We bought our townhome as a new build. In seven years, our family has grown, we now have three kids and we’ve outgrown our charming townhouse. I absolutely love this home and all the work I’ve put into it to make it beautiful but also functional with three kids.
Since our real estate adventure included our first time buying a resale home, and selling a house, I was lost. I would have turned to my dad for help as we moved several times as kids–he was a pro. I missed my dad so much throughout this process. But, I’ve learned on my own. I’m sharing everything I learned about the home buying and selling process to make it easier for you and your family.
This post is sponsored by CREA, but all opinions are my own.
Have a flexible budget and timeline if you can
When we started to look at homes two-years ago, we had a budget in mind based on what we could afford and we quickly realized that our budget did not match how much our next home would cost. To no one’s surprise but mine, the homes we were most interested in were more expensive than I anticipated.
So, we paused our search for new homes. When possible, be flexible with your budget and timeline. It was not the right time for us back then. This year, the market in our area changed. With higher interest rates, larger home prices decreased but townhome prices stayed stable. With this working to our advantage, we started looking for homes in January but it wasn’t until the spring that we found a home we loved.
Give yourself plenty of time to get your home ready to sell
With three kids, we had so many books, toys and clothes. Once we decided we would sell our home, we gave ourselves plenty of time to start purging and packing non-essentials. I started six-months before selling our home.
You may need to get a storage unit to hold everything. The cost will be well worth it. A clean and tidy home can often sell quicker. You want potential buyers to walk into your home and think there is a lot of space for themselves to grow into the home.
Hire a professional REALTOR®
Finding a REALTOR® you trust and feel comfortable with is so important. They can help you through every step of the buying process. The REALTOR® we chose was recommended by my brother who moved a few years ago.
A REALTOR® can make the process so much easier. There’s so much you don’t anticipate about moving and REALTORS® often know the market better than anyone. Our REALTOR® specializes in our area so he knew about comparable home prices, what had recently sold, and he has good relationships with other REALTORS® in our desired area.
He was so knowledgeable. He could easily spot things that were going to be an issue down the line. One home I really loved had a sub-pump which he thought was unusual. When he asked the selling REALTOR®, we discovered there was a foundation issue. I would have never even noticed the sub-pump.
He had our best interests at heart and I never felt pressured. He gave me a lot to consider, both pros and cons for every home. If you don’t have a REALTOR®, find your perfect match on REALTOR.ca.
I suggest talking to a few REALTORS® before you commit to one. You’re going to be working with them every step of the buying and selling journey so you’ll want someone who’s knowledgeable and also who meshes with your personality.
Things that surprised me when visiting homes
When we went to see homes, I paid close attention to all the details. When selling a home, it’s recommended for your home to be immaculate and clean. If it’s not, it can be an immediate put-off for a potential buyer. When I saw projects that weren’t done correctly, it made me think that the sellers didn’t take pride in ownership and didn’t spend the time to properly keep the home in a good condition.
Even in a slower market, sellers of good homes can receive multiple offers. There was a home that we saw with my REALTOR® that I loved for the greenroom extension off the kitchen. It was so unique. While pondering if we should purchase it, we were notified that there were multiple offers on it. We didn’t want to be in a bidding war, so we opted not to put an offer on that home.
Staging is a great investment when selling a home
Our REALTOR® helped us on both ends of the home buying and selling process. Selling our home was a high-anxiety time for me! Since the market was slower, I was nervous about how fast, and for what price our home would sell.
Hiring a staging company was worth the investment. My REALTOR® covered the cost of the staging company and they did an amazing job! They help enhance existing features of your home that buyers are looking for and create inspiration for how spaces can be used. Thankfully, our home sold quickly and at great value.
My REALTOR® suggested we stay at my mom’s house for a few days because it was so hard to keep my home tidy with small kids. I am glad we did because when I saw the staging that was done, there was no way my three young kids would have kept the home that neat and tidy!
Hire an inspector before finalizing the purchase of your new home
Hire an independent inspector that is well respected in your community. It gave us so much peace of mind, especially as we bought a home built 20-years ago. When we put the offer on the house, we included a condition that we needed a house inspection. I liked the house, but I didn’t get attached to it yet. I was nervous about uncovering foundation or roof issues.
Thankfully, there was nothing major wrong with the home but the inspector pointed out issues that we should fix to prevent roof leaks (like extending the gutter) and basement flooding.
What is a fixture?
There was a term in our sale contract that essentially said that “fixtures must stay.” I thought this was only light fixtures, but it turns out a fixture is anything attached to the wall, something built-in, shelves, etc. I wasn’t clear on what a fixture meant.
If there’s anything you want to take to your next home, make sure to include it in the contract. If you really love an item, sometimes it’s best to remove it from your home before you list your home. Chances are that if you love it, a potential buyer may love it and want to keep it, too.
How to pick your moving dates
If you want to move out after you get access to your new home, you’ll need a bridge loan. Some people choose to have a few days to make the moving process easier. I highly recommend speaking to your bank or mortgage broker on the financial implications of picking your move in/out days. I wish we had done so, before confirming the move dates.
We made a big mistake with our bridge loan. First of all, I didn’t realize that the interest rate on the bridge loan is insane! We should have asked our bank before selecting the closing dates. The standard bridge loan rate from our bank was prime + 4%.
If we were to do it again, I would not close over the weekend for the following reasons:
- – The banks must finalize the mortgage paperwork on a weekday so we ended up paying more in the bridge loan.
- – If you want any work done in your new home before you move in like painting or resanding floors, contractors are often not available on the weekend.
- – Cleaning services are also very busy on the weekend.
Ideally, I would opt to move into a new home on Monday, and close our old home by Wednesday if no major work is required.
A lot of emotions
It’s an emotional time! You’re starting new, you’ll miss your home, it’s a big investment. Allow yourself to feel the range of emotions. I loved our townhouse so much. It’s such a big part of my life because it’s where I truly found my passion. I’ll miss that house so much because my dad helped us so much in that home. I have so many beautiful memories of him in that house. I remember bringing home two babies from the hospital in that home.
At the same time, I am so excited to be in our forever home. I am filled with hope and anticipation of all the adventures in this home.
I hope this article was helpful to you!
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