Home Seller Checklist: Before You List

Before listing your home, consider these factors to help you get the best price for your property and save you from all the hassle and stress.

1. Hire the right real estate professional who will look after your best interest. Selling a property can be very stressful and time-consuming. Let an expert guide you through the process, help you negotiate the best price for your property, and ensure that everything is done efficiently. Choose a realtor that is knowledgeable about the market, professional, listens and communicates with you through-out the process.

2. Review your financial plan with your financial advisor. It is always a good practice to revisit your financial goals regularly and see where you are at in terms of home equity, progress of your investments, and overall financial health.  If you want to buy another property using the proceeds of your sale, determine if you have enough equity on your home to use for down payment, if your current mortgage is portable, or if you will incur significant prepayment penalties as a result of paying off your current mortgage, and any other information that will help you plan your next steps.

3. Determine and prioritize the house repairs and improvements needed and create a budget for these expenses. Focus on the most important repairs and improvements to increase the market appeal and resale value of your home. According to the Appraisal Institute of Canada, the renovations that generate the highest return on investment are—in this order—the kitchen, bathroom and interior and exterior painting, updating décor such as lighting and plumbing fixtures, countertops, curtains, cabinet hardware and flooring, and decluttering.  For example, the kitchen represents 10% to 15% of a property’s value. If you want to renovate it, limit your expenses to that proportion of the home’s value. Kitchen renovations typically pay back about 75% to 100% of their cost, making them the most valuable home renovation investment. You can calculate the cost of your renovation either by determining the cost of your selected materials against the number of square feet being renovated or full cost method that takes into account the different professional trades needed for your renovations and the cost of the required materials.

4. Check the Exterior/Curb Appeal. The first impressions are extremely important and the first things that the buyers will see of your home are its exterior and “curb appeal”.  According to a joint study by the University of Alabama and the University of Texas at Arlington, homes with high curb appeal tend to sell for an average of 7% more than similar houses with an uninviting exterior. So make sure that the lawn is freshly cut, the driveway is shoveled, and the walkway is cleaned.

5. Depersonalize your space. Remove any distractions like personal family photos, personal collections, or loud accent walls, so the buyers can visualize themselves and their family living in the property. Try to see it through the buyer’s eyes and create a blank slate for them to imagine themselves there.

6. Get your home show ready. Declutter your home and take your excess stuff to storage off site or donate it. This will make your home more appealing to potential buyers and will also make it easier to move out when your property sells.  Refreshing the paint color of your walls to neutral tone is an easy way to breathe new life into your home.  Also make sure your home smells good by taking the garbage out regularly and cleaning out pet areas.

Thinking of selling your home?  Let’s discuss how we can quickly start working on the next steps!