Introduction
Thinking about upgrading your home? Whether you need more space, want a better location or simply crafe a lifestyle change, moving up can be exciting, but also overwhelming!
This guide will show you how to buy your next home while selling your current one, without unnecessary stress, delays or financial strain.
Why Move-Up Buyers Get Suck
Most move-up buyers get caught in a tough spot because they don't plan the timing of their sale and purchase properly.
The two most common pitfalls:
1) Buying first, then scrambling to sell
2) Waiting to buy until their current home is sold
Both of these can create uncessary pressure, limited options and missed opportunities.
Your Move-Up Options
Here are three common strategies for buying and selling:
- Cons: Rish of temporary housing or feeling rushed to find your next home.
2. Buy First, Then Sell
- Pros: You can move at your own pace and buy the right home.
- Cons: May require two mortgage or extra finiancing (bridge loan).
3. Simultaneous Close
- Pros: Smoothest financial transition when executed well.
- Cons: Requires excellent coordination with your real estate agent and lenders.
The Smart Move-Up Strategy
To reduce stress and maximize results: follow these key steps:
Step 1: Get Pre-Approved (Again)
- Know what you qualify for before you start shopping.
- Ask about financing options for move-up buyers (like bridge loans, HELOCs, etc.).
Step 2: Prep Your Current Home Early
-Declutter, make repairs, and get a market-ready assessment.
- Your agent may even pre-market your home while you look for your next home.
- You need someone skilled in handling dual transactions and timing.
- Ask them about recent move-up clients they've helped.
Step 4: Time Your Transaction Strategically
- Try to align your sale and purchase closing dates.
- Consider rent-backs or contingencies if the timing isn't perfect.
Step 5: Have a Back-Up Plan
- Plan for temporary housing, just in case.
- Keep a flexible mindset - you're making a big upgrade!
Mistakes to Avoid
- Waiting to long to prep your current home
- Shopping without a clear financing strategy
- Choosing an agent with little move-up experience
- Assuming your home will sell instantly
Final thoughts
Moving up doesn't have to mean more stress. With the right plan and the Rama Mehra team as your trusted guide, you can sell your current home and move into your next one smoothly.
Give us a call (925) 415-0835 to talk strategy! We can build a custom plan for your situation and help you start the process of mapping out your plan for your move-up.
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