Selling your home and purchasing another is a major life event that requires careful planning and strategic decision-making. Here are the most important things to consider:
Timing: Understand the local real estate market. Selling in a seller's market may give you the leverage to buy quickly, while in a buyer's market, selling first might be prudent.
Finances: Know your financial situation. Get pre-approved for a mortgage to understand your budget for the new home. Factor in all costs, including closing costs, moving expenses, and any necessary renovations.
Home Preparation: Present your home in its best light. Consider minor repairs, decluttering, and staging to maximize its appeal and value.
Hiring Professionals: Work with experienced real estate agents and mortgage brokers. They can guide you through pricing your current home, finding your next one, and securing financing.
Contingencies: Be aware of potential contingencies in your offer to buy a new home, such as making the purchase contingent on the sale of your current home. This can protect you from financial strain.
Plan for Overlap: Consider where you'll stay if there’s a gap between selling your current home and moving into the new one. Having a plan ensures a smoother transition.
By focusing on these key areas, you can navigate the process with confidence.
Working with a mortgage broker gives you access to a wide range of products and personalized advice. They can find the best mortgage that fits your unique needs, ensuring you get the best overall deal, not just the lowest rate.
Contact The Mortgage Missus Inc. today to learn more!
Book a call today:
Tonia Mercer | The Mortgage Missus Inc.
About the author,
Tonia Mercer is an independent mortgage broker. She has been in the industry for 15 years, in 2021 she launched her own brokerage The Mortgage Missus Inc.Â
Tonia is passionate about financial education and believes that working with independent experts is the best way to get unbiased, professional advice. She has joined forces with local independent home and auto, financial advisor, legal, appraiser and real estate service providers.Effectively creating a concierge service for all things financial and real estate.
Tonia donates a portion of all mortgage revenue to Mercer's Mission, a street dog and cat feeding mission in the Dominican Republic. https://www.facebook.com/mercersmissionÂ
Comments