trading up my property

The home buying process when trading up is largely the same as when buying your first home, but now you’ll have to go through the selling process.

Choosing the right REALTOR®

Working with the Realtor who helped you buy your current home can save time right from the start. Alternatively, look for names on “For Sale” signs in your neighbourhood or ask friends and family. Interview two or three candidates and choose the one you like best.

Your Realtor will help you determine the right price for your home, which will attract buyers and net you a maximum return. They’ll help you through every stage, from contracts and negotiations, to market analysis, photography services, and more. 

Getting your home ready to sell

An attractive, well-kept home has a better chance of selling faster. Keep in mind that cluttered rooms make them look much smaller than their true size – try to create a feeling of spaciousness.

Minor updates, like improved lighting, can add value to your home. Think about how to highlight and improve your home’s best features. 

Timing

How quickly you need to sell, whether it’s a buyers’ or sellers’ market, and seasonality all play a role in your home’s final selling price.

Work with your Realtor to keep your dates organized, keeping both your move-out and move-in dates in mind before signing any contract. 

Prepare your finances 

Will the buyer “assume” your mortgage or are you “discharging” it? If you’re buying a new home, is your mortgage “portable”? What taxes are involved? These are important questions to ask your Realtor, your mortgage lender, and your notary public, or lawyer.  

Differences in ownership

Moving up means you’ll have different home maintenance responsibilities. If you’re moving from a condo to a townhome, you’ll now be responsible for heating and cooling systems, hot water tank, deck, and yard maintenance.

If you’re moving from a strata property (like a condo or townhome) to a freehold property (like a single-family home), you’ll be responsible for all exterior and interior maintenance and your insurance costs may increase. Unexpected repairs can also be costly. Take time to understand the costs of home ownership for the type of home you’re moving into.  Keep your home costs under control by taking advantage of government cost savings programs.