In a world where people are choosing to cut out the middleman and take matters in their own hands, it’s only natural to look at ways to sell a house privately without the expense of an agent. Here are a few things to keep in mind when considering selling a house privately in Ontario.
Spruce up the house first
In order to maximize sales, you need to make sure that your house is looking its best. A great way to start is by cleaning up unnecessary items and decluttering spaces to enhance the property’s visual appeal. Applying a fresh coat of paint on the walls can do wonders for returns on investment. This is especially useful for those looking at selling a house privately in Ontario that needs repairs. More often than not, the selling price of the home is determined by the amount of work you put in for getting it ready.
How to sell a house quickly?
Interested buyers today look at multiple mediums before making the decision to visit a property. Whether it’s by newspaper ads, online listings or virtual tours, your house should catch their eye and this will never happen if it seems messy or not well maintained. If a viewer feels that the house never shows well online, it will never translate to a in-person showing.
While your house is one aspect to take care of, remember to also dress sharp and have a professional appearance when meeting potential buyers. Sometimes, people hire a professional stager or photographer to help them de-personalize the space and get the most out of staging as a smart investment. Here is another great article from the Toronto Star that goes into more detail.
Decide on a price that’s right
One of the most common mistakes made by home sellers is incorrectly pricing the property – it can be due to several factors such as a lack of knowledge, emotional stress, misinformation from third parties, etc. There are also instances of the other extreme, when a neighbour has sold their home at a sky-high rate and based on this, a home seller overestimates the value of their own home.
A great way to be attuned to the market rate is by doing a real estate appraisal for a home you are about to sell. This process involves a professional licensed appraiser providing you with an unbiased report on the properties that have been sold nearby, and their guide on how to set the pricing. The legitimacy and appeal of your entire home is also enhanced, when you show this documentation to investors who buy houses or other potential buyers when negotiating in the near future.
Make an effort to engage with buyers
If you have decided to sell your home privately, one of your main concerns would be whether home buyers will hear of a private sale, or be open to the idea once they have. First things first, share the news with all your neighbours, co-workers, family and friends. When it comes to the real estate market, you never know who is searching for a home like your own, whether it is a Toronto house buyers / Mississauga house buyers. As it is a slightly unconventional way of selling a property, you will see the entire gamut of emotions among buyers, which ranges from suspicious to elated.
- Invest in a good sign: Signs are rather old-fashioned but they are a great way to sell house as is. While there may not be many buyers because of the signage, neighbours may pass on the message or it may help buyers find the property easily after an appointment is scheduled. Take a look at Canadian Tire if you’re on a tight budget, where you can purchase a big sign for $5. Put your name and website address on it to grab attention.
- Create a website: You don’t have to create a professional Facebook page to set yourself apart — even a free website page through blogger will be good start. This is your chance to add in all the extra details that make your home a catch. Keep in mind the home buyer’s perspective, and mention everything from room size, age of furnace and windows, average taxes, the lot size to the square footage.
- Take high quality photos: As they say, a picture is worth a thousand words. The sale of your home can hinge upon one unclear photo so investing in or renting a good camera is very helpful for both documentation purposes and digital media.
- Agents will be interested in private sellers – Even if you have a private sale listing, agents are bound to bring their buyers to it based on their code of ethics. Keeping an open mind is important, because many sellers have had a positive experience closing a sale with a buyer who is working with an agent.
Avoid legal complications
If I am about to sell my Toronto house without a real estate agent, I always do my research on what you can and cannot do legally speaking. For instance, did you know that the stop power of sale Ontario is an alternative available to Canadian homeowners who would like to protect their property from being sold off by lenders?
To sell an inherited house in Toronto / Mississauga, you would be subject to a nominal capital gains tax for selling a property which was not your primary choice of residence. You should have a clear understanding of your rights in a private sale, and involving a lawyer is the best way to do this. A lawyer can provide specialised support with drafting the sale and purchase agreement, holding the deposit and ensuring that the entire process is streamlined.
What to expect when selling a house privately in Ontario
Conducting a private sale of your home is not easy and you may receive many “no shows” or those who say they will get in touch afterwards, only to never hear from them again. Don’t give up hope and keep faith that your home will be purchased by someone who appreciates its value, instead of those who buy houses in any condition.