So you already own a property, but you are thinking of ‘moving up’ by selling your house and buying another house. You may have merged households or added to your family, you are feeling like you need more space, or you find yourself drawn to a different neighbourhood. Buying and selling at the same time can be challenging – lots to think about, but can be done with a good plan and guidance from an experienced REALTOR®. Here are the steps we recommend:
- Invite us in to view your current home and discuss a suggested list price for your property, as well as what we believe the market indicates it is most likely to sell for.
- At that time, we will also discuss any repairs or improvements we recommend to help you show your property at its very best, resulting in you achieving the highest sale price possible. There may be some financial investment required from you to do this (such as a fence to replace or new flooring to install), so this is the time to assess those potential costs with your REALTOR®.
- Meet with your lender or mortgage broker to obtain preapproval on a purchase. They will need to know what range we suggest your home will sell for and will consider your income, debts and current mortgage to establish what you can afford to buy.
- We take the information from your lender (the final dollar amount only – personal financial information is private between you and your lender) and show you examples of recently sold listings in the neighbourhoods of interest to examine with you if you can achieve your ‘moving up’ goals.
- And now for the ‘chicken and egg’ question: Should I sell my home first and then look for the house I want to buy? Or should I first find my new home and then hope that my current home sells quickly? This is the big question. The answer isn’t simple, and we can’t possibly present all the scenarios here. That is why it is important to work with an experienced REALTOR® who can present different scenarios, advise you on your choices, and help you make wise and reasonable decisions to reach your goal.
If you are thinking about ‘moving up’ in the spring, this is a great time of year to have us in to meet with you regarding the steps ahead, to help you get your ‘ducks in a row’, and to achieve your goals in a timely and orderly way on the journey to your new home!