Lee-ann Thiessen : Lighthouse Realty Ltd. : Archived blog posts for : 2022

Closing on a Home? Avoid Doing These 4 Things

Posted on May 27, 2022 by Lee-ann Thiessen

You may breathe a sigh of relief once your offer to purchase a home has been accepted, but you’re not quite done yet. Between the time you come to terms with the sellers and the moment you finally put your key in the front door, you’ll be navigating the closing process—along with its associated costs.

Below are four things you should not do during the closing process..

1. Go on a shopping spree

I get it; it’s exciting to start imagining yourself in your new home, and many buyers want to rush out and buy new furniture. Don't do it..yet. Especially, those offers.. don't pay until such and such a date..

Any new big ticket purchases can raise red flags, delay your financing approval.. or even ruin it!

Ditto for buying a new vehicle. Buy it after you have moved in!

2. Quitting your job

Sure, it would be great to have a higher salary now that you’ll be tackling monthly mortgage payments, property taxes and home insurance, but wait until the closing process is finalized before you blitz the internet job boards with your resume, cautions Stevens.

“I’ve seen a lot of buyers take higher-paying jobs between that phase of getting an unconditional accepted offer and completing on the deal, but some of these new jobs, even though the buyer thinks they’re in a better position, come with a probation period. If it’s a temporary or casual position, that could cause issues with the lender.”

3. Start booking renovation projects

It’s so tempting to make plans for opening up all the walls in your new home, ripping up the carpet or gutting the kitchen. Although the wait times to book contractors can be long, don’t get ahead of yourself by hiring crews to swing their sledgehammers. Putting down deposits and signing remodeling contracts is a bad idea until you officially own the home, says Stevens.

“I typically tell my purchasers to live in the house for 12 months before doing renovations so they get to know the property inside-out and figure out where they can better spend their dollars,” he says.

Of course, if the home you’re buying needs a massive overhaul before it’s even livable, you can get started as soon as all the final paperwork is signed and completed.

4. Getting overwhelmed

Being patient makes sense during the closing process, says Stevens, and your REALTOR® will be able to guide you through. There are many moving parts to the closing process, and getting overwhelmed can ultimately make it an unenjoyable experience for you.

“It does become complicated and can be stressful so it’s important to slow down and take the proper steps toward a successful completion,” he says.

Purchasing a new home is exciting, and it’s understandable why you’re raring to go once your offer has been accepted, but making large financial decisions during closing can be detrimental to the entire process. When in doubt, check with your REALTOR® to make sure your next financial move doesn’t affect your ability to close on a home.

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How to Make your Home Sale “Smooth Sailing”

Posted on May 10, 2022 by Lee-ann Thiessen

When you plan to take a journey somewhere, you hope it will be smooth sailing all the way. That simply means the trip will be relatively trouble-free, and without stress or hassles. Well, selling your property is like a journey. So, how do you ensure that adventure will be “smooth sailing” for you? While no one can guarantee there won’t be a challenge or two to overcome on the road to selling your home, there are proven ways to help ensure everything goes well.

First of all, preparation goes a long way toward having a successful sale. Start early. Make a list of what you need to do around your property to get it ready for buyers. That list will include cleaning and tidying, of course. But, you might also need to get some minor repairs done, and perhaps even a few upgrades (such as painting or a new kitchen sink.) Don’t wait until the last minute if you’ll need a contractor to do those repairs or upgrades. Find and book a professional now.

Second, take the time to fully understand the selling process and what to expect. Don’t be shy about asking questions. For example, if it’s been a while since you last sold a home, you might need to refresh your understanding of how scheduling works for viewings, what staging is all about, how offers are received and considered, etc. The better you understand the selling process, the more comfortable you’ll feel.

Thirdly, and most importantly, give me a call early in the process. I can offer the advice and help you need to sell your property quickly and for the best price. I can also make your selling adventure go smoothly and successfully.

In other words, if you want “smooth sailing”, call me!~