwood to a room or two is also helpful as this upgrade is becoming very popular to buyers.
Make sure the price is right
Price your property right the first time, according to the current market conditions in your area. Some sellers believe that if they overprice their property, they have more room to negotiate or they can always reduce it later. Prospective buyers will search for homes within their price range. If your home is listed too high, buyers may skip over it.
Get the best representation
Your home is most likely your largest investment so you’ll want to feel comfortable when you go to sell it. Start off right by selecting a real estate agent who you feel you can trust. Find someone who has a solid marketing plan plus a proven track record of successful negotiated sales.
