Wednesday, May 11, 2022 / by Anthony Thornton
When you're wanting to move up and already own a property, it's different than when you're buying your first home because there are a few things to consider. It's critical that you think about these issues before listing your home for sale. Not only do you need to think about financing, but you also need to sell your current home at the right time to avoid the financial burden of owning two homes or, even worse, the dilemma of having no place to live during the time between closings.
Here are Some Strategies When Moving Up
1. Rose-colored glasses
The majority of us fantasize about upgrading our lifestyle and relocating to a larger home. The issue is that our hearts and our bank accounts sometimes contradict one other. You pass by a house you really like only to discover that it's already sold or that it costs more than you want to pay. When it comes to house hunting, most homeowners get caught up in the hit-or-miss approach when there is a far easier method to go about it. Find out if your agent offers a BuyerProfile System or a House-hunting Service, which eliminates the guesswork and assists you in finding the property of your dreams. This type of program will cross-match your criteria with ALL of the available options.
2. Failing to make necessary improvements
There are things you can do to improve the value of your house in the eyes of a potential buyer if you want to get the best price for it. These improvements don't have to be pricey. Even if you do have to make a small investment, it will usually pay off tenfold in terms of the price you may get when you sell. It's critical that you make these changes before putting your house on the market. If you're short on funds, look into an equity loan that you can pay back at closing.
3. Not selling first
Before you acquire, make a plan to sell. You won't be at a disadvantage at the negotiation table if you don't accept an offer that is below market value because you have a buying deadline to meet. You can buy your next property with no strings attached if you've previously sold your previous one. If you receive a tempting offer on your house but haven't made considerable progress in locating your future home, you may want to include a contingency clause in the sale contract that provides you a reasonable amount of time to find a suitable replacement. If the market is slow and your home is not selling as quickly as you had hoped, renting your home could be an alternative.
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