10 Things to Consider Before Buying or Selling a House
At Lisa Cox Real Estate, we believe that knowledge is power.
Navigating the current real estate market is no simple task. And for most, not something that is done every day. For these reasons and so many more, it’s important to perform research, ask crucial questions and consider certain factors before getting started.
Whether you’re looking to sell your home, buy a new house or invest in a property, here are 10 things that you should absolutely consider before getting started.
5 Things to Consider Before Buying a House
If buying a house, condominium or piece of property is in your future, here are the top five considerations that we encourage you to make!
1. Long-Term Goals and Needs
Buying a house is a significant investment. Before reviewing current listings, attending open houses or putting in any offers, it’s important that you consider your long-term goals and needs.
Will your family be growing? Do you have to commute to work? Is this your preferred location? Do you plan to sell and move within the next two to five years?
Be sure to ask yourself the hard questions that can affect your long-term goals and needs, as the purchase of a house can have a direct impact on your overall lifestyle.
2. Having an Inspection
Do you plan on having an inspection performed?
Some home buyers may feel more comfortable and confident having an inspection performed before signing on the dotted line. While others may be perfectly content with purchasing a home “as is”.
No matter your preferences, it’s important to address this topic before putting in an offer.
3. Long and Short-Term Finances
Your finances will have the most significant impact on your decision to purchase a home. Factors such as your budget, debt, income, and down payment are all directly connected to your finances - all which must be considered before making any long-term decisions.
To help gain a better understanding of what is affordable to you based on your financial situation, we suggest first sitting down with your partner, family or financial advisor to analyze the overall situation and create a plan that sets you up for long-term success!
4. Your Down Payment
Speaking of finances, let’s not forget your down payment!
For many home buyers, especially first-time buyers, saving for a down payment is the biggest hurdle to overcome. It can take months or even years for many buyers to save up enough money to place as a down payment on a home.
Before you can start saving, it’s important that you first identify approximately how much you will need to have set aside. Generally speaking, we encourage you to save at least 20% of what the cost of your home will be.
This is, of course, a significant amount of money.
To help you save as quickly and efficiently as possible, there are a few things that you can do, such as:
Create a savings goal
Open the right account
Plan a long-term budget
Make lifestyle changes
Pay off your debt
Increase your income
For more tips, tricks and information to help you save for a down payment, read this article!
5. Features of the House
When attending open houses, viewing available properties on the market and finding something that you really love, it’s easy to be swept up in the excitement!
To help ensure that you steer the course and make the best possible investment for your family, future and self, it’s important that you really examine the house itself and ensure that it has all of the features that you are looking for.
You will also want to ensure that it has potential for growth and that any updates that have been made are of quality. This is where having a professional home inspection can be truly helpful. Or at the very least, bringing an experienced homeowner or family member with you for a second opinion.
5 Things to Consider Before Selling a House
Is it time to sell your house? Here are five things you should most definitely consider before getting started!
1. Preparing Your Home for Sale
Preparation is key to the successful sale of your home.
From updates and renovations, to cleaning, decluttering and more, there is a significant amount of preparation that can, and should, go into the sale of your home. With the right strategy and approach, you can help attract the right buyers and even boost the value of your home as well.
Here are some of the best things you can do to prepare your home for the market:
Paint the interior and/or exterior
Clean the inside and outside
Remove personal items
Update light fixtures
Finish improvement projects
Add extra storage
Invest in landscaping
Revamp the entryway
For more information about the best updates that can be made for your home prior to listing, read this article!
2. Investing in Marketing Materials
With the right approach to digital and traditional marketing, you can help improve the overall success of your listing in many ways. In particular, we invest in professional photography and videography of your home.
These marketing materials can help to promote your home online. Whether posted to social media or on real estate websites, the right photography and videography can undoubtedly go a long way.
3. Finding the Best Real Estate Agent
Finding the right real estate agent to sell your home is quite possibly the most important step. You should absolutely partner with an experienced realtor to help you navigate the market and take a strategic approach to listing your home.
The right real estate agent will be punctual, experienced and immersed in your preferred location. To find the best real estate agent for the job, we suggest performing online research, asking around and even taking a look at signs in your neighbourhood.
Once you think you may have found the right real estate agent to help list and sell your home, here are some questions that you can ask to determine if they are the right fit for you!
4. Professional Staging
Have you ever wondered if the keen eye of a professional could help boost the appeal of your home? With professional staging, you’ll never have to worry about how the layout and decor within your house are going to help with a successful sale.
A professional stager or staging company may bring in furniture of their own, or work with your furniture. They may adjust the layout completely or make a few tweaks. No two home staging companies or approaches are the same. It really comes down to what works best for the layout and design of your house!
5. The Right Timing
Is it the right time to list your home?
Between wild fluctuations in the market, the time of year and your lifestyle, it may or may not be the right time to sell your home. We suggest taking the time to really decide if it’s the right time to sell your home, as this will help you make a more confident and informed decision!
How Lisa Cox Can Help
For more information about buying, selling and investing in your local real estate market, we encourage you to take a look at some of the other articles in our blog!
For more information or help getting started, contact us today. Our team of experts are always here and happy to help!
