For many people, the question of: “Should I sell my house and rent in Ontario?” pops up once or twice.
It can seem like a lot of work filled with a never-ending list of expenses. It might even be more overwhelming if the property needs major repairs or updating. However, it doesn’t have to be that way!
When deciding to sell your house, the first thought that comes to most of our minds is to hire an agent and list the property on the MLS. Although this can be a great solution for many people, you should also consider other options available to you.
Selling your home and then renting in Ontario has become increasingly popular. With mortgage rates skyrocketing many homeowners have realized renting could be a more affordable solution for their families. After all, one can sell their home rent and wait for the market to level before purchasing their next home. Although this idea has increased in popularity there is one thing stopping homeowners. Time and Fear… Many people are fighting the clock until their fixed-rate mortgages are due for renewal. Listing a home on MLS through an agent can take time and no timeline is ever fully secured. Things like repairs and updating are usually required to secure a better price and having to pay commissions to agents after so much work will leave people with no motivation left. Moreover, we are so used to thinking that listing with an agent is the only safe way that we fear looking into any other possible solutions.
In short, yes you should consider selling and renting if this will help you be more financially secure. There is no shame in selling your home and renting while waiting for the mortgage rates to decrease. This decision can feel incredibly overwhelming and leave sellers feeling with no other option than to list with an agent. This does not have to be the case. We will break down two possible paths that can be used to sell your home in Ontario.
Option 1: Sell Directly to A Professional Home Buyer
You can sell your house without using an agent, ultimately saving a ton of time and money in many situations when you sell directly to a cash house buyer. There are companies such as Honest Home Buyers that you may sell your house to using a straightforward and simple process. With a direct sale, you won’t have to worry about commission, repairs, cleaning up, or waiting for a buyer to come along. Although the process is the same as listing with an agent and you will require to hire an attorney, you are cutting the middle man. You will immediately know the amount you are receiving and can rest assured that whatever the offer is, is all yours to keep. What’s better you can sleep better knowing the exact closing date. One thing to note; although direct sales have become increasingly popular, not all buyers are the same. It is important to do your homework on both the local market and the buyer you are working with. A direct sale may not offer the full price for your home after all the wholesaler also has to sell the house after for a fair price. Nevertheless, for some people, the amount saved on repairs, realtor commissions and wasted time more than makes up for the difference in price.
Option 2: List Your Home With An Experienced Agent
Of course, listing your house is an option when you’re looking to “sell my house and rent in Ontario“. What is most important is to take the time to learn about everything that is involved and what will be expected of you. No two agents work exactly the same and there are no guarantees. Your property can be listed at any price point and there will still be no certainty you will receive that exact amount. Watch out for agents who will give you a “wow” high listing price. If your home is priced too high, it will likely sit on the market, possibly for months at a time. If an agent is telling you a price that sounds almost too good to be true, is because they are trying to win you over and make you list with them. Eventually, this high price will inevitably have to be lowered, meanwhile, your property drops down the list of homes available on the MLS. If you decide to list, make sure your agent prices your house to sell. Not just setting a high price to convince you to sign a listing agreement.
Regardless of what you choose, it must be right for your situation. If caught in a dire situation where time is not on your side it is good to know there are other options that can help you sell your home quickly and fairly.
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