Avoid These Mistakes When Moving to a Bigger Home
Planning on moving to a bigger home in Rhode Island? Whether you need more room for your family or just want more space for yourself, a bigger home could be the perfect choice. However, there are several considerations you need to make before moving to a bigger home.
At Your Home Sold Guaranteed Realty – The Nathan Clark Team, we believe in educating our clients to make the most informed decisions possible. In this post, we’ll cover five common mistakes that home buyers tend to make when moving up to a larger home. By avoiding these mistakes, you’ll improve your chances of finding your dream home at an excellent price.
1. Decide Whether to Buy or Sell First
Moving to a bigger home from your current one means you have to decide whether to buy or sell first. This scenario is known as a Real Estate Catch-22– if you buy first, you may end up with two homes if your old one doesn’t sell fast enough. But if you sell first and your purchase of the new house falls through, then you could wind up without a home.
Many homeowners struggle with coordinating the purchase, sale, and transition between two homes. The best way to avoid this mistake is by working with an experienced real estate agent in Rhode Island. They can take care of all the details so you can focus on your move with less stress.
2. Get Pre-Approved For a Loan
Unless you’re paying in cash, mortgage pre-approval is essential for buying a new home. Getting pre-approved before you start house hunting for a bigger home will help speed up the transaction.
It helps you stand out from other home buyers and makes it easier to work with a real estate agent, since most agents only work with pre-approved buyers. Pre-approval also gives you a clear idea of what you can and can’t afford. That way, you don’t fall in love with a home only to realize it’s outside of your price range.
Getting pre-approval is relatively simple. All you need to do is prepare your credit score, debt-to-income ratio, income-to-expense ratio, and other financial information for a lender. You’ll also need to make sure your employment is stable.
3. Study Market Trends
If you’re moving to a bigger home in Rhode Island, you’ll need to study the housing market in the neighborhoods you want to live in. Understanding the market trends in each neighborhood will give you the best chance of finding a great deal on a home that fits all your needs.
Housing markets change all the time, and if you don’t know what to look for, you could miss out on a great opportunity.
Your real estate agent can show you different metrics and walk you through the market trends of all the neighborhoods you’re looking at. They’ll create market reports that cover things like the number of new and existing listings in the area, the average asking price, and the number of days homes spend on the market.
4. Adjust Your Expectations
Depending on what you’re looking for in a home, it isn’t always realistic to find a home that checks all your boxes. If you wait too long to find the perfect home, it means you’ll just miss out on potential options.
So be prepared to accept a home that meets enough of your criteria if it’s a great deal and you like the location.
However, that’s not to say you need to compromise right off the bat. Share all your criteria with your real estate agent. Many real estate agents in Rhode Island offer a buyer-matching program to help you find a home that meets your needs and finances as closely as possible.
5. Don’t Forget Closing Costs
Typically, home sellers pay most closing costs. However, there are several things that you, as the buyer, will have to pay for as well. If you’re unaware of these costs, it could catch you off guard later when you receive the bill.
These costs include mortgage insurance, homeowners’ insurance, appraisal fees, and home inspection fees. You may also have to pay property taxes or fees for a lawyer, depending on the transaction.
We Can Make Moving to a Bigger Home in Rhode Island Easy
Moving to a bigger home in Rhode Island doesn’t have to be complicated. At Your Home Sold Guaranteed Realty – The Nathan Clark Team, we make it easy for you to navigate the buying and selling processes.
If you need to sell your existing home before moving to a larger one, our Guaranteed Home Sale Program can help you avoid the Real Estate Catch-22 mentioned above.
This program guarantees that your home will sell in your desired time frame and for an agreed-upon price. If it doesn’t, we’ll buy it ourselves for cash. Our program acts as a risk-free insurance policy for homeowners as they transition from one home to the next.
To learn more about our Guaranteed Home Sale Program, or what it’s like working with us to buy or sell a home in Rhode Island, give us a call at 401-288-3557. You can also fill out the form below.