The most common mistakes homeowners make when moving to a larger home.
5 Mistakes to Avoid When Trading Up to a Larger Home
Knowledge of these mistakes, and the strategies to overcome them, will help you make informed choices before you put your existing home on the market.
Unlike the experience of buying a first home, when you're looking to move-up, and already own a home, there are certain factors that can complicate the situation. It's very important for you to consider these issues before you list your home for sale.
Mistake 1: There is the issue of financing to consider, but you also have to sell your present home at exactly the right time in order to avoid either the financial burden of owning two homes or, just as bad, the dilemma of having no place to live during the gap between closings.
Mistake 2: Not selling first You should plan to sell before you buy. This way you will not find yourself at a disadvantage at the negotiating table, feeling pressured to accept an offer that is below-market value because you have to meet a purchase deadline. If you've already sold your home, you can buy your next one with no strings attached. If you do get a tempting offer on your home but haven't made significant headway on finding your next home, you might want to put in a contingency clause in the sale contract which gives you a reasonable time to find a home to buy. If the market is slow and you find your home is not selling as quickly as you anticipated, another option could be renting your home and putting it up on the market later - particularly if you are selling a smaller, starter home. You'll have to investigate the tax rules if you choose this latter option. Better still, find a way to eliminate this situation altogether by getting your agent to guarantee the sale of your present home .
Mistake 3: Most of us dream of improving our lifestyle and moving to a larger home.You drive by a home that you fall in love with only to find that it's already sold or that it's more than what you are willing to pay. Most homeowners get caught in this hit or miss strategy of house hunting when there's a much easier way of going about the process. Ask your BROKER to offer you Buyer Profile System or House-hunting Service, which takes the guesswork away and helps to put you in the home of your dreams. This type of program will cross-match your criteria with ALL available homes on the market .
Mistake 4: Failing to make necessary improvements ; If you want to get the best price for the home you're selling, there will certainly be things you can do to enhance it in a prospective buyer's eyes. These fix-ups don't necessarily have to be expensive. Ask your broker how to make a minor investment, it will often come back to you ten-fold in the price you are able to get when you sell.
Mistake 5: Getting caught in the Real Estate Catch 22 .Your biggest dilemma when buying and selling is deciding which to do first. I advise you to sell first. However there are ways to eliminate this dilemma altogether. we offer you a Guaranteed Sale Trade-Up Program that actually takes the problem away from you entirely by guaranteeing the sale of your present home before you take possession of your next one. If you find a home you wish to purchase and have not sold your current home yet, we will buy your home from you ourselves so you can make your move free of stress and worry.
Our goal is to make your experience as smooth as possible!
Contact us today to get started!