realtyreport
Onward & Upward
Homeowners who are looking to move up have new considerations to make now, ones they didn't have as first-time buyers. So for all move-up buyers, here's some advice.
Discuss with your real estate sales representative whether you should sell first or buy first, given your circumstances and location. Every market's different, so a real estate sales representative's expert knowledge of your area will be key in helping you decide how best to queue your sale and purchase.
Price and prep your current home to sell. Pricing right is key to selling in a reasonable time frame, which is especially important when there's another transaction hanging in the balance. The same goes for prepping it for buyers' eyes, so arrange for those repairs and cosmetic improvements, declutter and make your home sparkle.
Get pre-approved for a mortgage. You'll know ahead of time exactly how much home you can afford to buy, and you'll have increased bargaining power at the negotiating table when you're ready to move up. Let your lender know if you plan to sell your current home first.
Coordinate your closings. Timing is everything, especially when you're juggling the sale of one property and the purchase of another. There are many people involved in these transactions - many different schedules. Work closely with your real estate sales representative to ensure a smooth transition.
Establish a contingency plan in the event you can't go straight from your current home into your next one. Where will you stay in the interim? With family? Rental accommodations? Can you rent back from your home's new owners? What will you do with your belongings? Consider all your options, and make provisions for the expense.
