Move Up Buyers
Movin' On Up!
Step 1: Determine Your Goals:
You have decided that it is time to “Move-up”. Whether it be that you need or desire a larger home, better school district, more amenities, or your commute time needs to be adjusted, there are decisions that affect your current home. In addition to putting your home on the market and selling it, you may opt for keeping it and renting it out.
If you decide to sell then some or all of the equity that has built up can be utilized as a down payment on your new home. If you decide to rent your present home while moving to a new home you need to assess your financial situation. You need to ensure that probable rental income would cover the cost of the present mortgage as well as maintenance costs and the expenses of a new home.
Step 2: Call Us to Establish the Value of Your Present Home:
Once you have decided that it is time to “move-up”, you need to determine the value of your present home. Making decisions on what you would like in a new home could be dependent on the amount of equity that has accrued in your present home. We have the tools at hand to determine what the probable value is for your present home.
There are many more indicators that determine this other than “the house across the street sold for $xxx,xxx.”. You need a realistic approach as to what is the best price to market your present home, Your HomeAdvantage real estate professional can complete a market analysis to provide you with the facts about recent sales, competition, estimated marketing time and the price point where you should list your home
Step 3: Get the Numbers!
If you are going to rent out your present residence, is there a source of funds to cover the down payment as well as the other expenses of the new home? If you are going to sell the present residence, how is the equity of the present residence going to be used? These are just a few of the scenarios that should be discussed with a lending professional.
Step 4: Find a Dream Home:
Determine an area that meets all of your needs for commute time, proximity to shopping, schools and recreation. Contact HomeAdvantage so we can connect you with our program real estate professionals. Click here to get started.