Thinking about upgrading or downsizing your home this year? Anita has some key tips for you—get moving!
Q: I’M A FIRST TIME HOMEBUYER, WHERE DO I START?
A: Once you’ve made the exciting decision to become a homeowner, your first to-do is to find a real estate expert to guide you through the process. Get prepared for what’s to come by following these simple steps:
• Get a copy of your credit report and check for errors that could affect you.
• Make a wish list of what’s most important to you and what you want your new home and neighborhood to have the most.
• Research areas and neighborhoods that interest you and choose your favorites.
• Determine how much you can afford by scheduling an appointment with an experienced mortgage expert— your realtor should be able to make a recommendation.
• Make a down payment plan.
Q: CAN I BUY A NEW HOME AND SELL MY CURRENT PROPERTY AT THE SAME TIME?
A: Yes, you can! However, be aware that it’s the real estate equivalent of walking a tightrope! Interestingly enough, I am seeing more and more of these kinds of offers on my listings than ever before. It is called sale contingency. It allows you to do both processes at once, which means you only agree to buy a home if you can sell the one you’re in. Every sale is unique and the outcome of the negotiations depends on the particular situations of both the buyer and the seller.
Q: WHEN IS THE RIGHT TIME TO DOWNSIZE FROM YOUR LARGER FAMILY HOME TO A SMALLER ONE?
A: The answer is: when it feels right to you and you are ready for the move. Basically, there are three life events that can act as a catalyst for downsizing: 1) Retirement 2) Changes in your finances and lifestyle and 3) Health or mobility issues. You might be better off tackling the process of selling and moving while you have time, are more resilient, and can make the change because you want to, rather than being forced to. Being enthusiastic and positive about moving can make it a lot easier to sort through your possessions and let some of them go! Some sellers even come to think of this experience as liberating and are excited about making the move!
By ANITA LAMBERTI,
P.A. CIPS, TRC REALTOR,
COLDWELL BANKER RESIDENTIAL REAL ESTATE, LLC