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Moving Up to a Larger Home? Mistakes to Avoid!

Monday, March 16, 2020   /   by Karey Kendrick

Moving Up to a Larger Home? Mistakes to Avoid!

We’ve created a free report has just been released which identifies the 6 most common and costly mistakes that homebuyers make when moving to a larger home. Today I am going to go over 3 of the 6 mistakes. 

Unlike the experience of buying a first home, when you're looking to move-up, and already own a home, there are certain factors that can complicate the situation. It's very important for you to understand these issues before you list your home for sale. 
Not only is there the issue of financing to consider, but you also have to sell your present home at exactly the right time in order to avoid either the financial burden of owning two homes or, just as bad, the dilemma of having no place to live during the gap between closings. 

These six strategies will help you make informed choices before you put your home on the market in anticipation of moving to a larger home. Today, I am going to be highlighting 3 out of the 6 Tips (be sure to subscribe to our YouTube Channel to get notified next week when next weeks video is uploaded): 
  1. 1. Rose Colored Glasses 
  1. 2. Failing to Make Necessary Improvements 
  1. 3. Not Selling First 
 
Unlike the experience of  buying a first home, when  you’re looking to move-up,  and already own a home, there are  certain factors that can complicate  the situation. It’s very important for  you to consider these issues before  you list your home for sale.  Not only is there the issue of  financing to consider, but you also  have to sell your present home at  exactly the right time in order to  avoid either the financial burden of  owning two homes or, just as bad,  the dilemma of having no place to  live during the gap between  closings.    
In this report, we outline the six  most common mistakes homeowners  make when moving to a larger home.  Knowledge of these six mistakes,  and the strategies to overcome them,  will help you make informed  choices before you put your existing  home on the market.   

Rose-coloured glasses 
Most of us dream of improving our  lifestyle and moving to a larger  home. The problem is that there's  sometimes a discrepancy between  our hearts and our bank accounts.  You drive by a home that you fall  in love with only to find that it's  already sold or that it’s more than  what you are willing to pay. Most  homeowners get caught in this hit  or miss strategy of househunting  when there's a much easier way of  going about the process. For example,  find out if your agent offers a  Buyer Profile System or “Househunting  Service,” which takes the  guesswork away and helps to put  you in the home of your dreams.  This type of program will crossmatch  your criteria with ALL available  homes on the market and supply  you with printed information on  an on-going basis. A program like  this helps homeowners take off  their rose-coloured glasses and,  affordably, move into the home of  their dreams.  
 
Failing to make necessary  improvements 
If you want to
  get the best price for the home  you're selling, there will certainly  be things you can do to enhance it  in a prospective buyer's eyes. These  fix-ups don't necessarily have to be  expensive. But even if you do have  to make a minor investment, it will  often come back to you ten-fold in  the price you are able to get when  you sell. It's very important that these  improvements be made before you  put your home on the market. If cash  is tight, investigate an equity loan  that you can repay on closing.   

Not selling first
You 
should  plan to sell before you buy. This way  you will not find yourself at a disadvantage  at the negotiating table, feeling  pressured to accept an offer that  is below-market value because you  have to meet a purchase deadline. If  you've already sold your home, you  can buy your next one with no strings  attached. If you do get a tempting  offer on your home but haven't made  significant headway on finding your  next home, you might want to put in  a contingency clause in the sale contract  which gives you a reasonable  time to find a home to buy. If the  market is slow and you find your  home is not selling as quickly as you  anticipated, another option could be  renting your home and putting it up  on the market later - particularly if  you are selling a smaller, starter home. You'll have to investigate the  tax rules if you choose this latter  option. Better still, find a way to  eliminate this situation altogether by  getting your agent to guarantee the  sale of your present home.   

Thanks for Watching. If you enjoyed this video and you feel like it was valuable in educating you on things you can do to help with the home selling process, subscribe to our channel, like this video and share this video with your friends.

Check out Next 
Weeks Video when I cover part Two – the remaining 3 Mistakes to Avoid When Trading up to a Larger Home Don’t forget to click here to download the entire report. Thanks again for watching.   

  home seller tips

Chasewood Realty
Rick Kendrick & Karey Kendrick
712 US Highway One #301-16
North Palm Beach, FL 33408
561-702-4782

All listings featuring the RPBGFL MLS logo are provided by the Realtors of the Palm Beaches and Greater Fort Lauderdale, Inc. and BeachesMLS, Inc. This information is not verified for authenticity or accuracy and is not guaranteed. Copyright 2018 Realtors of the Palm Beaches and Greater Fort Lauderdale Inc. and BeachesMLS, Inc.
All listings featuring the RPBGFL MLS logo are provided by the Realtors of the Palm Beaches and Greater Fort Lauderdale, Inc. and BeachesMLS, Inc. This information is not verified for authenticity or accuracy and is not guaranteed. Copyright 2018 Realtors of the Palm Beaches and Greater Fort Lauderdale Inc. and BeachesMLS, Inc.