There comes a time when purchasing and moving to a new home make sense. It could be due to certain arrangements at work, accommodating a bigger family, or simply the desire for new scenery. But before digging deep and planning the move, a lot of people are intimidated with the amount of work involved with buying and selling a home.
Here’s the cold hard truth: stress will always be a part of the process – no matter how many tips and guides you read. However, there are still things you can do that will surely help you succeed in buying a new home while selling the old one. Without further ado, here are the top six tips you should remember:
Get Pre-approved
Naturally, you should make sure you’ll have a new home to go to before selling your current one. And if there’s one thing you should check, it’s your home loan qualifications.
By being pre-approved, a lender has studied your financial information thoroughly and can provide you with details on how much you can really afford. A good strategy is to receive recommendations from at least three mortgage lenders and choose the best offer. Being pre-approved means you won’t have to waste time researching homes that you can’t afford. To improve your creditworthiness, you should try to avoid making big purchases around 3-6 months prior to being approved.
Takeaway: You should know that you CAN afford a new home before making any further decisions.
Know Where You Want to Live
Do you already have a clear idea on where you’re going to move, or are you simply tired of your current residence? Remember that buying and selling homes can result in disappointments. This is why you should do your research so you can avoid regretting your decision later.
To decide, remember that you should prioritize the specific needs and of your family. Does a nearby school matter? Do you prefer having a tennis court or other recreational facilities? In addition to these, you should also investigate the location’s safety track record. Doing all these can help narrow down your hunt and make the process a lot easier.
When looking for a new place, some of the best resources you can use are Trulia.com, Realtor.com, and Zillow.com.
Takeaway: Planning where you want to live can prevent you from making bad decisions in homebuying.
Forget the Markets
A lot of homeowners pay too much attention to the state of the housing market. In turn, they become obsessed with timing and fail to develop a solid plan.
First of all, remember that there is absolutely no way to accurately predict the future movement of the real estate market. You shouldn’t choose to sell or buy a home specifically in hopes of making the maximum profit. Instead, remember the real reasons why you need to make the move.
Takeaway: When is the best time to buy? When you found the perfect house AND you can afford it.
Investigate the Property
You should never overlook the importance of having a walk-through inspection when buying a new home. Bear in mind that the home sellers probably staged their home to make it more appealing. Hiding issues such as leaks, cracked floorboards, and broken closets are common. This is why you need to take your time and be thorough with everything.
During the inspection, you should keep note of things that require repairs as well as areas that you’d like to renovate. If possible, you should insist on the necessary repairs before you close the purchase. These are some of the most important things you should do during new home inspections.
Additionally, you should survey the area and know your boundaries. When moving to a new neighborhood, having a border dispute is the last thing you want to do. Knowing the exact boundaries of the new place is also important for having an accurate property tax.
Takeaway: As a homebuyer, you should try to get your money’s worth by making sure all issues are known and dealt with before you’re stuck with them.
Stage Your Home
If other sellers can beautify their homes to attract more buyers, then you can too. Staging your home is the process of “repackaging” your house for a new buyer. For most people, hiring a staging company is the least stressful option, but definitely the least cheap.
Besides, it is entirely possible to perform the house staging process all by yourself. The first thing you should address is the appearance of your home from the curb. Remember that a lot of interested buyers choose to do a drive-by before scheduling an inspection. This is why you should see to it that the windows are washed, the porch floor has been cleaned (repainted if necessary), the lawn is mowed, and there are plenty of color from plants and flowers.
Next, you should de-clutter and maximize the space in each room. This will allow potential buyers to visualize their interior ideas with your home. Also, it is best to get rid of your personal design choices and be as clean and plain as possible. Finally, you should see to it that everything is clean and functional on the inside.
Takeaway: Staging your home can help sell it faster and make the most money out of it.
Find an Agent
Remember that a lot of legal paperwork is required when it comes to selling a property. And to avoid overlooking any legal matters, it’s best to have the paperwork done by a certified real estate agent.
During the selling period, remember that interested buyers may want to perform a house inspection during unexpected times. Without working with an agent, you’re putting yourself in a difficult position especially if you can’t always rush back home whenever you receive a call.
Lastly, finding an agent generally makes the selling process easier because he or she is not emotionally tied to your house. Without an expert’s valuation, it is easy for homeowners to overprice everything and discourage buyers from closing a deal.
There are several things you need to consider when looking for a real estate agent. First, make sure he is duly licensed in your state and is qualified to fulfill all the selling decisions and documents for you. You should also contact the agent’s previous clients and let them tell you about their experience.
Takeaway: A real estate agent will help with the most grueling tasks of selling a home – from accurately evaluating your property to having it seen by prospective buyers.
Conclusion
The real estate industry has been greatly recovering in the past few years. With the market on the move, developing a solid plan on buying and selling a home suddenly becomes a great skill. It may not be easy, but it shouldn’t be too complicated, especially with time-tested courses of action.However, if you own a home that is too damaged or in the middle of a difficult situation, the selling process can get too complicated. In this scenario, you can consider selling your home to an investor like Your Trusted Home Buyer.
