Real Es­tate Ques­tion? Ask David...

“Real life an­swers to your Real Es­tate ques­tions”

Waterloo Region Record - - Resale Homes - David Schoo­ley Bro­ker

Dear David, I’m a se­nior who was wid­owed a year and a half ago. At that time, my adult chil­dren per­suaded me to sell my house. I’ve been liv­ing with two of them, but re­ally miss my for­mer home. Is there any way to get it back? - RE­GRET­FUL DEAR RE­GRET­FUL: I’m sorry to hear of your hus­band’s pass­ing, and of your un­hap­pi­ness with your cur­rent ar­range­ments. Down­siz­ing un­der pres­sure tends to be very stress­ful. As a Se­niors Real Es­tate Spe­cial­ist, I typ­i­cally ad­vise my se­nior clients not to rush to put their homes on the mar­ket. Ide­ally, I want them to take the time to find a new place they’re ex­cited about, so they can look for­ward to a move with op­ti­mism (rather than back with re­gret). If there’s no real sense of ur­gency, I sug­gest that folks try their new place for a month and see if it’s work­ing, be­fore mak­ing the com­mit­ment to sell their home. In your case, it sounds like some de­ci­sions were made in haste. To make sure you’re hap­pier mov­ing for­ward, con­sider this: Are you in good health? Would you be able to main­tain your for­mer prop­erty on your own? Do you have the fi­nan­cial means to re-pur­chase your home, since it has likely gone up in value since it was sold? It may be pos­si­ble to buy your house back, but do­ing so might not be prac­ti­cal. Think about why you moved out in the first place. If the rea­sons haven’t changed, it might not make sense to go back now. I hear that you’re not happy liv­ing with your chil­dren. What would make more sense for you now? Do you want to be close to friends and ameni­ties? Is home up­keep a con­cern? Do you travel? Your next life-chang­ing de­ci­sion should be made at your own pace and with your own needs in mind. When you find a next home you’re ex­cited about, I’ll bet the fu­ture will look much brighter. Dear David, We want to sell our condo, but are a lit­tle con­cerned about do­ing so at this time of year. Is there any way to speed up the process? – PRESSED FOR TIME DEAR PRESSED: Prop­er­ties sell year-round, though lo­cal vol­umes in De­cem­ber and Jan­uary typ­i­cally slow to a lit­tle over four per­cent of an­nual sales each month. In or­der to catch the eye of prospec­tive buy­ers now, it’s crit­i­cal that you price the prop­erty cor­rectly, de­clut­ter it, and have it staged. This will en­sure you’re putting your best foot for­ward. You can put a bit of a rush on the sell­ing process by or­der­ing your sta­tus cer­tifi­cate in ad­vance (which will cost you about $100). While some own­ers are adamant that the buyer should pay for this, it may slow down the process if they do. From the time a sta­tus cer­tifi­cate is or­dered, the man­age­ment com­pany has a full ten days to pro­duce it. When your prop­erty is sold and you’re wait­ing for con­di­tions to fi­nal­ize, those ten days can feel like an eter­nity! If the sale hap­pens to take longer than ex­pected, there’s a chance that your sta­tus cer­tifi­cate may “go stale” and re­quire an up­date. If this hap­pens, it’s usu­ally pos­si­ble to have the man­age­ment com­pany re­vise it for lit­tle to no cost. I do this for ev­ery condo I list; it could be the best $100 you ever spend!

Newspapers in English

Newspapers from Canada

© PressReader. All rights reserved.