Finding a place to leave may seem like a daunting task, especially if you’re under some kind of time constraint. If you are currently renting and plan on renting in your new city, then that is pretty straightforward; you can work out a deal with your current landlord to terminate your current lease or agreement and get another ready to roll in your new city.
If you are a current homeowner, you’re going to have to get it sold. And if we’re being honest, selling one house and buying another at the same time can be a bit of a task. You don’t want to be stuck paying two mortgages. Even though this may be a tricky task, it’s not impossible. Let’s take a look at a few things to make this process a lot easier on you.
Renting in Another State
Maybe you are currently renting and want to rent in your new city as well. Maybe you want to wait a few months to get your feet wet in a new place before making a purchase. Either way renting can be a wise option. Sometimes renting can help you pay down some debt before you decide to become a homeowner. Renting can give you time to explore your new city firsthand and get a feel for the different neighborhoods and local experiences. Renting can also give you time to start saving for a bigger down payment.
Selling and buying a home at the same time
Selling your current home and buying a new home at the same time can be a complicated and sometimes frustrating dance. A simple move to help make this process start smooth, and continue to go smooth is by getting in touch with a local real estate agent. It is also a good idea to start looking for a real estate agent in your new location. And remember, it’s never to early to get in touch with a mortgage company. Speaking with a lichened mortgage advisor can help you get everything you need to make a purchase, before you even start shopping. Once you find professionals from all aspects of your selling and buying process you will have a team behind you ready to help.
Selling Your Home
You’re ready to move, and that mean getting your current home on the market. You don’t want to be stuck with two mortgage payments!
Get your home ready for potential buyers.
Getting your house in tip top shape before you start showing it is a must. This will help you get it sold quickly and for your asking price. You can get a professional inspection which will help you realize if there is anything you need to have fixed. You can also rely on your agent for anything they recommend to get the home staged for potential buyers. A good real estate agent will know exactly what to do to get your house looking the best it can.
Make sure the pricing is perfect.
You and your agent will eventually sit down to discuss a fair market price for your home based on comparable homes in your area. You’ll want to get this right the first time to avoid scaring away buyers. A good, fair price can ensure your home gets sold as quickly as possible.
Accepting the offer.
Here is another area where your agent can come in clutch! Their experience in this area is going to take a lot of pressure off of you. You may have a lot of offers from a lot of potential buyers, but the highest one isn’t always going to be the best. A high offer with a huge list of contingencies may not be the best one. Your Realtor will discuss all the offers with you and help you make the best decision.
Buying Your New Home
Once your current house is sold, you’re going to be ready to buy that new place! Here is a few helpful tips.
Be sure you’re ready to buy a house.
Do you know how much you can afford? Do you have a down payment ready? Do you have your financing secured? You have to make sure you know exactly what you’re getting into before you make the decision to buy a new house. If you’re not fully financially prepared you may want to stick to renting for the time being.
Know exactly how much home you can afford.
When you think of buying a house, you need to factor in a lot of costs. There is your mortgage payment, property taxes, insurance and sometimes there are homeowners association fees! They add up quick. And all of these monthly fees should not exceed a certain percentage of your monthly pay. Try using a mortgage affordability calculator to get a good idea of what you can afford.
Securing your down payment.
If you just sold your home and were able to take a little profit, you may have enough for a good down payment. If you want to avoid paying private mortgage insurance you’ll want to put down at least 20%. There are several mortgage programs available that may allow you to put down less. Putting down more or less of a down payment can affect things like your monthly payment and interest rate.
Get a good mortgage.
A good mortgage is one that is tailored to you and your specific needs and situation. Everyone’s story is different. The important thing when getting your mortgage is being 100% aware of all your options that are available to you and working with someone that will help you make the best decision for you. Working with someone you trust is always better than just clicking a few buttons on an app.
Finding the best location.
When you are looking for a new home, it’s not always about the house itself. We’ve all heard the phrase, “location, location, location!” and it’s true. Try to find a location that allows you an easy commute to your new job, one with low crime rates and good schools. If you can’t find the perfect one, find one that checks the most boxes. Houses in good locations are generally better for resale when the time comes. And just remember, if you find that perfect location, but there are little things that need fixing, you can always fix up your house as you live in it, but you can’t move it to a better location!
Working with a good buyer’s agent in your area.
Nothing beats local market knowledge. Working with a real estate agent that you can trust and is knowledgable is invaluable when it comes to house hunting. If you are already working with a mortgage company to get preapproved, ask about recommendations about a realtor.