KAMLOOPS REAL ESTATE
HOME BUYER'S GUIDE: YOUR MOVE UP
When you're buying a home in Kamloops for the first time, the process is usually straight forward. However, when you're moving to a new home the second or third time around, other issues arise making the process a bit more complicated. You'll need to consider coordinating financing the new home and selling your current home. By doing this you won’t have the added responsibility of paying the mortgage on two homes at the same time! You'll also want to coordinate deal closings, so you can plan your move more efficiently. Here are some of the most effective things you can do to make the most of your move up:
Save Your Feet and Your Time
Many people spend a lot of time shopping for a home, only to be disappointed because it has either been sold or is beyond their budget. This hit-and-miss strategy is time consuming and can be very frustrating. A better alternative is to use the services provided by a REALTOR®. As a client, you have access to a Buyer Profile System/House Hunting System. Your REALTOR® will provide you with regular updates on all available property that match your needs. You'll stay on budget, save your feet, and come closer to finding the home of your dreams faster than trying to shop yourself.
Make Improvements on Your Existing Home
A home that shows well and is in good condition always gets the highest price. A home in less favorable condition is less appealing to any buyer. You'll easily reap the rewards of completing minor repairs to your home. Make sure these improvements are done prior to putting your home on the market - you'll want to present your home the best to get the best!
Sell Your Present Home First
The easiest and wisest strategy is to sell your home before you buy. It allows you to bot be at a disadvantage at the negotiating table, or feel pressured to accept a below-market value to meet a purchase deadline. With your home already sold, there will be no strings attached on your next one. This means when you do find a new home, you have the option of removing "subject to completion" on the contract. In a slow market, perhaps you could rent your home and put it on the market later. However with this option, check with your lawyer, tax advisor and accountant to ensure all legal, tax and financial aspects are considered!
Some real estate professionals offer a Guaranteed Sale Program. With this service, the brokerage guarantees the sale of your current home before possession of your next one. If you've found the new home of your choice and your current home has not sold, the brokerage will buy the home from you. This way, you're free to make your move without stress and worry. Ensure your brokerage of choice has this as an option.
Get Mortgage Pre-Approval
A mortgage pre-approval is your green light, it gives you the most amount of power. In a short time you'll know how much you qualify for when moving up to a larger home. When you find your new home, you can present an offer immediately. A seller will often view your offer more favorably when financing arrangements are already established.
With two major concurrent transactions, there are double the details of mortgage experts, appraisers, lawyers, loan officers, title registrations and home inspectors. A REALTOR® can assist you in ensuring all the logistical details of your transaction are handled correctly and on time.