If your home feels too small for you and your family, then it is time to move into a bigger house. Buying a new place can be stressful enough, but selling your current one at the same time can double the complexity. But the proceeds from your sale can take a big chunk out of your house purchase so it can be the smart choice. Here are the steps to take so you can have a smooth transition from your old house to your new one.
Check the Local Housing Market
Before you decide to sell and buy houses, you first need to look at the current market and see whether it is a buyer’s or a seller’s market. A buyer’s market means that there are more homes than buyers. That is good for buyers but bad for sellers. Seller’s markets are the opposite, with too many buyers but few homes on sale. The conditions of the market can affect how you approach your sale and purchase, so you need to time it right. For example, if you want a lower buying price, then a buyer’s market is better. Those who want to sell fast may want to wait for a seller’s market.
Bring Together a Team
When you feel that the time is right, you should get the help of two professionals to help you out in making the complex process easy. Real estate agents are essential since they will help in properly valuing your home for sale and with negotiations. A reliable agent can give you an accurate estimate for your house, which you can use in your planning. Another part of your team is a real estate attorney. Lawyers are a big help with the paperwork and contracts that will come from the sale and purchase. You should also hire a home inspector to look over your house. They can find areas that you need to fix before it goes on the market. That ensures you get a better price in negotiations.
Make the Sale
It is always a better idea to sell your old house before buying a new one. That gives you the exact amount for your house-buying budget. If you are currently in a seller’s market, you can expect your home to be bought quickly. Your issue now would be where you can stay until you have purchased a new house. There are several ways to make it easy for you. Most buyers will not be moving in immediately. You can then delay the settlement date until you can get a new house. Asking for a rent back contingency is also possible. This agreement has you renting your old home until the move.
Buy a New Place
Buying a new home is the most manageable part. Once you have the money from the sale, you can combine it with a housing loan to quickly buy a house that fits your needs. You might even have several houses already in mind. Choose the one that meets both your budget and needs so that you can have a home again.