Never go out searching for another home if the reason you are doing so, is because the home you live in now needs work.
"Deferred Maintenance Can Reek Havoc with Your Plan to Sell Your Home!"
Bad plan...really bad plan.
Why?
Because you are setting yourself up for failure.
I have seen it many, many times.A homeowner has fallen out of love with their current home. They wander into a new home project, walk around the model and fall head over heals in love with the new home smell, the beautiful fixtures, the high ceilings, just the newness of it all.
The sales person has no idea what your current situation is at home. Remember they have never seen it. All they know is, you are giving off buying signals and they start asking questions. Their job working for the builder is to make sales and get your autograph on a contract. When they start asking about your finances and you give that information freely. If they learn you are well qualified to purchase without selling your current home it will all feel great for about a day. Then when the reality sets in, you think to yourself "what do we just do?"
Best advise at this point. Virginia is a "Caveat Emptor State."
Do not sign anything just yet.
The reasons:
Signing a legal binding contract could be more costly than you know.
- The Deposit Check ( this this takes a good amount of your working capitol)
- Down Payment ( the builder may be a
- ble to defer some of this, but if your home does not sell....you could look your deposit.)
- Closing Costs such as the appraisal, credit report, paying off any items lender needs you to to get the loan also cuts into your funds to fix your home for sale
- Moving Costs
- Window Coverings
- Utility Hookup Charges
- New Furniture
- If you get cold feet....your deposit belongs to the Builder not you.
This is all before you even think about what is going to happen with your current home.
Stop think. You know your current home better than anyone else.
Stand in front of your home. Now walk to the front door as if this is the first time you are seeing the home. Is the landscape pretty? Fresh flowers? Are their cobwebs at light at the door? Not good. Step inside. Does it smell fresh and clean? Does it look like a model home?
Are the walls, trim and counters all in great shape? Does the interior need a coat of paint? Is the flooring in good shape? Do they cleaning or replacing? Walk around the side.How does the siding look. It is greenish from algae? Is the AC Unit making noise? Is the well exit all nice and clean and neat and free of debris? Does the deck need staining? What about the rails are they all in good repair. Are the windows sparkling clean?
These are all things that need to be addressed before you can sell or even rent your home.
Ask yourself this question. Can you afford to carry both payments for a few months or longer? If the answer is yes. Then buy your dream home. If the answer is. It would tight, or we can afford both payments but we don't want to, then tread lightly and seek real estate advice. Now is not the time to sell For Sale By Owner. The risk is too great.
"Selling a home and buying a home can become a very
stressful situation without a good plan."
If you make the New Home Purchase prior to getting solid real estate advice on what needs to be completed to get your current home SOLD quickly. You may be in for a shock to your wallet! Today's resale buyers are picky!
A recent homeowner who just went through the process of buying anew without a real estate agents help and guidance was caught off guard. They wound up spending over ten thousand dollars on deferred maintenance just to make their exiting home marketable.
- Then came the dreaded Home Inspection. As you can imagine the home did not fair well.
- The came the HOA Inspection. As I expected they had several violations that needed to be addressed.
- Then the buyer lost their financing and we had to start all over again. Very stressful for the seller who was facing to mortgage payments.
- Not to mention something as simple as a radon test can cost you serious dollars if your home turns out to have radon. A mitigation system can cost over $900.00!
Patty and I are are seasoned experienced real estate agents who can help coach and guide you every step of the way. Remember it does not cost you a penny more to have help when you buy a new home and sell your current home. The benefit to you is that you have representation every step of the way and we coordinate a door to door move for you if that is your goal. Let's talk 703-851-3085
Comments(1)