Selling your Victoria home is a risk. No matter how you renovate the home and make it appealing to buyers, it’s hard to predict exactly how the market will respond when they see your home advertised. While buyers have shown a willingness to pay premium money for what they want in the market, there’s always the risk that your home won’t attract the sorts of bids you were hoping for.
The longer you have your home on the market, the more expenses you’ll have to pay. Additionally, it can be quite discouraging knowing that your home isn’t garnering enough attention, seemingly rendering all of your hard work in vain. However, there are ways to ensure your Victoria home appeals to buyers, and prevent your listing from expiring. Value can be found through other means. Below are a few tips for when your Victoria (or any) home won’t sell.
Rent Your Victoria Home in the Meantime
The best realtor in Victoria BC will tell you that if you’re struggling to attract offers for your home, you can rent it out and make some money in the interim.
If you’re getting enough rent to cover your monthly mortgage payments, then renting your house is a good temporary solution to go with until the offers eventually come. Even if your cash flow isn’t optimal, it’s better to have that than paying thousands each month on a vacant home. You can rent the home to family, friends, or even strangers. You can even operate similar to an Air BnB setup, bringing some much-needed funds in for the foreseeable future.
If you’re going to rent, speak with your homeowner’s insurance agent about changing the contents of your policy, particularly if the policy doesn’t cover a vacant home for more than 30 days. Suppose you don’t have to worry about rental restrictions. In that case, you can hire a highly reputed real estate management company to screen tenants and bring in reliable contractors for any necessary repairs.
Opt For a New Mortgage
Should the need to sell your Victoria home be strictly financial, you should consider taking out a home equity loan. However, you should only consider this if you have the financial wherewithal to manage higher monthly payments. These loans can be fixed with no interest rate fluctuations.
Have a good talk with your real estate agent and a tax accountant before determining any mortgage modifications. But it’s a potentially wise move to take.
Push Back Your Sale
It may hurt the pride to do this, but if push comes to shove, postponing your Victoria home sale may be the way to go. The fact is that you may have chosen a time that isn’t an ideal time to sell, especially if it’s a buyer’s market. You may be better off waiting for a time when the inventory has dropped, and there are fewer options available for buyers. If you’re looking to attract buyers en-masse, spring is the ideal time as schools are out by then, and more families are willing to switch locations. Don’t give up hope just yet. Patience is key.
Contact the top realtor in Victoria BC for all your selling needs and much more!
