When it comes to luxury real estate, Burlington, ON is one of the most desirable markets in the Greater Toronto Area (GTA). Boasting breathtaking views of its waterfront and Lake Ontario, breath-taking views of the Niagara Escarpment, and quick access to major urban hubs like the international airport and Hamilton, it’s no surprise that many families and businesses have set up shop in the area.
However, selling a luxury home or property can be a tricky process. With big money and assets on the line, even a small mistake can make a huge difference to your bottom line. That’s why it’s important to be aware of the most common mistakes people make when selling a luxury home in Burlington, ON—so you can avoid making similar mistakes yourself.
1. Underestimating Your Home’s Worth
One of the biggest mistakes that sellers make when listing their Burlington, ON luxury home is underestimating the true worth of the property. You may believe your home to be worth less than it actually is, due to factors such as its condition, the area’s market prices, and local economic conditions.
Fortunately, there are ways to ensure you get a fair market value on your home. Working with a real estate professional who has experience in working with luxury properties can provide valuable insight into Burlington’s luxury market, as well as the Multiple Listing System (MLS). A real estate agent can help you list your property at the right price, to maximize the return on your investment.
2. Choosing the WrongAgent
Another common mistake that many sellers make is not taking the time to make sure they are working with the right agent. You’ll need someone who understands the local market and knows how to maneuver through the negotiations necessary to get you the best selling price.
It’s also important to ensure that you’re comfortable with the agent you’re working with—you’ll be spending a lot of time together, so you should be confident discussing your questions and concerns.
For anybody selling a luxury property in Burlington, ON, Tony Sousa and The SousaSells.ca Team should be your number one choice. The team has more than 20 years of experience in the real estate industry, working exclusively with luxury properties. They know how to use the right strategies to get you the best return.
3. Not Staging the Property Properly
If you’re hoping to sell your Burlington, ON luxury home quickly, staging is key. Staging helps prospective buyers to envision the property as if it was their own, and can make a huge difference in how quickly the house sells.
A good staging job means more than sprucing up the interior and exterior of your home, however. It also means ensuring that you remove any items from the house that could take away from potential buyers’ impressions. That means removing family photos, artwork, and anything else that could create a distraction and turn off buyers.
4. Not Doing Enough Research on Buyers
It’s easy to get caught up in the excitement of selling your home, but it’s important to take the time to do your due diligence when it comes to researching potential buyers.
Take the time to research people who might be interested in the property, including their financial situation, past purchases and preferences. This will help you avoid wasting time on potential buyers who may not be the right fit for your property.
5. Not Working With Professionals
Selling your Burlington, ON luxury property can be complicated, and involves a lot of complexities at each stage. For example, you’ll need help with paperwork related to the sale, legal advice and guidance, and financing once the sale is complete.
That’s why it’s important to make sure you have professional help throughout the process. Having a lawyer, real estate agent and bank representative help you through these steps can help ensure that you remain protected, and that your sale will go smoothly.
6. Not Providing a Good Viewing Experience
When you’re selling a luxury home, providing a good viewing experience is paramount. Set aside time to show the property and make sure that your home is well-maintained, clean and in good condition.
Think carefully about how you want to present the property to potential buyers. You may want to consider hiring a professional home stager to make sure that your home is presented in the most attractive way.
7. Not Making Home Renovations
Whether you’re selling a high-end property or an older one, making renovations and improvements can greatly enhance the saleability of your home. Even simple projects such as painting and changing light fixtures can create a better experience for potential buyers.
Making these changes can be intimidating and expensive, but it can be worth it in terms of the dividends it will pay off in the long run.
8. Not Considering Tax Implications
There are a lot of tax implications that come when selling a home. It’s important to be aware of any taxes you might owe when you sell your home, as well as any deductions on capital costs that you might be eligible for.
Making sure you understand the financial costs associated with selling your home is key. If you are unsure, it’s best to consult with a qualified accountant or financial professional who can provide more insight.
9. Not Preparing for Negotiations
Negotiations are an integral part of the real estate process. Knowing how to negotiate effectively can mean the difference between getting a great deal and losing out.
Before negotiations begin, make sure you’re prepared. Know your bottom line, understand the market, and have a negotiation strategy in mind. While you should always be willing to negotiate with potential buyers, it’s important to know when your limit has been reached.
10. Not Taking Care of the Little Things
When it comes to selling your home, the little details matter. From ensuring that appliances work correctly to making sure the yard looks great, these small improvements can add up to an overall better experience for buyers.
Pay particular attention to curb appeal. Planting new flowers, mowing the lawn and fixing up an old fence are all small improvements that can make a big difference.
Selling a Burlington, ON luxury home doesn’t have to be a nightmare. With the right preparation, it can be a smooth and profitable experience. Avoiding the mistakes outlined above is key, and working with a qualified real estate team like Tony Sousa and The SousaSells.ca Team can make all the difference.
What should I do to prepare my luxury home for sale?
When preparing your luxury home for sale, it’s important to think about both the interior and exterior of the house. Start by making sure that all appliances are in good working order, and then work on improving the curb appeal of your property. Landscaping, painting and making small repairs can all make a huge difference in your home’s saleability.
How do I make sure I get the best price for my home?
The best way to ensure you get the best price for your home is to work with a qualified real estate team with experience in selling luxury properties. They will be able to use the right strategies to maximize the value of your home and guide you through the process.
What should I consider when selecting a real estate agent for my luxury home?
When selecting a real estate agent for your luxury home, it’s important to make sure that they have experience working with luxury properties in the Burlington, ON area. It’s also important to make sure you are comfortable working with them—you’ll be spending a lot of time working together, so it’s important to feel like you can voice any concerns you may have.
What are the tax implications of selling a luxury property?
When selling a luxury home, it’s important to be aware of any taxes you might owe when you sell your home, as well as any deductions on capital costs that you might be eligible for. It’s best to consult with a qualified accountant or financial professional to ensure you understand the full financial implications of the sale.
What should I do to ensure a smooth viewing experience?
When preparing for showings, it’s important to make sure that your home is well-maintained and clean. Consider hiring a professional home stager to make sure that your home is presented in the most attractive way. Additionally, take the time to remove any personal items from the house so that potential buyers can visualize the property as their own.