People ask me this all the time!

 Should I list my property first or buy my new home first?  Let’s take a look at both options.

If you attempt to buy a property before listing your home, you run into a couple of challenges.

First, sellers may not take you seriously as a potential buyer. After all, you haven’t put your own home up for sale. As far as they’re concerned, you might merely be testing the market.

Second, your property might not sell as quickly as you thought it would. Also, if there is an early closing date on the home you purchased, you might end up owning, and paying a mortgage on both properties, at least until your home sells.  Most people do not want and can't take the chance of carrying two mortgages!

If, on the other hand, you list your property before buying a new home, sellers will know you’re serious. That puts you in a competitive position in the event of multiple offers.

Also, if your home sells quickly, you’ll have the peace-of-mind of knowing exactly how much of a new home you can afford. You’ll be able to shop with confidence!

Of course, like the first option, there is a chance that the closing dates won’t match and you’ll end up owning two properties for a period of time or that you're moving in with family or even end up having to rent for the interm....

However, there are solutions available such as bridge financing. 

There is no perfect answer, it's what you decide and what you feel is best for you. A lot depends on the state of the local market.

If you're not sure what to do, or what state the market is in, talk to me!  I can provide you with a market update, do an evaluation on your home and help you decide which is the best move for you based on todays market!

Here's some tidbits on the “smartest” household renovations to make in order to receive a good return on your investment. Although there are many variables that affect the value of a home, the Appraisal Institute of Canada (AIC) offers these general tips to Canadian consumers.

1. Choose improvements with long life expectancy. Roofing, energy-efficient heating and cooling systems, and windows can provide homeowners worry-free home improvements for as long as 10 to 15 years. But remember…regular maintenance is as important as the initial investment.

2. Invest in modern updates in high-traffic areas. Update the core rooms of your home such as the kitchen and bathroom. This can be as simple as changing door knobs, resurfacing cabinets, or replacing fixtures and countertops.

3. Don’t underestimate the value of inexpensive updates. A fresh coat of paint, modern lighting fixtures, light landscaping or gardening, or upgraded door handles can give your home an updated look and feel – and it doesn’t have to cost a lot of money!

4. Consider energy-efficient renovations that have a high return relative to cost. Energy-efficient renovations are considered one of the highest paybacks relative to cost. Energy efficiency translates into reduced operating costs over time.

5. Be careful about over-improvement. Consider your neighborhood and the expectations of buyers in your area when planning your next renovation project. Investing in an expensive project may be an over-improvement for a home in particular market, and the investment may only be partially recognized by homebuyers.

6. Think about your personal needs. How much you spend on improvements will depend on how long you plan to live in your home. If you you’re thinking shorter-term, smaller and less –expensive improvements may be your best bet to recover your investment.

7. Be sure to get a building/renovation permit. Take the time to obtain the proper building permits from your municipality or appropriate authority. This is a good step to ensuring that the renovation work complies with the building codes.

8. Hire a designer, architect, or contractor. Talk to a professional when you start planning your renovation project. They can help you draw up a plan, provide renovation advice, or assist in the construction. This will add to the quality of the renovation and go a long way in preventing cost overruns.

9. Consider unique features with care. Unique designs or improvements that are uncommon for a particular market may impact the resalability of a home. This is where the expert advice of a real property appraiser can provide an objective perspective on the marketability of the property.

For more tips or to find out the value of your home, contact me today!

Courtesy Appraisal institute of Canada