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Old 05-19-2012, 08:06 PM   #1
TashaRVT
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Selling my house - 2 part question!

Okay, so first off: does having a new driveway put in make a huge difference? Yes, I know it looks nicer, and adds to curb appeal, but will it be a huge deal to potential buyers?

Second: is it insanely stupid to purchase a home with say, a 90 day closing, when ours isn't even on the market yet?

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Old 05-19-2012, 08:08 PM   #2
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First off - it depends on your neighborhood, your house, and the price range. It certainly doesn't hurt. But unless your driveway is in really terrible shape (like potholes) I wouldn't bother doing it at this stage.

Second question - it really depends on your financial position. Can you cover both mortgages for, say, a year?
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Old 05-19-2012, 08:14 PM   #3
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Can you put a condition into the contract that the closing of the new house is dependant on the sale of your current house? If not I would not unless as the PP said, you can swing both mortgages.
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Old 05-19-2012, 08:20 PM   #4
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With your location, I would say that selling your house in 90 days is almost a certainty. Real estate is moving so fast in the GTA, that the average days on the market is around 20. Many sell in under a week. Without knowing the details on your house and location, I would still say that 90 day closing is extremely likely, unless your house needs A LOT of work or is in a very undesirable location.

We just bought a house in the GTA and it was a struggle to even get an offer in on ANYTHING. The house we ended up buying had 5 offers on it's second day on the market.
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Old 05-19-2012, 08:31 PM   #5
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Quote:
Originally Posted by Janepod View Post
First off - it depends on your neighborhood, your house, and the price range. It certainly doesn't hurt. But unless your driveway is in really terrible shape (like potholes) I wouldn't bother doing it at this stage.

Second question - it really depends on your financial position. Can you cover both mortgages for, say, a year?
I’m with you.
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Old 05-19-2012, 08:38 PM   #6
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Originally Posted by TashaRVT View Post
Okay, so first off: does having a new driveway put in make a huge difference? Yes, I know it looks nicer, and adds to curb appeal, but will it be a huge deal to potential buyers?

Second: is it insanely stupid to purchase a home with say, a 90 day closing, when ours isn't even on the market yet?

I would not put in a new driveway, unless as someone said, there are potholes in yours. Although you are almost certain to sell in 90 days, the issue would be for what price? I purchased before I sold last year. The problem was, I got 15% less for my house than my realtor estimated, which made a big difference in my ability to carry my new house. I was incredibly unlucky as the day my house went on the market - the house that was under construction next door caused a huge hole in my backyard which caused the air conditioners to fall into said hole. Although my scenario is unlikely - for this reason, I'll never buy before I sell again.
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Old 05-19-2012, 08:46 PM   #7
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Quote:
Originally Posted by Janepod View Post
First off - it depends on your neighborhood, your house, and the price range. It certainly doesn't hurt. But unless your driveway is in really terrible shape (like potholes) I wouldn't bother doing it at this stage.

Second question - it really depends on your financial position. Can you cover both mortgages for, say, a year?
I agree about the drive way and also about the home too, to a point. Yes, there is no way that I would do it unless I could cover both mortgage payments for a very long time, but I would still be a little scared of doing that.
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Old 05-19-2012, 09:04 PM   #8
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As one extra point, if you are not comfortable with purchasing another house before yours is sold, I would wait until your house is under contract before making an offer on any other property. This is assuming, of course, that you are buying within the GTA as well. In our experience, unless a house had been on the market for a LONG time (which is rare, unless it's a very undesirable or extremely expensive property), sellers were not willing to accept any offer with conditions. GTA is a seller's market to the extreme right now, and you have to play their game - even standard conditions like pending inspection or pending financing will often kill an offer.

Definitely talk to a real estate agent about your specific area as soon as you can, if you're looking at a specific property right now. You're going to get a lot of advice from DIS-ers from parts of the US that have very depressed housing markets. This is not the case for the GTA area and it's a completely different game!
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Old 05-19-2012, 09:20 PM   #9
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Originally Posted by TashaRVT View Post
Okay, so first off: does having a new driveway put in make a huge difference? Yes, I know it looks nicer, and adds to curb appeal, but will it be a huge deal to potential buyers? Depends on how bad the driveway is.
Second: is it insanely stupid to purchase a home with say, a 90 day closing, when ours isn't even on the market yet? Not if you have the money to support 2 mortgages.
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Old 05-19-2012, 09:20 PM   #10
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I will be the first to say that a driveway with cracks and settling really turns me off on a house. I might buy the house, if I really liked it, but I would make it conditional on having the driveway re-poured. I've seen driveways mud-jacked and it just isn't the same. Putting in a new driveway is expensive and not something a new homeowner would want to do.
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Old 05-19-2012, 10:13 PM   #11
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I would never make a capital improvement to a house I was selling unless it was required after the inspection.
If I was buying a house that required a capital improvement like a driveway, roof, new heater-air conditioner, etc, I would ask for enough cash back on closing for me to get it done, so I can chose how it is done and by whom.
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Old 05-19-2012, 10:19 PM   #12
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Thanks all for your opinions, keep 'em coming!

We're in a very desirable, mature area of South Ajax - the homes down here generally sell within a week of going on the market. The small, 3 bdrm bungalow across the street from us (less square footage than our house and a smaller lot) went for $290,000 within 2 days of listing - lunacy!!

We're purchasing a home in Barrie, which is about 80 miles north west of where we live now. I'm by no means the type that dives into ANYTHING, and I'm usually the one who's very, very cautious. My husband interviewed for and started his dream job (finally, lol) up there about 6 weeks ago, and because we have 2 schoolaged kids (DD12 and DS10), we need to be in Barrie by mid to late August for them to start the new school year.

Otherwise I'd be way too paranoid to even think about it!
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Old 05-19-2012, 10:26 PM   #13
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I would work on getting your current house listed pronto! The best time to sell in the GTA is Feb/March/April. This weekend is the start to the summer season, which is much slower than the spring season . The house that got $290K last month wouldn't get $290K in July.
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Old 05-20-2012, 03:54 AM   #14
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What condition is your driveway in now? Are there a lot of cracks? Is it sinking? Is it pitted/have holes? How will it affect the curb appeal of your house? Will people look at the condition of your driveway if it is in poor shape and wonder how well you have taken care of the rest of your house?

Drive up to your house and look at it from a potential buyer's eye--if you were coming to look at your house, would the driveway be a deterrent?

I would not go under contract on a new house until my curent one was sold, unless you feel that you can carry two mortgages, can drive down occasionally to check on the house, etc.
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Old 05-20-2012, 08:10 AM   #15
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Quote:
Originally Posted by TashaRVT View Post
Thanks all for your opinions, keep 'em coming!

We're in a very desirable, mature area of South Ajax - the homes down here generally sell within a week of going on the market. The small, 3 bdrm bungalow across the street from us (less square footage than our house and a smaller lot) went for $290,000 within 2 days of listing - lunacy!!

We're purchasing a home in Barrie, which is about 80 miles north west of where we live now. I'm by no means the type that dives into ANYTHING, and I'm usually the one who's very, very cautious. My husband interviewed for and started his dream job (finally, lol) up there about 6 weeks ago, and because we have 2 schoolaged kids (DD12 and DS10), we need to be in Barrie by mid to late August for them to start the new school year.

Otherwise I'd be way too paranoid to even think about it!
If you're moving from Ajax to Barrie, I would think you'd have no problem getting your house under contract VERY quickly, and then putting in an offer on a house in Barrie. Real estate in Ajax is going to move much faster than real estate in Barrie (as I'm sure you know), and so you should have no trouble buying a new house after selling your old one. You'll be in a very favourable position as a seller and buyer in both areas.

Since you mention around the $300K price point, and in a mature area, I don't assume you'll have any trouble selling, as long as your house is in good condition. Houses in the $300-$400K price range go the fastest in the GTA, from what we were told by multiple real estate agents (this was the price range that we were looking at), because they are the "starter homes" for new families moving into the area. Again, I'm not an expert, just someone who has been through the process in the last couple months (closed 2 weeks ago!) and have experienced the GTA market from the buyer's side.
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