The Toronto real estate market provides a thrilling and enjoyable experience. There are always buyers and sellers, which creates a strong uptrend in property value. However, it is not as rosy as it sounds for both first-time and seasoned sellers. In truth, tons of opportunities lurk in the real estate sector waiting to be harnessed. Several factors come into perspective when putting a home on the market.
Although a seller may be familiar with some of the processes, a little insider information on how to navigate this industry quickly and smoothly would not hurt. With the right research and preparation, a home can be up for sale and off the market in a short time; hence, the reason for this guide.
Prepping a Property Up for Sale – The Beginner’s Step
As highlighted before, planning and research play an essential role in placing a property on the market and having tons of requests in a couple of hours. It is no different from preparing for a work interview. Ideally, the first step a seller would take is to consult a realtor – one based in Toronto. This professional knows the ins and outs of the market and walks the individual through specific expectations, including value-added implementations on the property.
The next step is to declutter the property. No one loves a shabbily looking home. Here, minimalism reigns supreme – no personal attachment, not even in the interior décor. The bookshelf, wardrobe, and other household fixtures should maintain a minimalist appearance, free of clutters. The seller needs to give potential buyers a feel of what their future home would look like with them in it. Hence, the property needs to be tidy and trendy.
Top Toronto homes speak one language – simplicity. Here, the simpler the better. Home sellers have to incorporate home staging to highlight top-notch assets within the property that create a call-to-action. An innovative realtor can include fixtures and features that will appeal to buyers and increase the number of offers. Wrap it up with a pre-inspection and the home is good to go online.
Guidelines on Selling a Property in Toronto
An effective property sale goes along with a deep understanding of the real estate market, which often comes with on-peak and off-peak seasons. Provinces and cities in Canada have various market expectations, depending on several factors. A seller may have limited knowledge of when and how to place a house on sale. This is also where a realtor comes in handy. Conducting thorough research on who the potential buyers are and catering to them would be ideal.
Having gone past that hurdle, it is time to sell the property. For some reasons, one may develop cold feet due to some loose ends not attended to before sales. A realtor is there to fast-track the process. But this is not the only professional – and, without doubt, not the only process – a seller needs to wrap up a deal. Here are the rest:
- Hire a real estate lawyer for the closing deal
- List the property with the help of a realtor
- Create time for showings and open houses
- Negotiate and accept an offer
- Conclude the paperwork needed for closing
The closing duration varies from one buyer and seller to another.
Why Is a Home Inspection Necessary?
A home inspection might sound like a wasteful cause and a seller may skip this process entirely. However, without this step, it may be difficult to get a property off the market quickly and at the right price. Buyers should not be the ones to spot a rickety floorboard or a cracked window – such actions place dire consequences on the property value, in return, affecting the sale process.
It is worth noting that the Toronto real estate market is dynamic. Potential buyers are willing to go all out to get their dream homes. For this reason, the sellers are always on their toes to ensure that such individuals get nothing but the best. Prioritizing home inspections will put properties into good shape and functionality, making it easy to get fast bids.
Nailing a Home Sale Via Curb Appeal
What makes buyers want to whip their wallets out after stepping foot on a property? The answer is not far-fetched – curb appeal. This aspect is crucial to home sales. The first impression a buyer gets on a property determines the next line of action. In mentioning this factor, one cannot ignore the places of home staging and home inspection. They both play pivotal roles in ensuring that properties exceed a clients’ expectation.
Essential Property Sale Documentation Worth Noting
Listing a property on the market comes with several pieces of paperwork, including the following:
- Surveys (if any)
- Property tax receipts
- Renovation contracts (if applicable)
- Transferable warranties (on any renovations or fixtures)
- Seller Property Information Statement. It is a form containing everything a seller knows about the property, some of which stems from the home inspection.
- Seller representation agreement. It is a form that shows the agreement between the seller and the realtor on the property listing
- Agreement of Purchase and Sale. It is a signed document showing a buyer’s agreement to purchase a seller’s property for an agreed price.
Taxes Attached to Property Sales in Toronto
Here is a fun fact: in October 2016, the Canada Revenue Agency (CRA) issued new regulations specifying that every home sale must be reported (half of any capital gains) on the seller’s income taxes. However, the capital gains taxes do not apply to individuals who list their primary residences on the market, which is limited to one.
Property sales provide sellers with a thrilling experience as they get tremendous returns on their investments. However, such processes can either be easy or challenging, depending on the steps taken and the professionals hired. With the right realtors, real estate lawyers, and home inspectors in place, a seller can get the best deal on a home. As stated before, the Toronto real estate market is dynamic – there are always buyers. As such, selling properties in this city should be a walk in the park. It is time to prep that container home or rancher for sale.