Every home buyer needs a plan to prepare for a successful outcome on the local housing market. Below, you’ll find my time-proven method for effectively navigating the real estate market as a move-up home buyer.
Everyone in the family needs to make a list of what their needs and wants are in the next home. This will get you all on the same page and help you and/or your family get excited about moving so involve them in the planning too
Contact your current lender to find out how much you owe on your mortgage. Ask for a payoff amount not a mortgage balance.
Use your power questions from above and meet with one or two experienced real estate brokers who specializes in listing property and representing sellers to learn who has the most detailed plan for accomplishing your goals. This meeting should include a calculation of your net proceeds. (Profit remaining for you to use on your next home purchase after all cost for the sale and liens on the property has been satisfied.) Your listing agent will need your mortgage payoff to prepare the most accurate net proceeds from your sale.
Contact a mortgage lender to determine your price range for your new purchase, down payment requirements and closing cost for originating a new mortgage. Your listing agent will provide a referral to a good mortgage originator to help you answer these important questions.
5. Dig Deeper
Contact a mover to get a general idea of cost to move from one house to another. Sterling Homes will provide you with names of experienced well priced movers in your area to help you.
Prepare your current house for sale. You will want to sell your house for the highest price possible to give you more money to invest on your new home. An experience listing agent will really help you with this very important step and will also provide well priced professionals to assist. Staging and great photography is very important to a high dollar sale. If you were to consider adding any more questions to your two power questions above I would recommend asking: Do you provide professional staging service and what type of camera do you use?
A move-up home means a larger home with larger expenses. Don’t set yourself up to be house poor. Consider the additional cost such as; higher taxes, insurance, utilities, lawn maintenance and mortgage payment. All will most likely increase with a larger home. In addition, more space usually means more furniture and decorating expense. Spend time working a realistic budget so you’re prepared in every area to truly enjoy your new home.