Are you stressing out trying to figure out how to take on the huge task of selling one house to move to another? I think it is beneficial to take a bird’s eye view of the whole process before you dive in. Make sure to take methodical steps to minimize stress throughout the process (I didn’t say there would be no stress. . . just less. . .I am a realist)!
- Make sure you talk to a lender and share with them the details of where you want to go so your lender can help you move toward your goal. A good lender will be able to help you figure out what financing you will qualify for and how much cash you will need to have on hand to pay for downpayment and closing costs.
- Create a contingency plan for the time in between when you home sells and when you move into your next house. There are a couple ways you can accomplish the “in-between” time. Either you could make the sale of your home contingent upon you finding the home you want to move into or find a short term living situation with family, friends, short term rental. . .etc. This is a VERY IMPORTANT step in the process as it will help you feel at ease knowing you have somewhere to be even if you never have to use this option.
- Find a great place to store your stuff! PODS, Storage Trailers, Acorn Storage, so many options! Just make sure you have a climate controlled environment to store your stuff if you will be storing it for a while.
- Get a market evaluation for your home. Make sure to connect with a Realtor (I would love to do this for you by the way!) to evaluate how much you can sell your house for and how much money you think that will add to the cash you need for your next home.
- Make sure your numbers work to make your move. There are many expenses to buying and selling a home so make sure you find out what all of those are prior to making your move so there are no surprises.
Armed with the information from your Lender and Realtor (and possibly your tax advisor and financial planner), you will be a MUCH BETTER PLACE to make an informed decision about your next move. You will know if now is the right time or if waiting might be in order while you get prepared. Let me know if I can help!