So you're ready to buy your next home!
Many people buy a house, with the intention of moving after a few years. Your first property is sometimes just a stepping stone to your forever home. So how can you get yourself prepared to buy your next home?
Make a list of what’s missing in your house now. Write down everything you wish you had in your next house. It’s best to categorize these is two lists: Needs & Wants. The “wants” would be a great bonus to find in your next house, and the “needs” are must haves, you can’t buy the house without these things.
Meet with your mortgage advisor as soon as possible. Chances are this house Is going to cost you more- maybe a lot more- than your current house does. You need to get “pre-approved” all over again. Your advisor will help you get the financials in order- what debt you need to pay down, how much you can afford as a monthly payment & more. Also.. Most people think you need 20% on your next house.. NOT TRUE. If you're purchasing a new property that will be your permanent residence, you only need 5% down!
Decide if you need to buy or sell first. This is a bit of a tricky one. Will your house take long to sell? Do you have a long needs & wants list, which means it might take a while to find the right property? Sit down with your REALTOR & they can help you decide what will work best for you.
Start getting your house ready now. What work needs to be done to your home?Is something broken? Fix that first, and then move on to the cosmetics. Your REALTOR can help you go through your home & prioritize the To-Do list, so you aren’t wasting time on things that aren’t going to increase your home’s value.
Think about the next future you. It’s not all about the perfect home; it’s about YOUR lifestyle. Where do you want to be, and what do you want to do in the next 5, 10 or 20 years. Think about things such as your commute to work, school districts, and distance to family, etc. If this is going to be your forever home, think about where you will be in the future.