Here are 5 tips to smooth out the purchase of your next home.
The same fees you paid when you bought your first home still apply, but now there’s a bit more to think about. As you think about selling or renting out your current home to move into your next home budget for realtor commissions, closing costs and HOA transfer fees.
Talk to your lender about options
This time around you’re a homeowner, which means you have more options to consider as you start the process of buying your next home. Talk to your lender about options for your budget. It can be a wise choice to keep your current home as an investment property as opposed to selling. Your lender will be able to tell you what you qualify for in and how an investment property may play into the deal.
Finish up projects
So you started repainting the baseboards last summer but have only made it through half of the rooms in your house? Before you get your home listed for sale or rent, finish up all those projects or do the projects you’ve been putting off. Your real estate agent will offer more insight on what projects will produce the highest return on investment.
Sit down with your real estate agent
The best place to start is with the real estate agent who sold you your home. Give them a call and get a meeting on the books. Let them know what you learned from your lender to plan for your current home and get started on your wish list for your next home. Your agent will give you an idea of what is realistic and get started on the home search.
Plan your closings
If you have decided to sell your current home you will need to plan your closings well. Often, funds from the sale of your current home will be required to close on your new home. Allow enough time for funds to clear and money to be wired. If you don’t want to do it all in one day, talk with your agent about setting up a rent back agreement or delayed possession date with the buyers of your current home.
Ready to find your next home? Reach out to your agent to get the ball rolling today!