Things to consider while selling a house in Canada

Since the real estate market is blooming in Canada and it is considered an evergreen market, people are always selling or buying property. Their are project which are very good and selling like hot cake like halo condos residences then their are project where sales are very slow. There are many reasons one needs to sell off its property. It could have been purchased as an investment and an urgency of money calls to sell off the property.  Or, a person could be moving off to another place and thus wants to sell off the property. The real estate market in Canada like every other place in the world keeps on fluctuating. It is very necessary to prepare one’s self before selling off the property. Few things that need to be considered before selling the property are:

Check out the market

Sometimes the market is on the buyer’s side while other times it is on the seller’s side. It is best to study the market and put the property for sale when market is favourable. Moreover, Canada has extreme winters. House sales are at peak in spring as it is easier to plan and do stuff in spring. Next, you need to see the market and compare prices if you are planning to buy another place. If the market is low, you will end up getting low price but then, you will get a new place for comparatively low rates too.  The ultimate confusion occurs when one has to decide whether to buy the place first or sell the current one first. If you find a good place before you are able to sell the current one, you can make a conditional offer that states that it is valid only when you are able to sell off your current one. Similarly, as a seller you can get an extension on the closing period until you are able to buy another place for yourself.

 

The second step is taking care of your finances

You need to see how you are going to pay for the new place. What about the existing ongoing mortgage for the current/previous place. You need to see the mortgage plan you had been following. They offer much flexibility. Some allow discharging mortgages, portable mortgages, or the buyer can assume your mortgage. You can even help your buyer to acquire the property by vendor take back mortgage.

 

All these mortgage plans need intensive study and professional guidance in order to save one from any unwanted trouble. Please fill the form and don’t forget lovia.ca if you want more information on buying or selling the car or property.