How to make the most of your move-up
When you are buying a first time home, the process is usually straight
forward. However, when you are moving to a second or third home,
other issues arise, making the process more complicated. You will
need to consider financing, and selling your home at the right time. This
way, you won’t have the added responsibility of paying the mortgage
on two homes. You will also want to coordinate closings, so you can
plan your move most efficiently. Here are some of the most effective things
you can do to make the most of your move up.
Save your feet and your time
Many people spend much time shopping for a home, only to be disappointed
because it has either sold or is beyond the budget. This hit and miss
strategy is time consuming and very frustrating. A better alternative
is to use the services provided by a Real Estate Professional. As a client,
you have access to a Buyer Profile System/House Hunting System. Your Real Estate Professional
will provide you with regular updates on all available property that match
your needs. You will stay on budget, save your feet, and come closer
to finding the home of your dreams, faster
than trying to shop yourself.
Make improvements on your existing home
A home that shows well, and in good condition always gets the highest price.
A home in less favorable condition is less appealing to a buyer. You will
easily reap the rewards of completing minor repairs to your home. Also, make
these improvements prior to putting your home on the market. You will want
to present your home the best to get the best!
Sell your present home first
The easiest and wisest strategy is to sell your home before you buy. This
way, you won’t be at a disadvantage at the negotiating table, or feel
pressured to accept a below-market value, to meet a purchase deadline. With
your home already sold, there will be no strings attached on your next one.
When you do find a new home, you have the option of putting a subject to on
the contact. This way you can give yourself plenty of time to find a new home.
In a slow market, perhaps you could rent your home and put it on the market
later. However, with this option, check with your lawyer, tax advisor and
accountant to ensure all legal, tax and financial aspects are considered.
Some Real Estate Professionals offer a Guaranteed Sale Trade-Up Program.
With this service, the Real Estate Professional guarantees the sale of your current home
before possession of your next one. If you have found the home of
your choice, and your current home has not sold, the Real Estate Professional will buy
the home from you. You are free to make your move without stress
Get mortgage pre-approval
Pre-approval is your green light and your maximum power. In a short time,
you will know how much you qualify for, when moving up to a larger
home. When you find your new home, you can present an offer immediately.
A seller will often view your offer more favorably when financing arrangements
With two major transactions there are double the details of mortgage experts,
appraisers, lawyers, loan officers, title registrations and home inspectors.
A Real Estate Professional can assist you in ensuring all the logistical details
of your transaction are handled correctly, and on time.