Things to Consider BEFORE Selling Your Home
The Real Estate market throughout the pandemic has taken off – particularly in Niagara. The pandemic has impacted how families view and relate to their home. Are you thinking of selling? It is important to consider these three things:
Will you have a penalty on your mortgage? Yes, the real estate market is great for sellers, but at what cost? One thing many people forget to consider is a penalty you may incur when paying out your existing mortgage. If you have a longer period left on the term of your mortgage, this could be substantial.
Do you have somewhere to go? If you plan on selling your home to buy another one, how easily will you be able to do that? Right now, it is a sellers market with prices higher than before and bidding wars becoming common. It is important that you know you can find another home in your price range before you sell.
Are you planning on buying and selling on the same day? Don’t. I say this from my own personal experience. I did it. I will never do it again. There are so many things that could happen that may result in a delay to your house closing and you do not want to be left without somewhere to go after you have just sold your home. Give yourself a couple of days in between, whether you have to obtain bridge financing or stay with family for a couple of days, it will save you barrels in stress.
An experienced lawyer and legal team can make the process of selling your home that much smoother. Make sure that when you are choosing a lawyer to assist in selling your home, they are experienced in real estate law. Experience can make all the difference.
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Lauren M. Angle, B.A. (Hons), J.D.