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A Move up Buyers Guide

A Move Up Buyer's Guide

If you’re reading this blog, chances are you’re looking for guidance for buying your next home. Most of the advice available on the internet caters to first-time homebuyers and doesn’t really address the concerns of Move-Up Buyers. This may not be your first rodeo, but we understand that getting back into the Home buying market can be overwhelming. It’s impossible to know all there is to know about making the transition to a larger home because the market is constantly changing and evolving.

Here are some tips for you, a move-up buyer: 

  • Don’t renovate until speaking with a trusted agent. Nothing is more disappointing than a prospective seller’s home improvements that miss the mark and don’t add resale value.
  • Explore ways to swing buying first, then selling. Bridge loans don’t commonly exist, but home equity lines can let you tap the existing property for down payment to use on the purchase. Lenders can help figure out how to financially engineer a buy-then-sell scenario.
  • Don’t delude yourself. No seller is eager to accept a purchase offer with a “buyer to sell existing home” contingency. Often, it’s a non-starter for sellers. If it’s not practical to buy first, think about getting the existing home under contract with a 60-day post-settlement occupancy (a.k.a. “rent back”). That affords time to go home shopping with the confidence that the existing home already is on its way to settlement.
  • If you don’t already, watch HGTV. If it has been more than a couple of years since last buying a home, you’ll discover that your Corian countertop isn’t cutting-edge anymore. It’s helpful to see your home through the eyes of a generation of home buyers schooled by the home improvement network.
  • Plan in advance, if possible. Selling a house isn’t effortless. Neither is buying one. It can take weeks or months to prepare an existing home for sale by decluttering and refreshing the cosmetics. Contractors often have a scheduling backlog. At the same time, begin to passively research purchase options online and by attending open houses. Make sure that you really want to move.
  • Clean up any credit blemishes. The time to rectify errors or blemishes on your credit is before you start actively shopping for a new home. Ask a trusted lender to run your credit report (or run it yourself) to confirm accuracy.
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