If you are like many of today’s homeowners, you may be wondering whether it’s time to move up or stay and remodel your current home.
This is a big decision, as any move is disruptive to your day to day life, and when you own a home the process becomes a bit more complicated.
If you’re dreaming of a new home then you may be wondering…
“Do I buy first or sell first?”
“If I buy first how can I fund that purchase without the proceeds from my current home?”
“What if I sell first and have to move twice, or end up homeless because I can’t find a replacement home I like?”
“Should I wait until the market softens to make my move?”
So many questions, and often the lack of answers to these important questions may cause homeowners to miss that opportunity to take the next step into their dream home and to grow their net worth by purchasing a larger, higher quality home or a home in a superior location.
If you feel this is an opportunity you might like to explore, here are the steps that real estate experts suggest you take.
Step 1: Develop your dream home wish list.
Step 2: Do some research online to determine prices and area amenities.
Step 3: If you are thinking that remodeling is an option, consult with a contractor to determine the expense. Keep in mind that it would be wise not to overbuild for the area. And if you plan to sell within a couple of years, you may not be able to recoup your full investment on the improvements.
Step 4: Contact a local real estate agent that can give you an accurate estimate of value on your current home, advise you on the timing and process for a stress-free sale, and bring you information on homes in the area of your choice.
Step 5: Meet with a lender to discuss bridge financing in order to make the transition easier and to obtain your preapproval on a loan for your new home.
Step 6: Create a potential timeline with your agent for launching your home on the market and desired move in date for the new home.
Step 7: Have your agent guide you on how to best prepare your home for sale to showcase it in all its glory, without spending a fortune or investing in updates that today’s buyer won’t be interested in. your agent can also advise you if it makes the most sense to simply sell as is.
Bonus Tip: It is wise to begin your research well in advance of your potential move, in order to allow time to create a strategic game plan with your realtor and to ensure you maximize your profits while minimizing stress.
As your area’s wise advisor, I do offer a confidential and complimentary Move Up Consult, and at this meeting I will review with you my stress-free Move Up System. There is no cost or obligation, just helpful information.
To book your free Move Up Consult, contact me using the info on the front of this newsletter.