Here are three things you should ask yourself before you put your home on the market:
- Why are you selling?
- Will you be able to get what you want in the next home?
- Will you be able to let go and consider your present home as a product to be sold?
So what are your reasons for selling?
Perhaps you have no choice because of family changes, financial changes or forced transfers. In that case you may as well fast track to the third question.
But maybe you DO have a choice. Are you just wanting a nicer place? What is it about your present home that isn’t working for you? Are there lots of things you do like about it and about your neighbourhood too?
Could remodeling add the features you are longing for? If you’d be happy with a remodel, then decide whether it makes financial sense. Sometimes it could turn out to be cheaper than all the costs of purchasing another home like the closing costs, mortgage penalties, moving costs and any initial work needed on the new home. If you like your neighbourhood and your house isn’t the most expensive one on the street, then you need to compare costs of both options. However, if you already have one of the more expensive homes on the street you will have to realize that the costs of major remodeling probably won’t be recovered if you do sell in a few years.
Perhaps the reason you feel you have to sell is financial. In that case, talk frankly to your banker, accountant, credit counsellor or other professionals to check out your options. Maybe a restructuring of your finances could help without moving. If there’s “no way” and you must sell, then consider whether your house is in fairly good condition. Has your tight money situation caused a prevailing state of neglect? Perhaps you need to arrange a little financing to invest in bringing the house up to an acceptable standard, repayable from proceeds of the sale. This may help avoid selling at wholesale price because of a long to do list.
If you love your home, but, are unable to manage the work associated with it because of age or health, investigate hiring some help. For some, hiring a lawn service and a cleaning service and whatever help you need could be preferable to moving into a retirement home. If you are having trouble with stairs, you could have a lift installed. There are several options to help with getting in and out of the bathtub. Perhaps there is a solution that would allow you to continue to enjoy your home.
If you do decide to sell in the end, at least you will have fewer mixed feelings when the going gets tough in the selling/moving experience. If other family members are involved it would be best to make a group decision with everyone “on board.” They can pitch in and help make your home a showplace that will attract the new owner it deserves.
Will you be able to get the features you want in the next home?
There are a couple of reasons to consider this question. Having some clear criteria will help you start your search for the new place. More importantly, you need to estimate what your new home might cost and whether one with your desired features will be easy to find.
If you will need a mortgage, you should investigate whether you would indeed qualify for the amount you will need. I heard a story about an unfortunate couple who sold their house intending to make a move-up purchase. They didn’t realize that since they had taken their previous mortgage their credit situation had changed. The wife had quit work to raise their children. Interest rates and prices were escalating as they were shopping, and they ended up being forced to buy a more modest house than they started with. What a disappointment they must have felt.
Will you be able to see your old home as a product to be sold?
An additional reason to think about your new home is to help yourself begin the mental process of letting go of the old one. For the best outcome from your sale one of the things you need to do is to depersonalize your space. You need to pre-pack your personal touches, the collections and the family pictures. Your buyer needs to be able to imagine himself living in the space before he will make an offer. In other words, he must mentally move in. So you need to let go and mentally move out. Even though you’ve loved the place for years and have many happy memories, you have to start preparing to say good bye if you are serious about selling.
On the other hand, perhaps you hate the place and that’s why you are selling. Maybe you can’t wait to slam the door behind you. It happens. But, unfortunately your lack of love for your house may also jeopardize your sale. It will be really hard work for you to prepare your house with the loving attention to details needed to get the best price. And your negativity will likely be contagious. Even if you only see your agent and never let any viewer lay eyes on you, that negativity can kill your agent’s enthusiasm for your house. What happens when your agent is having a hard time keeping positive? You’re right, it isn’t a great promotion of your house.
You need to brain storm and come up with something good about the old place. You must have found something passable about it at one time. Recapture those old positive feelings. Put some positive spins on the features you’re now seeing as negatives. Send out some good vibes to create a great sale.
Better yet, call a home stager for professional advice on how to maximize your profits and minimize your time on the market.
Author, Martha Stanton-Smith, owner of Rearrangements, is a Certified Canadian Staging Professional who helps serious home sellers in Kingston, Ontario get full worth for their homes. She completed her staging training in 2006. Visit her profile here:
