There are certainly things to consider when you are trading up to a larger house from a smaller one. You have to consider refinancing; selling your current house and where you are going to live interim if your house sells before you get the new one.
1-Remove the roses from your eyes
There is nothing wrong with wanting to move into a larger house just make sure that your bank account can handle the new
payments. During the house hunting process, contact a real estate agent to help you cut down on running all over town to find a suitable house. In other words, they do the leg-work for you. This wat, your eyes are not clouded by the roses in your eyes when you see all of these big beautiful houses. The agent will steer you in the direction of houses within your budget.
2-Try to sell first before you buy
If at all possible, sell the house you are in before you buy a new one. This helps you not feel pressured into accepting an offer that you are not pleased with. Now you have the upper hand. If you get a good offer on your current house, than you can put in contingency clause allowing you a reasonable time to find another house.
3- Don’t fail to get pre-approve
This is such an easy process. It doesn’t cost anything. You are not obligated to anything. You are not obligated to anything. It puts you in the driving seat because you know how much house you can afford and you have a lender backing you with the money. This looks very good to a seller. Some real estate agents offer what is known as a Guarranteed Sale “Trade-Up” Program. This actually takes the problem away from you. It guarantees the sale of your house before you move into your next one. The beauty of this plan is if you find a house you can’t seem to live without but have not sold your current house, they will buy your house from you. A good real estate agent will help you avoid all of the potential nightmares involved in selling a house.
4- Have your home inspected before putting it on the market
5- Getting stuck with two houses
To make sure you do not run into any mistakes during the selling or buying process call Jim Striegel at 972.899.0634