Selling a home is one of the largest financial transactions you will make in a lifetime. To maximize the return on your investment and to help you navigate what can be a complex process, it’s important to educate yourself on the basics of the home selling process. You’ll need to understand unique local market trends that impact the fair market value of your property, and be aware of marketing fundamentals that maximize the return on your investment. It’s also essential that you select a skilled and experienced real estate advisor to help you with these steps.
Whether you are an experienced real estate investor looking to sell a sophisticated and diverse real estate portfolio, or someone considering the sale of your family home, Sotheby’s International Realty Canada can help. We showcase your home to more quality buyers than any other real estate company in the world.
We offer the highest caliber of service, discretion and marketing, regardless of your home’s size, neighbourhood or price point.
This Home Sellers’ Guide provides a general overview of basic home selling essentials. To receive full-service support and real estate advice tailored to your property, local real estate market and personal needs, contact us to schedule a personalized and complimentary consultation.
Before you determine the listing price for your property and place it on the market, it’s important for essential property repairs, cosmetic improvements and in some cases, major renovations to take place. This will help you maximize your financial return and increase the chance of it selling faster.
To ensure you prioritize your time and financial resources on projects that will maximize the value of your property, and avoid “over-improvements” that will do little or nothing to improve your home’s value, consider the general guidelines below. We can then provide you with advice on the required updates and repairs specific to your property type and neighbourhood.
In general, homebuyers and real estate investors seek the least expensive property in the best neighborhood they can afford. Repairs and improvements should be made so the property shows well and is consistent with the neighborhood’s standards and preferences. At the same time you should minimize capital investments and over-improvements that may not be recovered from the sale.
If you have an older property, you may wish to get a professional home inspection before putting your home on the market. This will help you identify and address any major repairs that may be required.
Unless you are prepared to significantly compromise on price, some home repairs are essential. These include repairs to broken mechanical and heating systems, siding and gutters, broken appliances, major fixtures and structural deficiencies such as leaky roofs.
Cosmetic improvements, including fresh paint and landscaping, are quick and affordable ways to help a home “show” better and often result in positive returns.
Repair loose siding, damaged roof shingles, leaves, gutters and cracked windows for your home and garage.
Secure loose shutters and awnings.
Wash windows, gutters, mailboxes and doors.
Repair cracked pavement and walkways on your property.
Ensure lawns and gardens are attractive and well maintained.
Sweep the entryway, porch and sidewalks daily. Interior Updates
One of the fastest and most cost effective ways to update a home is with a fresh coat of paint. Repaint walls in a neutral colour with road consumer appeal.
Kitchen and bathroom renovations often result in a positive return on dollars invested. Ask us for advice based on your property type and neighbourhood.
Repair all broken appliances, fixtures, lighting and hardware, such as dripping faucets and showerheads, sticky doors, cracked tilesand broken appliances.
Steam clean carpets or replace if necessary.
Depersonalize your home so potential buyers can envision living in it. Remove personal photos, memorabilia and collections.
Keep in mind that cluttered rooms and storage areas give the impression that they are much smaller than their actual size. Remove clutter from all areas and if necessary, put furniture and personal items into off-site storage.
Clean every room thoroughly.
Remove all items that won’t be included in the sale of the home. This includes lighting fixtures or hardware.
If you are selling a condominium, you will also need to prepare the detailed documentation relating to your unit and Strata Corporation in advance, as potential buyers and investors will request them in advance of writing an offer or before removing “subjects” on a Contract of Purchase and Sale. These include:
Registered strata plan
Financial statements of the strata corporation
Property disclosure statement
Building envelope report
Strata and AGM minutes for the past two years
Other legal documentation required for your jurisdiction