Selling Your Kelowna Home Series, Part One – Deciding to Sell Your Kelowna Home

Welcome to Part One of my informational series on Selling Your Home in Kelowna.  Deciding to sell your home is a big deal!  There are many factors to consider and in this post I will share some advice on how to decide whether you are ready to list your Kelowna home For Sale. 

  • NEED to sell vs WANT to sell

There are many factors to consider when making the decision to list your Kelowna house for sale.  Here are some examples to help you determine whether you need or want to sell:

NEED to sellWANT to sell
Relocation of jobInconvenient commute
Increase in size of familyDesire for different amenities
Reduced incomeDislike for neighbours
Health issues Downsizing

Assessing your motivations for selling will help you decide how urgent it is.  This also helps me as your Realtor to develop a selling strategy to best suit your needs.  Be honest when reflecting on your motivations for deciding to list your home for sale and it will benefit you in the long run.

  • Equity

As your Realtor, I will help you assess the current value of your home (in fact, one of the services I offer is FREE home valuations!).  Knowing what your home is currently worth is important in calculating the equity you have in your home, which can contribute considerably to your decision to sell or not.  As an example, if your home is valued at $500,000.00 and you owe $350,000.00 on your mortgage, your equity is the difference ($150,000.00 in this case).  Typically, you will want the equity in your home to be enough to cover the costs of closing and moving with enough left over to put a downpayment on your next home (if you are choosing to re-invest).  I can help you estimate how much you can expect to end up with given your current situation.  Having this information is critical when making the decision to sell.

  • Finances

In addition to knowing what you will get out of the sale of your home, it’s important to consider what you can put into the purchase of a new home, if that is what you intend to do.  Are you earning substantially more or less money than when you purchased your current home?  If so, this may make your decision for you.  The cost of carrying your home (mortgage payments, insurance, repairs & maintenance, strata fees if applicable, etc) should fit comfortably within your budget.  If your budget has decreased, selling may be your only option. Perhaps your income has increased, in which case you may want to purchase a larger home with more amenities or in a more preferable location.  These are very important factors to weigh before deciding whether or not to sell!

As you can see, deciding whether to list your Kelowna home for sale involves many factors but you don’t have to navigate them alone!  Get in touch with me to find out how I can help before you even make the decision to list.  Stay tuned next month for Part Two of my Selling Your Kelowna Home series!

Karen Borring-Olsen

Your Key to Real Estate Success in Kelowna