Here's Your Step-By-Step Guide
So, you’ve lived in your first home for a while now and want an upgrade for your own personal desires or because you want to start a family. You’re probably thinking, “how do I go about buying AND selling?” Well, as a professional real estate agent, I’ve helped numerous clients buy their second home and sell their first! This time around is very different than the first, but don’t stress because I have you covered with this new step-by-step guide!
Follow these easy steps to experience an exciting, smooth, and successful second move!
1. Get Your Current Home Appraised Before You Start Looking
I know buying a new home is always exciting, but it is crucial not to get ahead of yourself! You will need to know how much your current house will sell for before looking around, as you could end up falling in love with a home that is actually out of your price range. It’s much better to start on the right foot, so you don’t get disappointed by the home-buying process. Remember, this is supposed to be fun!
It really comes down to getting your financials in order. To start, talk to an experienced listing agent and get an appraisal without allowing your expectations to get in the way. Professional real estate agents will give you a realistic price point and use current market data to back it up. Whatever this price may be, it will end up telling what you can actually afford for a new home.
2. Figure Out What You Can Afford
Once you know how much your house is worth, it’s time to talk to a mortgage broker. They will take your current house price as equity that adds to how much money they will approve for your new home. This number could be lower than what you can actually afford and, therefore, you will need a pre-approval before you start looking at any houses. A pre-approved mortgage is also beneficial for when you find a home you love and want to act fast. This step is crucial to saving you time and energy as you’ll head into your house hunting journey with knowledge on exactly how much you can afford. It’s a drawback-free plan!
3. Make Sure Your House Is Ready to Sell
It’s time to make your current home presentable and appealing to a broad range of folks! When balancing between buying and selling, it’s important to get the essentials out of the way; this way you are ready for anything. Even if you don’t plan on selling first, you will be selling eventually, so you might as well get your home well-prepared for the market now! You have to organize, declutter, and simplify your home. You may turn away some potential buyers if your home is too customized to your style, but don’t make it look so fragile and perfect that buyers won’t be able to imagine themselves living in it. Staging your home is a great option to get more viewings!
You will also need to do some home renovations or fix-me-ups to get your home ready and avoid surprises in the future. If you really want to be sure whether your home is ready or not, schedule a home inspection. This will give you peace of mind and confidence in your property. Plus, some home renovations can add value to your house, putting more money towards your next home!
4. Figure Out What You Want and Need in a New Home
I know, I know, you are probably thinking, “when are we getting to the house hunting?” But, don’t worry, we are almost there! We just need to figure a few things out beforehand. Start with making a Wants vs. Needs checklist. You may want certain things when it comes to your dream home, but do you need them? You could miss out on many incredible properties by only looking for specific wants. So, make sure your needs are well-defined and let your agent know your needs along with your flexible desires in a home. You don’t want to rule anything out with too many wants over needs.
Once those are clear, decide on the location of your new home. Think about how close it will be to work, schools, transit stops, parks, grocery stores, and other amenities. It’s also important to know the demand for your current neighbourhood and the neighbourhood you are looking into. Don’t stress – your agent can walk you through those numbers!
5. Decide Whether to Buy or Sell First
The big question! Are you going to buy or sell first? Or buy and sell at the same time? This question will need answers before you can start. Consider your approved mortgage amount, the demand of your old and new neighbourhoods, and the amount of risk you are willing to take, then make a decision. There are risks to both, so you’ll need to weigh your options. If you buy first, you risk ending up with two mortgages, and if you sell first, you risk not finding a home and settling, forcing you to move again.
6. Expect the Unexpected
Lastly, expect the unexpected! Anything could happen in the selling and buying process, so make sure you’re ready for anything. It’s your realtor’s job to know every possible situation and come prepared for it. Knowing you are in good hands will ease your stress. Your realtor’s plan for possible scenarios is key. However, you should still prepare mentally for your house taking long to sell, not finding a home you love, or your buyer getting a delay on their mortgage approval. In the end, your spirits will stay up and you’ll get over any hurdle with ease. Trust yourself, your agent, and the process, and you’re sure to get the results you want!
Let Zoie Conforti Represent You!
Real estate is in my blood! My entire life, I have been exposed to the intricacies and complexities of the real estate spectrum from resale and land development to pre-construction and closing. I not only can make your homeownership dreams come true, but I have the experience to get your home on the market and sold in no time!
Call me today at 647.293.8773, and let’s achieve your real estate goals!