Buying Your NEXT House – A Guide For Move-Up Buyers

1. Should you buy or sell first ?

The answer to this question is by and large dependent on what kind of property you presently live in and where it is. If you live in a hot ‘ hood, downtown house or unique loft or condominium, you ’ ll likely be able to sell promptly. If you ’ re in a less-in-demand area or build, sell may take 60 or 90 days, and you probably want to sell before bribe. The second big factor to consider is your fiscal resources – can you afford to carry both mortgages if your current dwelling doesn ’ thymine sell ? What if Buyers don ’ triiodothyronine think your existing home is worth what you think it is ? Your lender and REALTOR can help you decide whether you should buy or sell first .
Read: Should you buy or sell first?

2. How big of a move-up should you make ?

selling and bribe are expensive – there are land transmit taxes, legal fees, very estate commissions, moving costs, utility set-up costs and more to consider. If you ’ re going to make a motion, make it count. If you need more space but preceptor ’ deoxythymidine monophosphate have that a lot more budget, consider a neighborhood change. lateral moves are expensive .
Read: Should You Buy Your Second Home First? 

3. How has your life changed, and how will it change ?

Do you plan on being in your new home plate 3, 5, 10 or 20 years ? Depending on your long time and family site, you ’ ll probably need to think about things you didn ’ t have to consider the end fourth dimension you bought a home. Do you need to be near daycare or schools ( elementary and secondary ) ? Should you consider getting a house with a second apartment for a nanny or house aging parents ? Are you a dog-owner immediately and need to be near leash-free parks ?

4. What do you love about your current neighborhood ? How do you wish it was different ?

There are constantly compromises to make, flush when upgrading to a more expensive home. Do you love being able to walk to coffee shops and restaurants ? Or do you long for green space and want to be closer to parks and trails ?
Read our Guide to Choosing Your Next Neighbourhood

5. What do you love most ( and hate ) about your current home ?

You know what they say about the annoy you know vs the annoy you don ’ thymine. Do you love your current kitchen memory ? Dream of closets ? Do you hate shovelling your current driveway and want to live close to work so you can live car-free ? Has your ensuite toilet saved your marriage ?

6. How much house do you need ?

One of the circus tent reasons people want to move is to have more space….but how much space do you actually need and where do you need it ? If your family is growing, you probably need more bedrooms, possibly another bathroom, and some rumpus room. alternatively, you might be looking for more or different space – a home position to house your business, a bigger entertain sphere, etc .

7. What kind of homeowner have you been ?

It ’ mho time to be honest with yourself : have you maintained your current home or have you closed your eyes in the hopes that the water in the basement/leaky tap/squirrels in the loft would go away ? It ’ south OK if you don ’ deoxythymidine monophosphate like being a homeowner – buy a condominium, raw ( or newly renovated ) house or townhouse might be a better option for you. If you hate gardening, why buy another home with a big yard ?
Read: 5 Signs You Aren’t Ready for a House

8. money, money, money .

Mortgages are cheap these days – you can borrow an extra $ 100,000 for under $ 500/month. How much more can you well afford to spend without giving up your life ? Your primary mansion is one of the smartest investments you can make because your equity grows tax-exempt. But wear ’ thyroxine forget that the newly more expensive firm will come with higher tax and utility bills excessively .

9. What do you need to do now to be quick to sell your current home ?

We ’ ve had more than a few move-up Buyers fall in love with their new home out of the aristocratic. If you start to prepare your current home plate now, you ’ ll be able to jump on those opportunities .
Have a read of our guide 30 Days to Preparing Your Home for Sale and the blog: Are You Ready to Sell?

10. Should you suck it up and wait ?

sometimes, the right decision is to wait. If you ’ ll be draining the equity in your stream home plate or straining yourself financially to afford a new family, you might want to wait. One of our front-runner strategies ( and one we have used ourselves ) is to estimate how much extra your new mortgage will be and to start saving that excess money now so that you ’ ll be used to the higher payments when you make a affect. Bonus steer : put that extra cash on your current mortgage and build more equity .
Read:  Help! I’m Stuck in My Million Dollar House!



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Category : Finance

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