First Steps in starting to think about selling your home.

So, you've made the decision to sell your home either to upsize, downsize or free up some needed equity. As a realtor, while I'm happy to hear from you and look forward to going on this journey with you, I want to know that you've had the most important conversation to start the process . . . the one with your mortgage broker, lender or financial adviser.  It can sometimes be a painful process for a homeowner to find out too late that there are penalties or other costs that make it impossible or at the very least difficult to buy their next home. Even if you are buying down you may have debts, liens, charges, penalties etc. that may prohibit your next purchase. You could also end up with a rate that messes up your comfortable monthly payments.

Make sure your understanding of the money related to your home is in order before you sell or start looking for your next home regardless of buying up, buying down or just trying to free up equity. A lot of folks are surprised not only by the costs attached but what sometimes isn't there! I have spoken to several homeowners who believe that because Vancouver has a robust real estate market that home values across the board have soared! It isn't the case everywhere and the perceived equity may not exist.

Buying out your mortgage early or moving it can cost a lot of money. If you are selling a home, then that also means that you are not a first time home buyer and your next purchase is subject to Property Transfer Tax. This can be and will be several thousands of extra dollars. Considering moving to a condo or townhome? Those monthly strata fees can push the costs outside of what you are approved to purchase.

Your mortgage specialist will walk you through the process and ensure that you know how much you are working with, the best rate possible and then you can decide if this is the right to sell. 

GOING GREEN