Today I am going to discuss the use of a home equity line of credit or a "HELOC" as a means of helping you buy a new home while having to sell your current home.

This is another option that allows buyers to utilize equity in their own home for the down payment on a new home. This is similar to a bridge loan in that you need to be able to qualify for the new mortgage without selling your existing home first, but this is an option that buyers will often use if they already have a HELOC in place. This is another option where some buyers will list their home while under contract and others will wait until they close on the new home. This is a matter of preference. Talking to your mortgage professional will help you decide if either of these is a viable option for you.

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Tip # 4 DIY DON'T

So some of us are handier than others. This brings me to our final DIY tip of the week.

Do not undertake a project that exceeds your capabilities, even with something as 'easy' as painting. It is not hard to spot when a project has not been done properly or is only partially completed.

A potential buyer may think there could be improperly done work throughout the whole home.

Sometimes you just need to hire a professional.

As your real estate professional, I would be happy to refer you to some fabulous fort st john contractors to get that job done right.

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DIY Don't tip #3 When you are preparing your home for sale.

If you are aware of any issues or deficiencies in your home, do not, I repeat do not try to conceal or hide these issues with a quick bandaid type fix.

A prospective home buyer is likely going to have the condition of a home inspection. A professional home inspector will locate these problems and potentially your deal could fall apart.

Either disclose the issue in your property disclosure statement and price accordingly or get it fixed properly.

That nosey neighbour down the street that you don't get along with...they will tell the truth to the new buyer after they move in and you could get sued.

Save yourself some heartache down the road by fixing it properly or being upfront!

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DIY Don't Tip #2

Today's DIY don't tip is to not spend money on really expensive high-end finishings if you are updating for the purpose of selling, without talking to your realtor first.

Your realtor should be knowledgeable and know the value of your home with or without spending the money.

You could spend $50,000 updating a kitchen and only have your home increase in value by half of that depending on the comparables, neighbourhood, current market conditions, etc.

If you think you need to make some improvements before selling your home, book an appointment by clicking this link and I can present you with my recommendations to sell your house fast.

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DIY Don't Tip #1

If you are getting ready to sell, you do not want to paint in bright colors or with trendy wallpaper or patterns. You may think the look is amazing, but perhaps not everyone would agree.

Keep it neutral so potential buyers will see a blank canvas that which they can add their own personal touch to.

You do not want them to think about how much work it would be to change it.

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So you have decided you want to sell your home.

The first thing you need to know is your numbers, meaning the cost associated with selling your home. You need to ensure you can afford to sell.

The best first step is to contact your bank or mortgage provider to find out what your options are.

If you are mid-term on your mortgage there will likely be a penalty or you may want to see if you can transfer or "port" your mortgage to a new purchase.

This will help you determine what you would need to sell your house for in order to have enough for a down payment on the new home, or enough to payout the mortgage upon the closing of your sale.

Click the link to get a home evaluation, and I can help you determine if the price you need for your home is realistic!

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The cost of hiring a realtor will be a percentage of your home's final sale price and covers payment to the buyers' realtor, marketing costs, and other overhead costs associated with listing your home.

Your realtor only gets paid in the event your home sells.

This percentage will vary a little bit between realtors.

When interviewing realtors it is a great idea to ask what they will do to market your home. Like with anything... you get what you pay for.

Click this link to book a market evaluation and listing presentation with me. I would love to tell you about what me and my team can do to help you sell your home!

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Today I will go over Lawyer fees and other miscellaneous costs.

When your home sells you will need a lawyer or notary to complete the transfer of ownership.

It is a good idea to budget for around $1500 for this.

You will also want to keep in mind that the home purchaser may ask for things in the contract of sale such as removing certain items, having the home professional cleaned, or potentially asking for a repair to be made before closing.

These little things can add up so it is good to be prepared when you are crunching the numbers. I hope you found this advice helpful!

If you would like to know more about the fees you will pay when selling your home, we can chat here.

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Nailed that hammer flip!

How to Hire the right contractor: My final tip

When looking for a contractor, it is important to set up interviews with three different contractors. This will give you a sense of what each contractor is like and what they can offer you. It is also important to ask the same questions to all three contractors in order to get a fair comparison.

Check out my other reels for the rest of the four tips at the full blog post here: https://bit.ly/3IeJ7Lw

To get the best bang for your buck from your home renos, book a FREE consultation here: https://bit.ly/3pZgMBu

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