Wednesday, October 9, 2019 / by Drew Nicoll
A new report has just been released which identifies the 6 most common and costly mistakes that homebuyers make when moving to a larger home.
Unlike the experience of buying a first home, when you're looking to move-up, and already own a home, there are certain factors that can complicate the situation. It's very important for you to understand these issues before you list your home for sale.
Not only is there the issue of financing to consider, but you also have to sell your present home at exactly the right time in order to avoid either the financial burden of owning two homes or, just as bad, the dilemma of having no place to live during the gap between closings. In answer to this issue, Industry Insiders have prepared a FREE special report titled "6 Mistakes to Avoid When Trading Up to a Larger Home."
These six strategies will help you make informed choices before you put your home on the market in anticipation of moving to a larger home.
Unlike the experience of buying a first home, when you’re looking to move-up, and already own a home, there are certain factors that can complicate the situation. It’s very important for you to consider these issues before you list your home for sale. Not only is there the issue of financing to consider, but you also have to sell your present home at exactly the right time in order to avoid either the financial burden of owning two homes or, just as bad, the dilemma of having no place to live during the gap between closings. In this report, we outline three of the six most common mistakes homeowners make when moving to a larger home. Knowledge of these mistakes, and the strategies to overcome them, will help you make informed choices before you put your existing home on the market. When Trading Up to a Larger Home
1. Rose-colored glasses: Most of us dream of improving our lifestyle and moving to a larger home. The problem is that there’s sometimes a discrepancy between our hearts and our bank accounts. You drive by a home that you fall in love with only to find that it’s already sold or that it’s more than what you are willing to pay. Most homeowners get caught in this hit or miss strategy of house-hunting when there’s a much easier way of going about the process. For example, find out if your agent offers a Buyer Profile System or “House-hunting Service,” which takes the guesswork away and helps to put you in the home of your dreams. This type of program will cross-match your criteria with ALL available homes on the market, and supply you with printed information on an on-going basis. A program like this helps homeowners take off their rose-colored glasses and, affordably, move into the home of their dreams.
2. Failing to make necessary improvements: If you want to get the best price for the home you’re selling, there will certainly be things you can do to enhance it in a prospective buyer’s eyes. These fix-ups don’t necessarily have to be expensive. But even if you do have to make a minor investment, it will often come back to you ten-fold in the price you are able to get when you sell. It’s very important that these improvements be made before you put your home on the market. If cash is tight, investigate an equity loan that you can repay on closing. 3. Not selling first You should plan to sell before you buy. This way you will not find yourself at a disadvantage at the negotiating table, feeling pressured to accept an offer that is below-market value because you have to meet a purchase deadline. If you’ve already sold your home, you can buy your next one with no strings attached. If you do get a tempting offer on your home but haven’t made significant headway on finding your next home, you might want to put in a contingency clause in the sale contract which gives you a reasonable time to find a home to buy. If the market is slow and you find your home is not selling as quickly as you anticipated, another option could be renting your home and putting it up on the market later - particularly if you are selling a smaller, starter home. You’ll have to investigate the tax rules if you choose this latter option. Better still, find a way to eliminate this situation altogether by getting your agent to guarantee the sale of your present home.
So, there are 2 of the 6 points, in an effort to draw attention to this very important topic. If you'd like to see all 6 of these little known facts, I have put together a FREE Special Report titled “6 Mistakes to Avoid When Trading Up to a Larger Home" which explains these issues in greater detail.
You can grab a copy of that report for free by visiting: www.TheNicollPalliniGroup.com/trade_up or give me a call at 707-380-8057.
Thank you for reading this week’s blog, and Go Serve Big!
The Nicoll Pallini Group
Your Home Sold Guaranteed or I'll Buy It! So, if you or anyone you know is considering making a move, feel free to give me a call or pass on my number! 707-380-8057