We are asked lots of questions by clients in a Buy & Sell Move. A Buy & Sell Move is when a home-owner wants to sell their home and buy another. Moving to a bigger home or down-sizing but keeping in Real Estate. This is a much more complex than a home owner selling to move out into a rental accommodation or a first time home buyer purchase because of the importance of timing, financing and other critical factors. Seeking agents with specialized knowledge to effectively manage both sides of the transaction is crucial, saving time, money and reducing the worry that psychologists call one of the top producers of stress.
In a Buy & Sell move it’s important to be prepared. If you are considering a move, it makes sense therefore to do some preparation now and put yourself in the best possible position for success when you find your perfect home. Here’s some tips on what you can do to prepare:
1. Ask your current mortgage lender for a print-out of your pay-out penalty and mortgage amount payable (as if you sold your home today).
2. Find out what your budget is, get pre-approved for a mortgage. This can take some time to provide all the documentation your bank or mortgage broker has requested.
3. Contact an experienced real estate agent to do a comprehensive valuation of your home. By subtracting costs of moving, commissions and mortgage payout, this provides the equity portion of the new buy. It is important that the valuation be backed up with current sales and the comparable sales are adjusted to give a realistic valuation. This takes experience and can’t be done off the cuff.
4. Start preparing your current home for sale now. It can take a while to do everything needed (repairs, culling and sorting) so starting now will reduce the amount to do later.
For more information on buy/sell moves, please give us a call. we can give you the how to’s and a critical eye to make sure sure all goes smoothly. We’d be happy to help!
Kate and Frank l Calgary Home Previews l 403.464.6888