6 Mistakes To Avoid When Trading Up

Unlike the experience of buying a first home, when you’re looking to move-up and already own a home, there are factors that can complicate the situation.  It’s important for you to consider these issues before you put your home on the market.

Not only is there financing to consider, but you also have to sell your current home at exactly the right time to avoid the financial burden of owning multiple homes or the dilemma of having no place to live during the gap of closings.

We are going to outline the six most common mistakes homeowners make when moving to a larger home.  Knowing these six strategies to overcome them will help you make informed choices before putting your existing home on the market.

Rose Colored Glasses
Most of us dream of improving our lifestyle by moving into a larger home.  The problem...the discrepancy between our hearts and bank accounts. It’s the age old tale of seeing a home online that you fall in love with only to find that it's already sold or that it's more than what you want to pay.  We don’t want your home buying experience to be hit or miss, our agents will make sure they know exactly what you are looking for so they can cross match your criteria with all available homes on the market.  This eliminates any guessing and puts you into your new home faster.  Simple conversations, like this, helps homeowners take off their rose-colored glasses and, affordably, move into the home of their dreams.

Not Making The Necessary Improvements

If you want the best price for the home you’re selling, there will be things you can do to enhance it in a prospective buyer’s eyes.  These fixes don’t necessarily have to be expensive and break the bank.  Even if you do have to make a minor investment, it will often come back to you ten-fold in the price you can get when you sell.  It’s important that these improvements be made before you put your home on the market.  If cash is tight, look into an equity loan that you can repay on closing.

Not Selling First 

You should plan to sell before you buy so you don’t find yourself at a disadvantage at the negotiating table or feel pressured to accept an offer that is below-market value because of a purchase deadline.  If you’ve sold your home, you can buy your next one with nothing to worry about.   A contingency clause is always something to look at if you do get a tempting offer on your home but you haven’t found your next home.  A contingency clause gives you a reasonable time to find a home to buy.   If the market happens to be slow and you find your home not selling as quickly as anticipated, another option could be renting your home and putting it on the market later - especially if you are selling a smaller, starter home.  You will want to educate yourself on the tax rules if you choose the latter option.  

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