Home owners who are looking to upgrade or downsize are often faced with the challenge of whether they should list & sell or buy first. It's the saying, what comes first the chicken or the egg? Well, it can go both ways. Depending on your circumstances, there are many different options. Here are some suggestions:
- Have a trusted Realtor evaluate your current home to determine what it could sell for, approximately how long it would take to sell, and what you need to do to get it ready to list.
- Determine what the house you want to upgrade to will cost you. Being educated on fair market value is key. This is what your Realtor is for.
- Talk to your bank, mortgage broker, etc. about your financing options. Be aware of the terms of your mortgage... you may have a payout penalty or have to port your mortgage to the new home. Again, knowledge is key so that there are no surprises.
- After determining where you stand financially, have your Realtor show you available properties that are for sale in your budget. If there is a lot of inventory that interests you, I would say it is safe to list your home and start shopping for that dream home!
- If you find the right home before your house sells, there are many options on moving forward. Talk to your Realtor. Personally, I give my clients many options and encourage them to do what protects their best interests. After all, it shouldn't be an impulse purchase or pressuring of any sort.
- Once you get an offer accepted on the house you are selling- this is your green light to go and write an offer on the house you loved! Make sure your offer coincides with the one on your place. For example, if buyers are taking possession on May 1st – perhaps consider asking for a possession date 2-3 weeks prior on the new home which gives you plenty of time to move and vacate the property. You don't want to be homeless! (I've heard horror stories).
- Once conditions are removed on your current home – now you may complete your due diligence such as property inspections, water testing, etc. on the home you are purchasing. I hear stories all the time of people paying for property inspections and then they can't buy the house. What a waste of money. Make sure you do the inspection after your financing is secured & the house is SOLD!
- I can go on and on about selling/buying, there really is a lot to know. I covered some basic points to give you an idea. Every personal situation is different. Make sure you hire a Realtor who is knowledgeable and KNOWS what they are doing. After all, if you have a good Realtor – they will always suggest what is in your best interests and make this whole transition chaos free!
If you would like to book an appointment with me to discuss your Real Estate matters further give me a call 403-318-5665 or email at email@example.com
Thank you for reading my blog! As always, feel free to contact me with any questions.