Life has changed for many of us, and so has our requirements for the space we live in. It’s no wonder the Real Estate Market is so busy right now!How do you juggle buying and selling at the same time? It’s not without its challenges, but if you plan well in advance and hire the right team of professionals it can all go relatively smoothly.
Preparation is key. Start by asking yourself a few questions:
1. Am I ready for my home to go on the market?
Deciding to sell your home is a commitment both financially and emotionally. The first thing you need to find out what your home is worth and if it’s feasible to make a move at this time.
Remember there are costs involved with both buying and selling so take this into consideration when you are planning.
Start by contacting your bank to find out how much you have left owing on your mortgage, and find out if there is any sort of payout penalty.
Then find out what your home is worth. You can check out recent sales and current listings in your neighborhood here.
Now it’s time to explore the type of home you want to move to and what the current neighborhood values are. Once you have a good understanding of how this all looks financially it will eliminate any surprises and you can set your expectations accordingly.
Next it’s time to start preparing your home for sale. Saying goodbye to any space that has been home to you can be an emotional process, and having people come through your home can feel very invasive. The sooner you start packing up your personal belongings and detaching the better!
2. Is my home ready to go on the market?
It’s easy to live in your home and not ‘see’ the things that need doing anymore. Your best bet is to call in a friend to help you walk through your home with a fresh set of eyes. Or call on a REALTOR® to give you some professional advice on getting your space market ready.
3. Am I able to buy a new home?
Obviously you don’t want to go through all this effort without knowing if you are able to buy a new home. The single most important thing you need to do now is speak with a mortgage broker.
This doesn’t mean go online and fill out a form saying how much money you make, and in turn it tells you how much you can spend.
This means getting the guidance and support of a financial professional who is going to be a key player in this transaction.
When buying and selling a home at the same time you want to be sure the person who is managing the money knows their stuff -choose carefully and choose wisely!
4. Can I handle a few sleepless nights?
This whole process doesn’t happen without a myriad of emotions. You will oscillate from stress to excitement at every turn, and you will definitely have to endure some sleepless nights.
The key is to remain clear on why you are making this move and where you see yourself going. With that vision intact things will go a lot smoother. With 25 years experience of selling Real Estate I can wholeheartedly assure you that everything happens as it’s meant to.
If you fall in love with a house and it gets away, I promise you a better one is coming.
If the sale of your home falls through it’s OK, it just means the timing wasn’t right.
With the right team in place you can rest a little easier knowing everyone is pulling in the same direction and they’ve got your back :)
