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After the initial shock of COVID-19, housing markets have been steeply and steadily on the rise throughout pretty much all of Canada and house prices in the GTA breaking records almost every month. Mississauga, a popular destination for years, was one of those cities with a record-breaking 2021.

Record low interest rates, a lack of houses for sale and a steadily increasing population in the Golden Horseshoe contributed to an insatiable demand that helped push the average price for a home in Mississauga over the 1 million dollar mark for the first time in its history.

If you’ve been considering an upgrade, downsizing or heading to greener pastures outside the city sprawl, now might be a good a time as any to sell your Mississauga home. When the time is right, avoid these mistakes when making one of the most significant transactions of your life.

Not Hiring the Right Professionals

Agreements of Purchase and Sale are complicated, legally-binding contracts that can have severe consequences if the wording doesn’t protect you or invalidates the sale. You may think that you can do it yourself because you’re selling your home, but partnering with local real estate professionals like a Mississauga real estate lawyer and realtor can ensure a seamless transfer of title and the optimal price for your home. The key is choosing the right professionals for the job.

Use the internet to narrow down the field of potential candidates in your area. This allows you to read online reviews and check out their websites to get a feel for their approach and experience before deciding which ones you’ll interview before making a final decision.

Over or Under Preparing Your Home

Taking care of major issues is a priority. A leaking roof, cracks in the foundation and toilets that don’t flush properly will probably only attract the kind of offers you’re not looking for, if you get any at all. It should also go without saying to keep your home neat, clean and clutter-free for viewings.

When it comes to upgrades, most sellers don’t recoup the cost of renovations when they sell their homes (there are some exceptions). A good rule of thumb, if you’re considering a home improvement project, is to know the market value of homes in your area and their indoor and outdoor features. If your home is already around market value, any renovations you do may not impact the selling price enough to justify the spend.

On the other hand, if you haven’t been keeping up with the Joneses, the price you pay to finish your basement, install hardwood floors or a backyard deck may be necessary to help you sell your home and may be offset (or even net you a profit) by the difference between your home’s current value and what it sells for.

But it’s always best to check with a real estate agent who knows your neighbourhood before making improvements to boost the price of your home. They can give you specific advice on whether a renovation will be worth the time, money, and inconvenience.

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