While you might feel a tinge of nostalgia as you prepare to leave your current property, it will be quickly forgotten once you’re settled into your newer, bigger home and start enjoying all the features and conveniences you missed out on before.
And although your previous home purchase probably involved its share of challenges, which you can more confidently face this time, you still have to consider the tasks concerning selling your old house, which may be an entirely new experience for you.
The six simple suggestions listed below will keep you in the know and help you cut costs while you sell your old home and get ready to move into your fabulous new one.
1. Make a List of All Your Expenses
With regard to purchasing your new house, you'll face the same expenses as you did the first time around. That includes things like property transfer taxes, legal costs, home insurance, and so forth. And now that you're selling your current house, you'll have to account for your realtor's commission fee once it's sold.
So you should definitely know exactly what that fee is going to be and the amount that will be left over after you've accounted for it. For more help with this step, talk to a mortgage expert for an in-depth refresher on the expenses associated with home selling and buying.
2. Seek Pre-Approval for Your Next Mortgage
Your finances or mortgage terms might have changed since your previous home purchase, so you'll want to determine what you have the budget for before you invest a lot of time and energy into buying a new home. Once you've established how much you can comfortably afford, you'll be ready to start the process of getting a mortgage.
3. Pick the Best Selling Season
Season-wise, springtime tends to be the optimal time to list a home for sale. The arrival of sunnier weather will showcase your home well in the spring, a time when people are more inclined to go and check out properties.
Summer is usually the next best time to sell, just before school resumes. But in the end, the best moment to sell depends upon when you're truly prepared – like when you and your family have grown beyond your existing cramped quarters, and you have the budget to make the transition. Your realtor or even builder should be able to clue you in on the pros and cons of a buyer's market.
4. Get Your House Ready to Show
Obtaining the most money when selling your house requires that it be in tip-top condition, both inside and outside. Indoors, be sure to get rid of any junk or unnecessary furniture that could make your place seem less efficient or smaller than it actually is. In addition, if your home needs any glaring repairs, you'll want to take care of them before you list your property for sale. On the exterior, ensure that your yard enhances the visual charm of your house.
5. Try to Sell Your Current Property Before Buying Your Next One
While you can't necessarily do this in all situations, if you sell your current home first, you'll effectively prevent the stress of dealing with it on a rigidly scheduled (and usually hectic) basis. That being said, it is also possible to buy and sell a home at the same time, and there are options for this that can make it easier than you may have expected.
6. Get Your Closing Dates in Sync
By selling first, you'll have more control over when your home closes. You should opt for a long closing – for example, two months or longer – so that you'll have enough time to select and buy your new property. It’s also probably wise to schedule your new home's closing date several days before your old home's, so you'll be able to move right away.
Setting up bridge financing can cost you a little bit more upfront, but it can significantly cut down on your moving anxieties and make your relocation breeze by without a hitch. A mortgage expert can fill you in on the advantages and drawbacks of bridge loans.
Overall, whether you’re a first-time home seller or not, you need to make certain you’re gaining the most value out of your house. You need to fully grasp all of the expenses associated with selling and buying so that you’ll be well-equipped for your move.
Following the tips listed above when you sell can help make your transition into your brand-new house as easy and painless as it can possibly be.