Planning to Sell Your Property.

Whether you are upsizing or downsizing, or selling a rental property, there are a few things to keep in mind throughout the process:

Is Your Mortgage Really Portable?

Porting a mortgage involves porting the terms of your existing mortgage to the new property to avoid a penalty and to maintain your current rate.  

Though you qualified for the mortgage on the current property, you must requalify for the mortgage to be ported to the new property as well, as though the mortgage is brand new.  Your income, any further down payment, and the new property amongst other application details must all be accepted by the lender in relation to the new property before the port can be approved.  

Make sure you qualify for where you’d like to go next before you list your current one for sale.  

Choose the RIGHT Real Estate Professional

One of the most important aspects of the successful sale of your home or property is to price accordingly. When selling, it is vital to avoid emotions in your decision.  To achieve that, it’s helpful to work with a realtor you trust to set a realistic pricing strategy. A  real estate agent can help you maximize the sale price and terms that work for you.  They’re also invaluable in walking you through every step of the sales process, from staging to negotiation and everything in between. 

Improve Your Curb Appeal

Attending to landscaping and any outdoor maintenance or repairs will go a long way in making your property more appealing. A pressure wash and a new coat of exterior paint can also do wonders to give the property a facelift.  Keep it simple, but first impressions count.  

Get Rid of Clutter

In addition to updating your property’s curb appeal, de-cluttering your space is a must. Removing personalized photos, collectibles, memorabilia, and knick-knacks will help open things up and allow potential buyers to envision their own belongings in those spaces. While major renovations are not necessary, a fresh coat of paint and managing any minor repairs will also help make first impressions count.

Understand the Costs

As you form your plans, be sure to remember the costs involved in selling property.  These include::

• Real estate sales commissions
• Closing fees
• Title charges
• Transfer and recording charges
• Additional settlement charges, if applicable
• Debt obligations related to existing mortgages

If you’re looking to sell your home and need mortgage advice or an introduction to a real estate professional, please reach out, I am here to help. 

ADAPTED FROM DLC MARKETING