So You're Thinking of Selling | Martha Stanton-Smith
There are many things you should think about before you decide to put your home on the market. Here are three:
- Why are you selling?
- Will you be able to get what you want in the next home?
- Can you get past any mixed feelings and see your old home as a product to be sold?
Why are you selling?
So what are your reasons for selling? Perhaps you have no choice because of family changes, financial changes or forced transfers. In that case you may as well fast track to the third question.
But maybe you DO have a choice. Are you just wanting a nicer place? What is it about your present home that isn't working for you? Are there lots of things you do like about it and about your neighbourhood too?
If so, you need to evaluate whether remodelling could add the features you are longing for. If you'd be happy with a remodel then you have to decide whether it makes financial sense. Sometimes it could turn out to be cheaper than all the costs of purchasing another home like the closing costs, mortgage penalties, moving costs and any initial work needed on the new home. If you like your neighbourhood and your house isn't the most expensive one on the street, then you need to check out the numbers. However, if you already have one of the more expensive homes on the street you will have to realize that the costs of major remodelling won't be recovered if you change your mind about moving in the next few years.
Perhaps the problem is financial. In that case, talk frankly to your banker, accountant, credit counsellor or other professionals to check out your options. Maybe a restructuring of your finances could help without moving. If there's "no way" and you must sell, then consider whether your house is in fairly good condition. Has your situation caused a prevailing state of neglect. Perhaps you need to arrange a little financing to invest in bringing the house up to an acceptable standard, repayable from proceeds of the sale. You could avoid being forced to sell it at wholesale prices because all other buyers are scared off by the To Do List.
If love your home but are unable to manage the work associated with it because of age or health, investigate hiring some help. Hiring a lawn service and a cleaning service and whatever help you need could be cheaper than moving into a retirement home. If you are having trouble with stairs, you could look into installing a lift. There are several options to help with problems getting in and out of the bathtub. Perhaps some remodelling to install the features you need could be a solution that would allow you to continue to enjoy your home.
When you've explored all your options, if you do decide to sell at least you will have less mixed feelings when the going gets tough in the selling/moving experience. I'd suggest if other family members are involved it would be best to make a group decision. It will help to have everyone "on board." They can pitch in and help make your home a showplace that will attract the new owner it deserves. If you make the decision yourself, at least talk it over with the kids. I"ve made the mistake of not communicating properly about a move and it caused plenty of hurt feelings.
Will you be able to get what you want in the next home?
There are a couple of reasons to consider whether you can find what you want in the next home. Having some clear criteria will help you narrow down your search for the new place. More importantly, you need to know what your new home might cost and whether there are many with your desired features available.
Also, unless you are in the fortunate position of being able to buy for cash you should investigate whether you would indeed qualify for the mortgage you will need. I heard a story the other day about an unfortunate couple who sold their house intending to make a move-up purchase. They didn"t realize that since they took their old mortgage their credit situation had changed. The wife had quit work to raise their children. Interest rates and prices were escalating as they were shopping, and they ended up being forced to buy a more modest house than they started with. What a disappointment they must have felt.
Can you get past any mixed feelings and see your old home as a product to be sold?
An additional reason to think about your new home is to help yourself begin the mental process of letting go of the old house. To get the best outcome from your sale one of the things you need to do is to depersonalize your space. You need to get rid of your personal touches, the collections, the family pictures and the like. Your buyer needs to be able to imagine himself living in the space before he will make an offer. In other words he must mentally move in. So you need to let go and mentally move out. Even though you've loved the place for years and have many happy memories, you have to start saying good bye if you are serious about selling.
What's that you say? You hate the place and that's why you are selling. You can't wait to slam the door behind you. It happens. But, unfortunately your lack of love for your house is an attitude that may also jeopardize your sale. It will be really hard work for you to prepare your house with the loving attention to details needed to get the best price. And your negativity will likely be contagious. Even if you only see your agent and never let any viewer lay eyes on you, that negativity can kill your agent's enthusiasm for your house. What happens when your agent is having a hard time keeping positive? You're right, it isn't that great.
You need to brain storm and come up with something good about the old place. You must have found something passable about it at one time. Recapture those old positive feelings. Put some positive spins on the features you're now seeing as negatives. Send out some good vibes and you'll have a great sale.
Better yet, call a home stager for professional advice on how to maximize your profits and minimize your time on the market. In Kingston, Ontario you can call Rearrangements at 613 539-3233 and I'll be glad to advise you.