It is hard saying goodbye to your first home. It is always the first major investment you made in your life and leaving it will not be easy. However, you should take consolation in the fact that you are buying your next home. You will be getting what you missed in your first home: more space, great features, and a prime location.
It is no doubt that buying your first home took you through unchartered waters but you will be more equipped for the second buy. We thought what you may be going through selling the place you have always called home. And with these 7 tips, you will be able to save more money and cut down on the anxiety that comes with first time home sellers and buying a second.
• Sell at your right time
Typically, spring and fall has always been the home-selling season. It is a time of great weather and buyers are willing and ready to search for a home. Besides, many homebuyers want to move during summer to be ready for the school calendar.
However, you should not be dictated by seasons on when or not to sell your home. You should sell when you are ready. For instance, when your family outgrows your current home and you can afford to move it does not matter what season it is.
• Secure your pre-approval for your new mortgage
It has been some years since you bought your first home. For better or worse, your financial standing has changed. And do you know what else might have changed? Mortgage rules.
So before you begin to search for your next home, seek to know what you can currently afford. If you can precisely know where to set your price range, it will be an easy hunt.
• Sell your current home first before you buy (if possible)
It will not always be possible to sell your home first before you buy another. But if you can, you will shrug off the anxiety of working within a predetermined schedule (and an accelerated one for that matter). And the worst is if you are not able to sell within the set timeline; you will have to bear two mortgages (a very expensive situation).
• Strike a balanced coordination with the closing dates
If you stick to selling first before you buy, you will have significant control over the closing dates. You are better with a longer closing date for the sale-60 or more days- to allow you time to search and buy your new home. It is also advisable you arrange for a few-days-earlier closing date for buying your new home so as to have it ready when you move in.
However, to make this work, be ready to take a few additional costs as you will have to find financial bridging. But the costs are nothing compared to the stress-free and smooth switch from your old home to the new one.
It doesn’t always have to be that hard to sell your first home and buy the next one. With these tips, you have it all in your palms.