As top realtors in Surrey’s red-hot real estate market, we’ve helped countless clients find the home of their dreams. That’s a great thing – but any move to a new home involves life changes. We try to help make those changes as painless as possible so you can really start enjoying your new home.
Moving from a Condo into a Townhouse
You might think it’s easier to move into a bigger space than to downsize your lifestyle – but that’s not necessarily the case. After living in a Vancouver modest-sized 450 or 600 square feet for a while, it can be tempting to just spread out now that you get a bigger bang for your buck in Surrey. First, get your ducks in a row.1. Sell Your Old Home First. Paying for two mortgages is a horrible proposition – yet when deals don’t go through and the timing is off, that’s precisely what can happen. If possible, you can try to make the sale and financing a condition of purchasing your new townhouse; However, in Surrey’s hot real estate market, if you’re in a bidding war for a townhouse, you might be tempted to forego that clause in the contract. Naturally, we’re here to help you sell your old home to help your move go off without a hitch.
This is an important first move if you want to reduce the pressure you’ll feel when negotiating for the townhouse. But if the sale of your old home doesn’t go through in time for any reason, all is not lost…
2. Rent Out Your Old Home (If You Can’t Sell It Right Away). If you don’t sell your old home before you buy the new property, you can at least set yourself up with cash flow so you can afford two mortgages. 1 or 2 bedroom apartments can be rented out from anywhere between $800 and $1750 – and the upper end of that range more than pays for your old mortgage and likely any additional strata fees and taxes as well. You can always sell later!
3. Get Organized. Just because you’re moving into a larger space doesn’t mean you need to take all of your old junk with you. Now is your chance to start fresh – so that extra bedroom or office doesn’t become a default clutter depot.
We help you understand the potential of every room in your new Surrey townhouse. When every space has a defined purpose, they stay organized and show well all year round.
Downsizing from a House into a Townhouse or Condo
Many seniors are downsizing from detached homes or townhouses into condos in Surrey. There’s so much inventory on the market from new developments that it’s a great time for retired couples and singles to change up their living space and their lifestyle.
1. Maximize the Sale Price of Your Old Home Before You Sell. With the equity you’ve earned just from living in your home during a relatively fast-rising housing market, you may be able to count on the sale price earning you enough to buy your new condo or townhouse outright with no mortgage. That’s ideal (since who wants a mortgage when you’re ready to retire – or well into your golden years)? That said, now is not the time to rest on your laurels. Maximizing the sale price will get you more house for your buck, plus extra money to live the lifestyle you want.
Upgrading kitchens and bathrooms will get you the most return on your investment, but don’t necessarily neglect other aspects. A relatively small investment in landscaping can get you the curb appeal that earns multiple bids – and a higher sale price for your old home.
2. Renovate Your New Home. This new home may be the last one you ever own – so you should enjoy it the way you want. Consider investing in an entertainment center, wine cellar or rec room – so you can live the lifestyle you want in the comfort of your own home.
3. Downsize Your Possessions, Not Your Expectations. Many times, we hang on to possessions for sentimental reasons. Old furniture, furnishings, electronics, toys, clothes – it’s human nature to collect things and psychologically difficult to just let them go. But if you’re downsizing, you need to prioritize what you really need. We’ve found time and again that when clients really get organized and get rid of their old stuff they haven’t really used in years, it’s a freeing experience. That’s what you want as you start your new life in your new home!
Whether you’re upsizing or downsizing, we can help you sell your old home and get into the condo or townhouse of your dreams.
