Hello Folks. Being a millennial in this market is not easy. In fact, with home prices rising as much as they have in the greater Toronto area, it is getting harder and harder for people like myself and you to own homes. In such situation, we have to try to find any sort of a free resource we can use to maximize our bang per buck. In fact, with Our downpayment taking twice as long as our grandparents, we need all the help we can find. Lucky for me, I am very stubborn and found a few ways to maximize the value of my home sale and reduce home purchase prices, so I could afford to myself a nice semi-detached house in Toronto. It may not look like much I am proud to call it home.
So of course, being tied for money, I decided to go for my home the for sale by owner way. For sale by owner, or FSBO for sort, is a way to sell a home privately. It allows you to save up to 6% on real estate commissions. The key is of course that the savings on your home sale result on a purchase on the next one.
I was lucky enough to find a website called www.homenova.com. while they are fairly new, I listed my property and got decent traffic. After about 3 house showings I lucked out and sold my apartment. It was actually to a neighbor but she ended up searching the same building and my listing came up as luck would have it.
Being all encourage from private home sale, I wanted to search for houses for sale as well also on homenova. Let me tell you, they had some seriously slim pickings. Only 32 listings, but I was persistent and I messaged a couple of property owners who were friendly enough and nice to work with my directly. I negotiate that since they list privately I should be getting some sort of a discount, and we agreed to meet at the middle (i.e. 3%) discount. The house price was decent but I figured what the hell it is worth a shot.
So that was it. I downloaded the usual offer of purchase and sale form, made an offer and managed to both sell my own home privately, as well as buy my new home privately. Total savings on my own home were6% in commission and total savings on the new home I bought were 3%, so all in all I saved 9%’ish, which amounted to savings of about $50,000 + HST. Not too shabby.
That’s about it. There was some other work as well such as cleaning, renos, showing, marketing, negotiation, it wasn’t easy and to be honest it was quite stressful but I am quite happy with the results.
That’s about it. If you have ideas in regards to other potential sources that can be used let me know at my site information address: firstname.lastname@example.org and I will try to include your information on my site. Make sure to include links and other meaningful information.