You’ve already gone through the home buying process, and you feel like you’ve learned a thing or two about how to get the best deal. Selling your home and moving to a much larger home, however, has its own unique set of concerns and potential downfalls. For example, you need to make sure that your present home sells before you have to move into your new home, unless you can afford to make two mortgage payments at the same time.
Here are six common mistakes people make when moving to a larger home, and the strategies you can employ to avoid these situations before you put your house up for sale:
1. Being too optimistic about what you can and can’t afford when it comes to choosing a new house. Too many people choose houses that they “fall in love with,” and then are extremely disappointed when they find out they can’t afford the down payment or the mortgage. Or, even worse, another buyer can qualify first and “steal” the house at the last minute. Avoid these heartbreaks by asking your agent to enroll you in a Buyer Profile System or house hunting service that specializes in matching prospective buyers with houses they both want and can afford. Such services are useful in locating houses that meet your specific list of criteria, and give you constant updates on what is available in your area.
2. Failing to make all the necessary repairs and improvements to your house before you put it up for sale. If you want to get top-dollar for your home, you have to do everything you can to make it look desirable to prospective buyers. Remember that people will only buy a home if they can imagine living in it comfortably, and not imagine spending all their time fixing and repairing issues. Every dollar you invest in fixing your home before you sell can yield much larger dividends when it comes to getting your asking price. And, if you can’t afford to make all of the repairs, find out about securing an equity loan that you can repay.
3. Forgetting to sell your house before you buy a new one.It will be a huge disadvantage for you at the bargaining table if it appears you are in a rush to sell your house because you have to move into your new one. This is one of the most common reasons why some people are forced to sell their homes for well below their asking price. Conversely, it is much easier to find a new home after you’ve already sold your old home, since you can put a contingency clause into your selling contract that gives you sufficient time to buy a new home. If you do find a new home you want, and your old house hasn’t sold yet, consider renting it out until it sells. Another option is to have your agent guarantee the sale of your house.
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Six Mistakes You Should Avoid When Moving to a Larger Home (Part 1 of 2)
Six Mistakes You Should Avoid When Moving to a Larger Home (Part 2 of 2)
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