Half of Ontarians intend to downsize as part of their retirement plan. This often means selling a home that they have lived in for many years. Whether you are switching to a smaller space, or selling the family home, the process can be an emotional one. It is important to stay informed and up to date to make the process of selling and buying your properties a comfortable one.
Just as you consult a financial advisor to help protect your financial future, it is equally important to have a real estate professional on board to help you protect your real estate investments.
Planning to Renovate?
Forty seven per cent of retirees said their homes will require updating before they sell. No matter the size of the renovations or upgrades, if you are hiring a professional to do the work – you will need a written contract. In Ontario, any agreement with a contractor regarding a job worth more than $50 must be settled in writing.
An agreement with a contractor must include the following:
- Copy of the written estimate
- Total cost of work
- Deposit amount
- Payment schedule
- Work schedule (Including start and completion dates)
Not all renovations need to be extensive or costly projects. Sometimes all it takes is a few simple changes to help increase the perceived value of your home. A real estate agent can help you decide what steps need to be taken to get your home market-ready.
Getting to Know Today’s Real Estate Market
For anyone re-entering the real estate market after many years of owning the same home, things can seem very different. Understanding these changes is important, and being able to adapt can make the real estate process a lot simpler and more comfortable.
Some things to keep in mind:
- 94 per cent of buyers start on the Internet. Buyers and sellers have easy access to information, making it simple to stay up to date on the sales and listings in the area.
- Contracts can now be signed electronically and payments can be made via email. This can save time and allow you to get important tasks done without having to step outside.
Although many things have changed – some things remain the same. The knowledge of an experienced real estate agent is one of the most valuable assets to any real estate transaction. If you are looking to buy or sell a property and have any questions, feel free to call me at 416-921-1112. I am always happy to help.