How to Know if You Should Sell Your House in Edmonton or Refinance

Is refinancing your home to access equity a wise idea? That will depend on many factors that are unique to your financial situation.

Many factors come into play when homeowners determine the best course of action to take with such a significant financial transaction as selling or refinancing your home. The decisions you make today will have a substantial impact on your overall financial health in the future, so take the time to consider all the particulars of each option. So, if you are one of the many homeowners feeling a bit unsure about whether or not you should sell your house in Edmonton or refinance, read on to learn how you can know for sure which is best for your situation. 

Space

While you may have required four bedrooms when you purchased your home several years ago, and your needs have changed, you may find that you have become burdened by keeping such an ample space.

It may be time for you to sell and downsize should you find yourself in this situation. Conversely, you may have been single when you purchased your first home, and two children later discover that you have outgrown the house. Refinancing may be an option if the property has room for additions.

However, most homeowners would rather forego the stress, mess, and noise of living in a construction zone, so you should consider carefully how your family will handle the headaches of renovations when deciding if you should sell your house in Edmonton or refinance.

Finances

External events can drastically change your financial circumstances for the better or regrettably for the worse. These developments can strongly influence whether or not you should sell your house in Edmonton or refinance.

If you find yourself struggling to make ends meet, consider that lenders have strict criteria about your credit rating. In addition, if you borrow more than 80 percent of the current market value, you’ll likely be paying additional fees for mortgage insurance and potentially other fees and costs associated with refinancing. IF you are investigating this route, it’s important to find an experienced and local mortgage broker who can guide you through the process.

Finally, if foreclosure is a possibility, don’t stick your head in the sand and allow procedures to begin without taking any action. Listing a home on the market to sell for the highest possible profit takes both time and money. If you are already in financial distress, find out the average days on the market, which is the closest you can get to an estimate of when your home will sell.

You’ll need to take a realistic inventory of the costs involved to list a home before jumping in, including real estate commissions, prepping and cleaning for showings, inspection, appraisal, repairs, and the costs of holding the property until the sale occurs. If you would like to learn a bit more about the home refinance process, here is a helpful Canadian article about different refinance options.

This helpful infographic outlines the basic steps when choosing to refinance your Edmonton property.

Sunrise Home Buyers

If you are trying to decide if you should sell your house in Edmonton or refinance, the experts at Sunrise Home Buyers take the time to listen to your concerns and answer any questions with no obligation. At Sunrise Home Buyers, our professional buyers have years of experience to help guide you in knocking down hurdles that homeowners just like you face every day; why not find out how a direct sale to Sunrise Home Buyers could be the solution to your problems?

At Sunrise Home Buyers, we are your neighbors, and our goal is to help you make the best choice for your situation. At Sunrise Home Buyers, we want you to feel good about the deal long afterward, so we detail how much you would profit by listing your home on the Edmonton market details of our offer, which you’ll agree is fair. Working with a professional buyer from [compay] on the direct sale of your home means no worries about repairs or commissions, or hidden fees in our straightforward contract.

Contact Sunrise Home Buyers at (587) 982-7576 TODAY and take that FIRST STEP towards finding a SOLUTION.

Get More Info On Options To Sell Your Home...

Selling a property in today's market can be confusing. Connect with us or submit your info below and we'll help guide you through your options.

Get Your Cash Offer Today

  • This field is for validation purposes and should be left unchanged.