page - 6 / 33

MARKETING DESIGN & PHOTOGRAPHY

Lulustudio.ca | Vancouver . Canada

resource

page - 6 / 33

gvrealtors.ca

1. Partner with the Right REALTOR®

Choosing the right real estate professional is paramount. Consider working with the REALTOR® who helped you buy your current home, or seek recommendations from friends and family. Alternatively, keep an eye out for “For Sale” signs in your desired neighborhood. Interview a few candidates to find someone you trust. Your REALTOR® will be instrumental in pricing your current home competitively, attracting buyers, and maximizing your return. They’ll guide you through every step, from market analysis and professional photography to negotiations and contracts.

2. Prepare Your Home for Sale

First impressions matter. A well-maintained and appealing home sells faster. Decluttering is key – spacious rooms appear larger. Consider minor updates like improved lighting to add value. Focus on highlighting your home’s best features to create an inviting atmosphere for potential buyers.

3. Strategic Timing is Everything

The speed at which you need to sell, current market conditions (buyer’s or seller’s), and seasonality all influence your selling price. Collaborate with your REALTOR® to align your move-out and move-in dates, ensuring a smooth transition between properties.

4. Understand Your Finances

Trading up involves crucial financial considerations. Discuss with your REALTOR®, mortgage lender, and legal professional whether your current mortgage will be “assumed” or “discharged.” Inquire about the “portability” of your mortgage if you’re acquiring a new one, and clarify any associated taxes. Proactive financial planning will prevent surprises.

5. Embrace New Ownership Responsibilities

Moving up often means a shift in home maintenance responsibilities. If transitioning from a condo to a townhome, you’ll gain responsibility for heating, cooling, hot water, and yard upkeep. Moving from a strata property to a freehold home means taking on all interior and exterior maintenance, potentially increasing insurance costs. Unexpected repairs can arise, so take time to understand the full scope of ownership costs for your new property type. Explore government cost-savings programs to help manage these expenses.

eady to move into your dream home? “Trading up” your property involves more than just finding a new place; it’s a strategic process. Here’s a 5-step guide to help you navigate the journey smoothly and successfully.