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Real estate agents in their capacity, as liaison between two parties in the sale, lease or some other types of real estate/property transactions may more than once act on different moving out or moving up problems that clients may brought to their attention. And it had been found that moving out of an existing home is way different than buying homes for the first time. Even if the client have a previous rented home, it is very different when they own the home they are currently living in.
Why? There are several factors that can complicate the situation, if there is an existing home that an owner looking for the new home is liable with.
The most crucial factor to consider are issues with financing. When you have an existing home with an existing mortgage balance, buying a new home may just add to your financial burden which is somewhat weighing you down financially as it is. Also buying another home will not only add to your financial burden, it will entail other responsibilities as well.
Now, you have to consider the following actions to help you eliminate these financial issues. Sell your present home at exactly the right time. To help you avoid two decisive situations; the financial burden of owning two homes at the same time or, the opposite but still just as bad, being in a tight spot because you have no place to live in during the gap between closing the sale of your old home and the deal for your new home.
Well, several reports were already published regarding these kinds of mistakes that homeowners may unconsciously commit, and as a real estate agent that dealt with these kinds of problems many times over I have proof that these reports are true.
6 common mistakes to avoid when moving to a larger home;
1. Be realistic, stop viewing everything with rose-tinted glasses
Dreaming big is not bad, because many people would tell you to dream big, anyway dreaming is free. Improving your lifestyle and moving to a larger home is one way of dreaming big that you need to vet to avoid escalating it to something unmanageable. Especially when the discrepancy is between your feelings and your bank accounts.
Don’t get caught in a hit or miss house hunting strategy. Many real estate agents offer selling and buying approaches for clients like Agents’ Buyer Profile Service or House-Hunting System Programs, which lessens guesswork and helps to put you in the home of your dreams right away. This type of process will easily cross-match your criteria with available homes on the market area that your agent covers and they will be able to supply you with printed information on an on-going basis about upcoming listings that matched your criteria especially the state of your financial capacity.
2. Make or not some necessary improvements before selling your home
Selling a property may weight you down with some necessary decisions especially if you want to get the best price for your home. Certainly you can enhance your home and make it attractive to a prospective buyer. The enhancements don’t necessarily have to be expensive, and will often come back to you ten-fold. Just make sure you made your improvements before the home is put on the market. There are equity loans that you can avail of that you can repay later on, when your Agent for Home Resell Deal close the sale of your home for you, if cash is tight and are not readily available for your planned improvements.
3. Sell or not the previous home first
This should not be an; “if decision”. It has to be “plan to sell first before you buy”. This way the chance of finding yourself at a disadvantage on any future negotiations lessened if not totally removed altogether. You won’t be pressured in accepting a below the market value offer because there is a purchase deadline for the home that you so want you have to meet. If your previous home is already sold, buying your next one will be a “no strings attached kind of deal”.
If a tempting offer is put for your old home but you haven’t made some significant move towards finding your next home yet, you have an opportunity to put in a contingency clause in the contract sale which will give you a leeway time to find a home to buy. In times when market is slow and selling as quickly as you anticipated is not possible, renting your home for the meantime and putting it up on the market later is another option. This is good for smaller, starter homes. Take into consideration some tax rules if you choose renting. Or avoid this situation altogether by getting an agent that offers some Sell Your Home As Is Service. Most of them will renovate or improve your home for you and still guarantee you get a good price from the sale of your home.
4. Don’t fail to negotiate and get a pre-approved mortgage
Getting a pre-approval for a mortgage is a very simple process but many homeowners still fail to take advantage of this program. Be aware that while it will not cost or obligate you to anything, this pre-approval will give you a critical advantage when you put a bid offer on the home you want to purchase. You already know exactly how much you can afford, and the go signal was already set by your lending institution. This kind of deal will make your offer more preferable to the seller even if it’s a little lower than another bid offer which is reliant on financing.
5. Don’t get caught and be stuck with Real Estate Catch 22
Most homeowners are torn between which to do first “buying or selling” when they decide to move up into a bigger and larger home. Point Number 3 above tells you the best move is to sell first. But there are ways that you can eliminate this catch altogether. There are agents that offer Guaranteed Trade-Up Sale Program, this will actually take the problem away from you entirely. This program will guaranty the sale of your present home by the agents before you will be asked to deal with the possession of your next one. If you already find a home you so wish to purchase and the one you own is not sold yet, these agents will buy your home from you themselves as is, to free you to make your move free from worry and stress.
6. Don’t fail to coordinate with your agents and any important institutions closings of sales and deals
Trying to coordinate two major transactions together with all the people involved; home inspectors or pest inspectors, appraisers, mortgage experts, lawyers, title company representatives, loan officers, there is greater chances miscommunications and mix-ups. Get a real estate agent or agents that you will be comfortable working with closely to avoid these logistical fixes.
As your current source for real estate in Milton, Oakville, Ontario and the surrounding area. My company deals with all kinds of Milton|Oakville Ontario homes for sale| buy sell│invest in property for residential and commercial use.
My knowledge and expertise of the local real estate market will allow you to deal with these kinds of problem confidently. And I will help you resolve any of these the shortest and easiest way possible, as I have dealt with these kinds of problems before.
BUY SELL INVEST IN REAL ESTATE : PAT KAKAR & PAM