Most people choose to sell their current home before they buy another one. However, that’s not the only option available. In fact, there are actually more benefits to buying first than some people expect.

Every homeowner is different, and choosing to buy first and sell second could be the right move if it fits your personal goals. That said, you will want to approach the market differently if you plan to do it in this order.

Keep reading for advice on how to buy a house before selling yours.

What Are The Pros of Buying a House First?

In some ways, buying a house before selling your current home is the riskier option. However, that doesn’t mean there aren’t upsides to it either.

You Have More Time

Let’s start with the best part about buying first: time. When you sell your house, you’ll only have a few weeks or months to pack up and move out. This is a big task on its own, and adding house hunting to your to-do list can get overwhelming fast.

On the other hand, buying looks a lot different when you don’t have a move-out date looming over your shoulder. Choosing to buy first means you can take as much time as you need to find the perfect place. You’ll never feel rushed or pressured into buying something just because you need a place to live.

Easier Planning

Having a new home lined up sooner also makes it much easier to plan and organize your move. You can book movers, set up key services, and take care of everything ahead of time since you already know where you’ll be living next.

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 Thinking about buying a home? Check out these related blogs next!

• What’s the Average Down Payment on a House in Ontario?
• How to Budget for Buying a Home
• Here’s How to Write a Winning Offer Letter

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What Are The Cons?

Double Your Housing Expenses

One of the biggest risks of buying a house before selling yours is that you could get stuck paying two mortgages temporarily. Let’s say you rush to list your current house after successfully buying another. There’s no guarantee that it will sell before your purchase closes, especially in today’s market where properties in the Greater Toronto area are taking longer to sell on average.

Managing the costs of not one but two homes can be difficult. Beyond just the deposit, down payment, and mortgage, ongoing costs like utilities and insurance can also add up in a hurry.

Room For Miscalculations

Another potential downside of buying first is that you may overestimate what you can afford to spend on your next home. After all, you won’t know how much money you’ll make on the sale of your home until it’s actually sold. If it happens to sell for less than you were anticipating, it could put a strain on your finances.

Buying When You Don’t Plan on Selling

What if you’re looking to buy a new house but don’t have any intention of selling the one you currently live in?

Buying a second house without selling the first also comes with special considerations. These implications can be financial, legal, or even lifestyle related, and they can become particularly complex depending on how you intend to use your properties.

So, before you add another property to your portfolio, you’ll want to have a solid plan in place.

Buying to Invest

Let’s say you’re buying a house with the intention of turning it into an income generating rental property. Or, maybe you plan to use your current place as an investment while moving to your new one.

In either scenario, you’ll need to understand the implications and responsibilities of being a landlord in Ontario. This includes everything for tenant sourcing and communication to reporting your income and expenses during tax season and more.

Bonus Tip: Beware of Capital Gains Tax

Taxation is another important thing to consider when buying a second home. In Canada, you can only have one “principal residence”. If you sell a house that is not this residence (i.e an investment property or vacation home), you will face capital gains tax.

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It’s never too early to think ahead. Find advice on selling your house in these blogs.

• Do You Need to Stage Before You Sell?
• How Long Does it Take to Sell a House?
• How Much Does it Cost to Sell Your Home?

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Need Help Buying a House?

​​If you’re looking to buy a house, you’ll want to work with an experienced and knowledgeable real estate professional. That’s where we come in. As Vaughan’s top real estate team, we’ve been helping local buyers for close to 40 years, and know what it takes to provide a seamless buying experience. Our proven buying process helps ensure that you secure your dream property – and for a great price.

Buying or selling? We Can Help! Call 416-571-2724 or send an email to info@arciteam.com today!

Ontario is fast-growing, and for good reason. Offering an unbeatable quality of life, a strong economy, and great homes in sought-after communities, it’s not hard to see why Canada’s largest province by population continues to draw in new residents. 

If you’re interested in moving here, there’s a lot you’ll need to know before you start packing. Relocating to a new city is one thing, but interprovincial moving is even more complex. No matter where you’ll be settling in Ontario, you’ll face important considerations at almost every step of your move. 

If this sounds stressful, don’t worry. We’re here to help. As real estate agents in Vaughan, Ontario, who specialize in welcoming relocators to our province, we know everything there is to know about moving to a different province. 

In this blog, we’re passing that expertise on to you. Keep reading to find out 5 things you need to know when moving to Ontario from another province. 

1) It’s a Different Real Estate Landscape 

One of the biggest challenges of moving to another province is finding a new place to live. Luckily, there’s no shortage of high-quality homes in Ontario, but the real estate landscape definitely stands out from other markets in Canada. This is especially true when it comes to cost.

Home to some of the most in-demand properties in Canada, it’s no surprise that house prices in Ontario are higher (on average) than most other provinces. Even rental housing can be comparatively expensive in certain markets. Of course, there is still a wide range of housing options for every budget, but you may want to do some research in advance if you plan to buy a house when you arrive here. 

If you’re moving from Alberta or Saskatchewan, you’ll want to know about the provincial land transfer tax, which is a one-time expense applied to home purchases in Ontario. Toronto, Ontario’s Capital also charges a municipal land transfer tax. 

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Thinking about buying a home in Ontario? Check out these related blogs next!

• What’s the Average Down Payment on a House in Ontario?
• What is House Hacking?
• What Are Vaughan’s Top Neighbourhoods For Families?

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2) There’s More to Ontario Than Toronto and Ottawa 

If you don’t yet have your heart set on a specific place to live in Ontario, it’s worth exploring all your options. While Toronto (and even Ottawa) tend to get all the attention, countless great communities across the province are worth your consideration. 

For instance, Vaughan, Ontario, found in the Greater Toronto Area, offers all the perks of big city living while being sheltered from the hustle and bustle. Plus, your budget as a home buyer can take you a lot further in Vaughan compared to Toronto and other cities. 

3) You’ll Need to Update Everything

Another important thing to do when moving provinces is to update your address and status of residence. This is something that you must do as soon as you arrive, even if you’re renting a place in the short term. 

Here’s a quick checklist:

• Exchange your out-of-province or non-Canadian driver’s license for an Ontario driver’s license within 60 days of your move. 
• Update your address with any key service providers. Cancel utilities at your old home, and schedule set up in your new address. 
• Sign up for Ontario’s public health insurance program (OHIP) to find a family doctor and have access to various health services. 
• Set up mail forwarding with Canada Post. 

4) You’ll Need to Book Your Move in Advance 

There are a lot of things to consider when moving to a new province. However, you shouldn’t overlook the actual moving process itself. Interprovincial moves are intricate, and you’ll want to line up the major details in advance. Or at least, as far in advance as you can. 

If you plan to fly to Ontario from your current province, book tickets early. This will help you cut back on costs and ensure you get your first choice of flight times. The same goes for movers. 

While there are a number of interprovincial moving companies in Canada, they can book up quickly, especially during the spring and summer months. The sooner you make a reservation, the more options you’ll have. 

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Moving to Ontario in search of luxury? The posts below can help you realize your vision:

• What Are the Essential Features of a Luxury Home
• Where Are the Best Luxury Homes in the GTA
• Top Gated Communities in the Greater Toronto Area

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5) You Should Work With a Relocation Specialist 

Finally, if you’re relocating to Ontario, you’ll want to partner with a real estate expert who can guide you through your move with ease. Specifically, a relocation specialist real estate agent. 

A great place to look is the Re/Max Cross Canada Referrals network, where you’ll find a dedicated group of Realtors with a unique familiarity of what it’s like to move to Ontario, the specific needs of relocators, and how to help them.

Alternatively, you can reach out to us directly – the Lino Arci Team. As members of the Re/Max Cross Canada Referrals network, we offer specific services to help you move across Canada with ease.

Moving to Ontario? We Can Help! Call 416-571-2724 or send an email to info@arciteam.com today!

Being a homeowner takes serious financial discipline. This is especially true in the Greater Toronto Area, which features some of the strongest property values in Canada. Although most homeowners are smart about their personal finances, sometimes external factors can throw a wrench into things. 

For example, rising interest rates, international trade talks, and other economic uncertainties have made it increasingly difficult for many Canadians to keep up with their mortgage payments. Not to mention, personal events like divorce, separation, or job loss can also create immense financial stress, making it harder to manage housing costs. 

Unfortunately, falling behind on your mortgage can have significant consequences. Luckily, there are usually solutions available if you find yourself in these circumstances – as long as you don’t wait too long to take action. 

In this blog, we’ll look at what happens if you can’t pay your mortgage as a Canadian homeowner. We will also explore some of your options may be to resolve the situation. 

What Happens When You Default on a Mortgage?

A mortgage agreement isn’t just your ticket to a loan. It’s also a legally binding contract. As a homeowner, you have distinct responsibilities outlined in your mortgage agreement. If you fail to fulfill one or more of these responsibilities (such as missing too many payments), it’s known as defaulting. 

When you default on your mortgage in Canada, your bank or lender has the legal right to take action against you and your home. This could mean evoking the power of sale or initiating the foreclosure process, causing you to lose your home. 

What is Power of Sale?

If you default on your mortgage and are unable to catch up, the most likely outcome is a power of sale scenario. So, what does that entail? Until your mortgage is paid off, your lender has the right to step in and sell your house if you default on it. This is known as the power of sale. 

When a lender enforces the power of sale, they will prepare, list and sell a property with little (if any) input from the owner. Once the house sells, the bank receives the amount of money owed to them and any remaining proceeds are given to the original owner.

Power of Sale Vs. Foreclosure?

Although both processes allow a lender to sell your house, power of sale and foreclosure are two different things. In a power of sale transaction, the bank can sell your property, but they don’t legally own it. So, any extra funds left over from the sale (once the debt is paid off) are passed back to you, meaning you retain some equity. 

In a foreclosure sale, the lender assumes full ownership of the property. Even if the property sells for more money than is owed to them, the bank has no responsibility to share the remaining proceeds with the homeowner, and they usually don’t. 

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Looking for catch all advice on selling a house? Read these related blog posts.

• How to Purge Your Home Before Selling It
• Can a Power of Attorney Sell a House?
• Do You Need to Stage Before You Sell?

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How to Stop Power of Sale in Ontario

If you find yourself behind on mortgage payments, immediate action is crucial. Even if you haven’t received communications or warnings from your lender, you’ll want to get in touch with them as soon as you can. 

While nothing is guaranteed, most lenders will offer some degree of leniency for homeowners facing financial uncertainty. Depending on your circumstances, they may be able to offer mortgage adjustments or alternative repayment plans, allowing you to avoid a power of sale scenario. 

Can I Sell My House to Avoid Power of Sale?

Yes – and in some cases, this could be the best case scenario. 

In times of financial stress, it’s important to be realistic about your circumstances. Sometimes, catching up on mortgage payments simply won’t be possible, even with some leniency from your lender. 

In cases like this, the best thing to do is sell your house (on your own) before the lender takes over. When you take control of your home sale, you’re more likely to get a higher return than if you let the bank sell for you. After all, the bank only wants to recoup what is owed to them in as little time as possible. 

Get Expert Support 

If you’re thinking, “I can’t afford my house anymore, and I don’t know what to do.” The Lino Arci Team is here to help. As experienced real estate agents in the Greater Toronto Area, we’ve helped hundreds of homeowners protect their equity and investment across a wide range of economic and market conditions. No matter your circumstances, we provide compassionate yet straightforward support to ensure you get the best outcome possible. 

Should you need to sell your property, we can help you capture the best return possible. This way, you have a strong financial foundation for your move. Plus, our selling guarantees can provide you with unrivalled peace of mind in an uncertain market. Get in touch with our team today. 

Think you may need to sell your home? Our team is proud to offer industry-leading support for our clients. Call 416-571-2724 to get in touch or email us at info@arciteam.com.

Buying a house is undoubtedly exciting, but it’s also serious. Financially speaking, your next home could very well be the biggest purchase that you make in your lifetime. With a transaction this major, you’ll need to have a solid financial plan in place. 

For home buyers in Ontario, one of the highest upfront costs is the down payment. The better (or larger) your down payment is, the further your budget will go in the market. 

That being said, if you’ve never purchased a home before (or it’s been a while since you have), you may be unfamiliar with down payments, how they work, and how much money you need to make one. As local real estate agents, we’re here to help! 

Keep reading to find out what the average down payment on a house in Ontario looks like, and what else you should know before you start house hunting. 

What is a Down Payment?

Let’s start with the basics. What exactly is a down payment?

Unless you’re a lottery winner, you’ll need to take out a mortgage if you want to buy a house. That being said, your total loan amount won’t cover the full price of the home. Instead, you’ll need to pay for a small portion of the home in cash first. This is called your down payment. 

After you make your down payment, you’ll slowly pay off the remaining balance of your home (covered by your mortgage) over time. 

As a buyer, your down payment amount will play a major role in your house hunting journey. Not only will your potential down payment amount dictate what you can afford to spend on a house, but it will also impact how your offer appeals to sellers. 

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Buying a house soon? Check out these related posts next! 

• How To Buy A Home
• Do You Need to Include Conditions in Your Buying Offer?
• What Are the Costs of Buying a Home in Greater Toronto?

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Deposit vs. Down Payment

When you place an offer on a house, you’ll also need to submit a deposit. While a deposit is different from a down payment, some buyers can confuse these two costs. 

In simple terms, a deposit is a one-time payment made by a buyer when their offer is conditionally accepted. Once the deal closes, the deposit goes towards the total purchase price. 

Deposits are typically smaller, usually around 5% of the final price. However, like a down payment, a stronger deposit amount can make your offer more attractive. 

How Much Do You Need for a Down Payment?

So, how much will you need for a down payment if you’re looking to buy a house? It depends. 

Every buyer has different needs – and a different budget. As a result, your potential down payment amount will be unique to you and the type of house you’re looking to purchase. That’s why looking at the Ontario average isn’t always a helpful way to prepare for making a down payment.

Instead, you’ll need to find out what your minimum down payment requirements are based on what you’re looking for in a house.

What’s the Minimum Down Payment for a House in Ontario?

There is such a thing as a minimum down payment for a house in Ontario. However, it’s not a single, one-size-fits-all number. 

Instead, down payment minimums follow a scale based on the final sale price of a house. Here’s how it breaks down:

Down Payment for Home Purchase Under $500,000
If the home’s final sale price is under $500,000, the minimum down payment is 5% of the purchase price. 

Down Payment for Home Purchase from $500,000 to $1,499,999
If a home’s final sale price is between $500,000 and $1,499,999, the minimum down payment is 5% on the first $500,000, then 10% of the remaining purchase amount. 

Down Payment for Home Purchase Over $1,500,000
If a home sells for over $1,500,000, the minimum down payment is 20%. 

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Planning on buying a house? Check out these blogs next!

• How to Negotiate House Price
• How to Choose a Realtor
• What is House Hacking?

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How to Know What You Can Afford 

As a buyer, the strength of your down payment will directly influence the size and type of mortgage you qualify for. Which will eventually impact what you can afford to spend on a house. 

One simple way to translate your down payment savings into a complete buying budget is by getting pre-approved for a mortgage. After you’ve determined the maximum amount of lending you qualify for, you’ll be able to house hunt with greater confidence. 

Buy With Lino Arci Team

If you’re looking to buy a house, you’ll want to work with an experienced and knowledgeable real estate professional. That’s where we come in. 

As Vaughan’s top real estate team, we’ve been helping local buyers for close to 40 years, and know what it takes to provide a seamless buying experience. Our proven buying process helps ensure that you secure your dream property – and for a great price.

Ready to buy a house? We can help!
Call us at 416-571-2724 or email info@arciteam.com to get started.

Real estate has long been a good investment, especially in major metropolitan areas like Greater Toronto. As Canada’s economic and cultural epicentre, the demand for rental properties in the GTA continues to climb year after year. For investors, this means a whole world of opportunity.

If you’re buying an income-generating property, you have a number of options to choose from. However, it’s important to consider which type of investment will suit you best before you venture into the market.

In this blog, we’ll compare the advantages and disadvantages of condos versus houses as an investment.

Not sure if you’re ready to invest in real estate? Discover the advantages of buying an income property in Canada.

Should I Buy a Condo or a House?

Just like buying a property that you would call home, finding the right place to invest starts by considering your personal circumstances and goals.

For example, have you owned an investment property before? What is your experience with property management? Do you have other mortgages that you’re currently paying off? How hands on do you want to be with your property? These are all helpful questions to mull over before you start shopping for properties.

Here’s a pro tip: If you’re looking for personalized advice on which types of properties may best match your portfolio, get in touch with a real estate agent – ideally one who specializes in assisting investors. More on this later.

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Want more advice on investing in real estate? Check out these other helpful posts from our blog. 

• 5 Common Myths About Real Estate Investment
• An Investor’s Guide to Pre-Construction Condos
• Why Vaughan is Better Than Toronto For Real Estate Investing

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Are Condos a Good Investment?

Let’s start with condos, which offer a lot of perks for investors. Condos are generally a smart investment opportunity for a few reasons.

Upfront Affordability

First, condos are typically more affordable than houses. This means a smaller down payment and lower monthly mortgage costs.

Low Hassle Management

Condos are also fairly easy to manage as a landlord. Since they are smaller in size, you typically only have one to three tenants living in a single condo unit. This makes tenant sourcing, vetting, and communication easier.

Forget About Maintenance 

On top of that, condos require very little in the way of maintenance, especially compared to houses. You won’t need to worry about cleaning common areas, shovelling walkways and driveways, taking out garbage bins, landscaping, and other similar tasks. While you may need to assist with in-unit maintenance or repairs from time to time, these responsibilities will be few and far between.

Is Buying a House a Good Investment?

Just like condos, detached houses can make a great investment property. However, these upsides come with special considerations.

Upsize Your Income

Operating a rental property in a house typically comes with a much larger income potential compared to condos. This boils down to simple economics. Houses are larger, meaning they can fit more tenants and, in turn, bring in more income. Plus, certain house-unique features like yard space, garages, or patios can make the property more desirable in the eyes of renters.

Take Control of Your Investment

Owning a house also means you’re able to modify the property however you want (as long as you do so legally). For example, you could convert a traditional house into an efficient multi-unit property to attract and host even more tenants.

Long Term Gains

Another very compelling advantage of investing in a house is the resale potential. While your short term focus is to find tenants and earn income, it’s important to consider the long term implications of your investment as well.

In terms of market value, houses tend to appreciate very well – especially compared to the average condo appreciation rate. This means that in addition to earning passive income, you’ll also be building a strong reserve of equity as the years go by. On top of this, houses are typically “easier” to sell than condos, which can make a major difference depending on market conditions at the time of your sale.

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Buying a house soon? Check out these related posts next! 

• How To Buy A Home
• Do You Need to Include Conditions in Your Buying Offer?
• What Are the Costs of Buying a Home in Greater Toronto?

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Condo Fees vs House Expenses

Are condos cheaper than houses when it comes to upfront costs? On average, yes. But it’s important to think about recurring expenses too. When you buy a condo, you won’t just be paying off your mortgage every month. You’ll also be on the hook for condo fees, which are typically several hundred dollars a month.

Although the income generated from renting out your condo will help offset these costs, it’s essential to consider the impact they will have on your bottom line.

Find the Right Investment Property For You

No matter what you’re looking to accomplish as an investor, you won’t want to navigate the market alone. That’s where we come in, the Lino Arci Team. As Vaughan’s top real estate team (and investors ourselves), we’re well-versed in the nuances of investment properties and can help you identify the right opportunities for you.

Ready to begin your investment journey? We can help you build wealth through real estate. Call our team at 416-571-2724 or email info@arciteam.com to get started.

One of the hardest things about selling your home is deciding what you should (or need to) get rid of. Not only can it be a time-consuming process, but it can also be emotional – especially if you’re a sentimental person.

That being said, properly purging your house is an essential part of selling. Maintaining a clean, clutter-free home plays a big role in attracting buyers and ultimately, getting the best return possible.

Not sure how to declutter your home or where to start? You’ve come to the right place. As real estate agents who often work closely with older homeowners transitioning to a new chapter, we’re uniquely familiar with the emotions and logistics that come with selling your house as a downsizer.

In this blog, we’re sharing our best tips on how to purge your home before selling it. Let’s get started.

Moving on to a new chapter? Read our Ultimate Guide to Downsizing Your Home.

Think Big Picture

Purging is an important part of selling your home, but it’s not the only part. Before you start thinking about decluttering, it’s a good idea to step back and look at the big picture.

At the end of the day, purging your home is about more than just making the space more comfortable. It’s a major aspect of preparing your house for the market and maximizing its appeal. So, as you approach decluttering, you should also consider the other key details in your upcoming home, such as choosing the right Realtor.

Hiring an agent before you start purging has its perks. Not only can they help you decide which items will and won’t add value to your home, but the right professional can (literally) take care of the heavy lifting when it comes to physically removing certain things.

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Searching for more advice on downsizing your home? Read these blogs next!

• Choosing the Right Real Estate Agent as a Senior
• Downsizing After Retirement: Why it Works
• Can Downsizing Really Make My Life Easier?

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Start Early (If You Can)

Another one of our best decluttering tips is to start early. No matter how soon (or not-so-soon) you’re hoping to have your house on the market, it’s best to give yourself as much time as possible.

You can’t purge the family home in a single day – at least not properly. Instead, you’ll want to take your time and make sure you’re making informed decisions about what you keep and what you get rid of.

Of course, not everyone has the benefit of an extended timeline. If you need to have your house on the market in just a few weeks or months, that’s okay. With the right planning and professional support, it’s possible to declutter in a hurry and still accomplish a great sale.

Follow a Plan

Organization is a key part of purging your home. Without the right plan, you could find yourself feeling lost or overwhelmed throughout the process. The more organized you are, the easier your decluttering journey will be.

For instance, rather than trying to tackle your entire home at once, start your purge room-by-room. If you plan to list your home soon, focus on the main areas first, such as the kitchen, master bedroom, and living room. Don’t forget – you’ll also need to declutter the exterior aspects of your home, including the front and back yard, garage, and garden shed. Buyers will be closely analyzing these areas too.

As you go through each room, place every item (yes, every item) into one of three categories: to keep, to throw away, or to donate. Consider adding labels to particularly large or heavy pieces of furniture and hiring professional junk removers to pick them up instead of hauling them to the curb yourself.

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Searching for more catch-all selling advice? Read these other blog posts!

• How Much Can I Sell My House For?
• Do You Need to Stage Before You Sell?
• How to Negotiate House Price

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Think Clinically

Believe it or not, one of the hardest things about purging your home isn’t the logistics; it’s the emotions. Even if you’re not the most sentimental person, saying goodbye to certain belongings can feel difficult – especially when they’ve been a staple of your home for many years.

That being said, it’s important to think clinically (as best as you can) while decluttering your home. Remember that a proper purge is paramount to selling your home for top dollar. So if you’re serious about getting a great result from your sale, you’ll want to act logically and objectively when deciding which things you want to keep.

Partner With Local Experts

Purging your home before selling it? We’re here to help! As real estate agents who specialize in supporting downsizers, we understand the unique challenges (and rewards) that come with entering the next phase of your life. We take a hands-on approach to make your downsizing journey as smooth, successful, and risk-free as possible.

Ready to downsize? Our team is proud to offer industry-leading support for our clients. Call 416-571-2724 to get in touch or email us at info@arciteam.com.

As a homeowner, there will come a time when it makes sense to transition from your spacious family home to something smaller and more manageable. Whether you’re a new empty nester, approaching retirement, or are simply ready for a change, downsizing can help you make the most of where you’re at in life. 

However, downsizing is also a very complex process, involving a variety of emotions and logistics. 

As real estate agents who specialize in helping downsizers, we’ve got plenty of advice to make the process easier and more successful. That’s why we’ve put together this ultimate guide to downsizing your home! Keep reading for more insights. 

Jump to Section

• Why Downsize Your Home?
• The First Step of Downsizing
• Helping Your Parents Downsize 
• Selling Your Current Home
• Buying Your Next Home
• A Full Service Downsizing Experience 

Why Downsize Your Home?

A New Chapter

Downsizing is so much more than moving to a smaller home. It’s a total lifestyle transformation with the potential to make your life better at every possible angle. As you start a new chapter, you get the chance to reassess your priorities, needs, and wants, and consider how your next home can suit them.

Less Work, Fewer Responsibilities

You know that owning a house is a major responsibility. From keeping the place tidy to yard work, shovelling snow, and other maintenance duties, it’s safe to say being a homeowner is hard work. Downsizing helps you cut back on these responsibilities. 

A smaller home ultimately means less time spent cleaning up and taking care of the property – giving you more time to enjoy whatever matters most to you. Plus, as a downsizer, you also have the option to live in a maintenance-free community like a condo or townhome, where most duties are taken care of. 

Unlock Financial Freedoms

Downsizing also comes with financial benefits, including generally lower monthly housing expenses. This is primarily because smaller residences usually have a lower purchase price, resulting in reduced mortgage payments. Additionally, smaller homes typically incur lower costs for utilities, insurance, and maintenance.

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Searching for more advice on downsizing your home? Read these blogs next!

• Choosing the Right Real Estate Agent as a Senior
• Downsizing After Retirement: Why it Works
• Can Downsizing Really Make My Life Easier?

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The First Step of Downsizing

At its core, downsizing is about moving to a home that can help you live your best life. However, the process itself involves two separate (but equally important) real estate transactions. With that in mind, the first step in your downsizing journey should be finding a Realtor. 

That said, it’s important to be selective about who you hire. There are tens of thousands of real estate agents in the Greater Toronto Area, but when it comes to having a strong record of supporting retirees, seniors, and downsizers, that number gets a lot smaller. 

Beyond just the real estate aspects, downsizers have unique needs. After all, moving on from your long-lived family home can be an emotional and logistically-heavy journey. The right real estate agent will have an in-depth understanding of these needs and can guide you through the buying and selling process with patience and compassion. 

Tips on Finding a Realtor 

No two real estate agents are the same, and finding the right one to work with based on your needs is an important part of buying or selling a home – especially as a downsizer. So what should you look for when hiring an agent?

Lots of Experience 

In a real estate landscape where trends can change dramatically overnight, working with an experienced agent is essential. You’ll want to work with a professional who has multiple years or even decades of experience buying and selling homes. 

Local Knowledge

Beyond experience, you’ll also want to partner with a Realtor who knows your local community inside and out. In the Greater Toronto Area, real estate trends can change on a neighbourhood basis – and sometimes it gets even more granular than that! 

At the end of the day, you’ll want to work with someone who has sold homes in your area before and knows what local buyers are looking for. 

The same idea applies to the buying process. If there’s a specific community (or communities) that you’d like to live in next, it’s a good idea to choose an agent who knows the neighbourhood and its homes well. 

Service Beyond the Transaction

As a downsizer, the process of preparing your home for sale, listing it, finding a new place, and finally getting ready to move can be overwhelming, and in some cases, it may tempt you to delay downsizing altogether. That’s where working with a full-service team (like us) can make all the difference. 

At Lino Arci Team, we aim to take the stress out of downsizing by offering a wide range of support and services outside of the transaction. Covering all the bases of downsizing, such as decluttering, cleaning, packing, or staging, we’ll take on all the heavy lifting for you. From start to finish, whatever you need from our team to make the experience easier, we’d be happy to help. 

Helping Your Parents Downsize 

As real estate agents, we often work with adult children who are helping their parents with the downsizing process. 

If you’re looking to take the lead on your parents’ home sale, you will need formal permission to do so. Even if your parents have explicitly asked for your help, if you’ve left the property in their Will, you’ll still need the proper approvals before you can actually make a sale. 

When is Power of Attorney Needed to Sell a House?

Life doesn’t always go as planned. Sometimes, a homeowner is simply not able to make major decisions for themselves (like downsizing) due to health-related challenges or similar circumstances. When this happens, someone close to them will need to step in and assist.

Power of attorney (POA) is a legally binding designation that grants someone (the attorney) the ability to make certain decisions on behalf of another person (the grantor). 

The POA princess is a common scenario in senior home sales, where an elderly homeowner may unexpectedly need to sell their property. Once you have it, POA empowers you to manage more or less every aspect of the sale – from hiring a real estate agent to negotiations, paperwork, closing procedures and everything in between.

When is Probate Needed to Sell a House?

Probate, on the other hand, applies when a homeowner has passed away. In simple terms, probate is the legal process of naming someone as an executor or estate trustee, and it’s required in 99% of home sales where the homeowner has passed. 

If you are selling your parents’ home after they’ve both passed away, you (or someone in your family), will need to follow the probate process. 

Selling Your Current Home

For seniors, the process of preparing your home for sale, listing it, and finally getting ready to move can be overwhelming, and in some cases, it may tempt you to delay selling altogether. However, a full-service real estate agent who has a dedicated process for supporting seniors (like the Lino Arci Team) can alleviate all the stresses and hassles of selling.

When Should I Sell?

Getting your current home market-ready takes time. So the more time you have to declutter, deep clean, make repairs, and stage your home, the better.

How Much is My House Worth?

Even though you paid a specific price for your home when you bought it, that doesn’t mean that it has an official or objective market value. Instead, what your home is worth (at least in a monetary sense) is determined by a wide range of elements, from buyer behaviours to economic factors and everything in between. 

How to Sell Your Home For the Most Money 

Buyers are far more likely to pay the full asking price if your home looks great and is move-in ready. Start with a deep clean and decluttering process. After that, take the time to fix minor repairs, such as leaky faucets, squeaky doors, or anything else buyers may notice. Consider making strategic upgrades that could increase your home’s value, such as updating the kitchen or bathrooms. 

You’ll also want to choose your asking price wisely. Using the correct pricing strategy helps you sell your home faster and for the best price. However, pricing incorrectly (either too high or too low) can negatively impact your bottom line. Your real estate agent will help with your pricing strategy. 

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Searching for more catch-all selling advice? Read these other blog posts!

• How Much Can I Sell My House For?
• Do You Need to Stage Before You Sell?
• How to Negotiate House Price

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Buying Your Next Home

As you move into an exciting new chapter in your life, it’s essential to choose a home that not only meets your current needs but also supports your lifestyle and well-being in the years to come. 

House hunting can be a fun process, but there’s more that goes into it than many downsizers realize. Here’s what you need to know as you approach the market as a buyer. 

Know Your Needs

Selling your current home will be a significant process, but it’s important to put thought into your upcoming house hunt. As a downsizer, you have a lot of options for housing, so taking the time to make a detailed list of what you need from your future home and community can make your house hunting journey easier and more efficient.

Get Familiar With Senior-Oriented Housing

One primary advantage of downsizing in Vaughan and the wider Greater Toronto Area is the exceptional selection of diverse housing choices available.

If you’re seeking care-oriented or retirement-centred living, you’ll find a wide range of great properties that provide ideal social atmospheres, on-site amenities, and other perks. Alternatively, there are plenty of traditional properties that work great for downsizers too, including condos, townhomes, and even smaller detached houses. 

A Full Service Downsizing Experience 

Regardless of which chapter of life you’re in, selling your home and then finding a new one is no small task. So when it comes to downsizing, choosing the right team of real estate agents can make all the difference. That’s where we come in! 

As real estate agents who specialize in supporting downsizers, we understand the unique challenges (and rewards) that come with entering the next phase of your life. We take a hands-on approach to make your downsizing journey as smooth, successful, and risk-free as possible.

Ready to downsize? Our team is proud to offer industry-leading support for our clients. Call 416-571-2724 to get in touch or email us at info@arciteam.com.