Money Tips for Buyers and Sellers

f there is one thing that one has to consider when buying their dream home or who are looking to enter the real estate market it is money. Money for the down payment, for the insurance, land transfer and everything in between. Sometimes, potential home buyers will think the down payment is all that matters; however, it is always better to ensure you have a buffer zone in the pluses than in the minuses.

To best prepare you for the journey of buying or selling, we share tips that are often forgotten about.

Down Payment – 5% or 20%?

Before the journey into the real estate market, it is important to consider the down payment, and the only way for this to take place or to determine whether one has enough money is to meet with a mortgage broker. The broker will be able to determine one’s eligibility and how much. While some would argue it is better to have more to put down than less, this is entirely debateable, as while it would be nice to put more down, the truth is, you will have to pay regardless. The nice buffer zone to try to have for a home (which is case by case dependent) is anywhere between 5% to 10%.

Sell with Comparable in Mind

Chances are that if you are selling, a home close by has sold in the last year or so. It is always good to base your price not only on the demand of homes, but also on nearby comparable. This can ensure your house is not priced too high or too low. While some would argue that they can sell their own home without the help of an agent, a real estate agent is able to provide insight on the trends and ideal prices.

Update and Renovate

When it comes to buying and selling, there are small things that can be done to a home. Something as updating a room with a fresh coat of paint to renovating the kitchen with new cupboard handles – this minor aesthetics can significantly change a home and its value. This can be a deal maker or breaker from some potential home buyers. For example, a kitchen whose appliances are a bit older but the cupboards have been renovated and painted, the appliances, while they can cost a few hundreds to thousands, won’t be as bothersome as the cupboards not being maintained or freshened up. These changes suddenly become one less thing for a potential home buyer to have to worry about.

Focus on both inside and out

When a homeowner is looking to sell, they sometimes forget that the outside is also just as important. Doesn’t matter how nice the inside of a home is, if the lawn or backyard is not tamed or overwhelming it could deter potential homebuyers.

When it comes to the real estate market, whether you are buying or selling, sellers want to get the best bang for their buck while buyers want to make the most on their sale. Making small changes and updates can help the value of a home, while also creating demand and appeal.

Whether you’re looking to buy or sell in the Kamloops area, for a greater probability of success you need a dedicated professional. I can guide you through the process and be counted on to protect your investment!

Categorised in: Buyers, Kamloops, Real Estate, Sellers, Sellers

This post was written by kamloopshomesearchcom