When you first move into your home, it’s an exciting feeling! You find places to put everything, you pick out your decor, and you generally find yourself slowly settling more and more into making it truly your home. Chances are, as you look around, you find yourself marveling at all the space and thrilling at the idea of how much room you finally have in comparison to where you lived before.
Over time, though, something begins to happen for many homeowners. You might add new members to your family or you might decide to launch a new business out of your home, or maybe you simply find that your space needed for living has expanded to the point where your home is starting to feel a little too cozy, and you can’t help but have a running list of things you could use more space for. When that time comes for you as a homeowner, there are some very specific questions you want to ask yourself before taking the leap of putting your home for sale on the market.
Know where you’re going
Right now in many parts of the greater Cincinnati area, there is a shortage of inventory on the housing market, particularly in many of the most desirable neighborhoods. In many cases, houses are going so quickly, you need to make sure you have a clear plan of where you’re going so you don’t end up without a home to move to. This can put you at a significant disadvantage in a competitive market. If you have to ask a potential buyer to wait for you to close on a new home before you can move out, you might find yourself in a weaker bargaining position on your price than you would otherwise be able to ask for.
Know your financing options
When you’re looking to buy a larger home, you might find yourself in a tighter financial situation than you were in when you bought your current home. For many homeowners, getting approval for a new home loan while you still have your current mortgage open is simply not possible. However, many financing options are still open. One popular options is a “Bridge Loan.” This is a short term loan that can allow you to make an offer on a new home while still waiting for your current home to sell. This allows you to have some more flexibility in your journey.
Know your contingency plan
With the housing market as active as it is, you may find yourself in need of a contingency plan. An excellent offer may come in for your old home before you’ve been able to secure the financing or locate the ideal new home. You may find yourself not wanting to pass up an excellent opportunity to accept a great offer because your next step hasn’t materialized yet. This is when it may come in handy to have a contingency plan. Moving in with a friend or relative for a short period of time for the interim between your old and new homes might create some short term stress as you find yourself needing to “move twice” but you also have the freedom to accept a great offer when it comes. You also can have the peace of mind avoiding the pressure to jump and buy a home you’re not completely sure of, meaning you’ll have to go through this whole process again a few years down the road. You may also want to consider short term rentals as an option in some cases.
The key is, like any home purchase, this is a huge and important choice. Making that choice under duress can cause a huge amount of stress and may press you into making a choice you will regret. Having a professional like myself along to guide you through finding answers to these questions and many more will save you that stress and help you make a choice you’ll be happy with for years to come! You’ll spend time with me looking at properties that would meet your needs, and because I have a depth of experience that many other realtors cannot match, plus a variety of professional tools, I can guide you to the ideal home for you! Call me today!