Whether you have a rental property in another province, have inherited a house the town over, or have already moved and need to sell your previous home, there are a few things you need to consider so that the transaction goes as smoothly as possible.
Here are a few things to consider when selling a home or property in a location other than your own.
Find the right local real estate agent
Surprise, surprise: A real estate blog is suggesting you find a real estate agent! But this is truly the most important step when it comes to selling a home in a different city or province.
The right realtor can make or break a great sale, especially in a city you don’t know or haven’t lived in for a while. Your agent should know the local market like the back of their hand and be willing to work hard for you in order to secure the best price.
A great real estate agent will also be fully available to you so that you can keep on top of what’s happening with the sale at all times. Choose carefully, and if you haven’t worked with any agents in that location before, be sure to interview a few to find the one you like.
Also, property laws are provincially regulated, so things may not work the same in the location where the sale is taking place. An excellent realtor will guide you through the process and help make sure that everything is above board, while also giving you solid recommendations for real estate lawyers in the area.
Do your real estate research research
While a real estate agent will guide you through the entire sale process, it’s important to do your own research ahead of time. This will give you a “lay of the land” and help you set expectations for price, market conditions, and other considerations that are specific to that location.
It’s also important to, of course, research realtors, any local movers in case there are still belongings in the home, any tax-related issues you might have to settle, and real estate lawyers — though, again, your realtor should be able to make some great recommendations.
Be available to your realtor & real estate lawyer
Just as your realtor needs to be available to you during the sales process, you need to make yourself as available as possible. This may also include travelling to that city or province in order to sign the closing documents, as most lawyers require you to be there in person.
Being available also includes having the necessary information prepared or on hand if your real estate agent has any questions about the property or needs to answer those that potential buyers may have.
Consider a home inspection
If you haven’t lived in the home you’re selling for a while (or at all), you may want to get a qualified home inspector in to assess the condition of the property. This will help you determine if certain repairs are worth it in order to increase value, and it will also help you avoid and potential issues that may arise from selling a home that requires repair.
In most provinces, a disclosure statement is required during the sale of a home, which requires you to indicate if you have any knowledge of damage or issues in the home, such as water seepage in the basement or asbestos in the walls.
In some cases, ignorance is bliss, as it can protect you, but if you think the home is in good condition, with few surprises, then a home inspection can go a long way in attracting potential buyers.
If you have any concerns about selling a home in another city or province or have questions about where to get started, don’t hesitate to call or text Gino Cipriano today at 204-955-5853. He’ll be able to guide you through the process and help you sell your home in the best time frame possible for the best price possible.