Today’s market is hot for buyers and sellers alike. Due to the pandemic, some companies are shifting permanently to a remote work model, enabling employees to relocate should they want. Others are moving for new jobs or to be near family and friends. Still others are taking advantage of home turnover around them to move to a more desirable neighborhood.
While the reasons may be different for everyone, the result is the same: it’s a wonderful time to buy and sell. There are a few things you can do to make moving into a new home and selling your own much easier. Even if you’re not ready to move immediately, it’s smart to prepare in advance so that when the right opportunity comes, you can seize it.
Before you can buy a new home, you’ll need to ensure that your finances are in order, and the first step is to determine what kind of mortgage you can get. This will help you know how much house you can afford. Nerdwallet lists five steps for getting preapproved for your mortgage:
If you want a simple and effective place to start calculating your mortgage before you meet with lenders, take advantage of Blenheim Homes’s free mortgage calculator. While this won’t give you an exact rate, it will give you a helpful starting place to prepare your finances and determine your budget.
Next, be sure to prepare your own home for resale. Block some time in your schedule to attend to anything that needs to be fixed or updated, whether it’s a leaky faucet, torn weather stripping around a door, or a room that needs a fresh coat of paint. If you have time, put in a little extra work to boost your curb appeal by refreshing your outdoor landscaping, cleaning gutters, re-roofing and repainting if you need to, etc. While you may not have the time or budget to undertake a full remodel, remember that the most important places in terms of ROI are your kitchen and bathrooms, as well as the initial impression your home makes when prospective buyers drive up and see it from the outside for the first time. Taking time to attend to minor fixes and updates in these areas can give you a big payoff when you’re ready to list your own home.
The next step in preparing your home for resale is to find a realtor and get an appraisal. Knowing what your own home is worth will help you when you list it to be able to move quickly, as most buyers will want to see an appraisal. Ask your friends, family, and coworkers for recommendations on good realtors who can help you navigate selling your current home and buying your new home.
As we mentioned in the beginning of the article, the buying and selling market is moving fast right now. See if you can find an interim living situation in case your home sells quickly and you aren’t yet prepared to move into your new home. For example, if you’re building a new home, your project will take some time to complete with the customization options you want, so you’ll need to find a way to live with family, friends, or in another inexpensive interim situation, like an apartment without a long lease agreement, while you wait for your new home to be completed.
Just as important as all of the previous steps is knowing what you want in your new home. Which neighborhoods will give you an easy commute, good schools, the right balance of city and rural living, proximity to friends and family, access to important community locations, etc.? Beyond that, what type of house are you looking for? How many rooms and bathrooms do you want? Knowing your preferences beforehand can help you navigate the buying experience more quickly and more confidently. If you’re working with a builder, check out which home models are available and which customization options you want. This last step is the most exciting, so have fun and dream a little!