So you’re ready to move on to your next home? Here is a helpful 6 step timeline to get you started in the process.
- Lay Out Your Goals & Desired Timeline
The moment you decide you’re ready to think about moving is the moment you need to start planning. Your first step is to get detailed and honest about what you’re looking for in a new home and when you’d like to move in.
Decide exactly what you need: a bigger space, smaller space, somewhere closer to family, a shorter commute, etc. Then determine when you need these things to get your timeline started. Keep in mind important dates like holidays, vacations, and school timing if you have children.
- Give Yourself at Least 6 Months
Once you’ve decided when you want to move, you should give yourself at least 6 months for the home selling and buying process. This should give you adequate time to scope out the market, find your perfect home, and get all necessary paperwork in place.
Don’t be surprised if it takes longer than this, however. When the housing market is competitive, this process can take up to a year.
- Pay Attention to the Time of Year
Turns out there are better times of the year for selling and buying. Spring and summer are wonderful seasons to shop around for new homes, as these are popular moving times. Winter, however, can provide better deals and give you better leverage as a buyer. The best time of year to sell a home is May, or in the Spring.
- Find a Broker ASAP
Your first step to finding a new home is selling your current one. Before you begin looking at new homes, get your place on the market. You’ll need to take care of repairs, do some minor renovations, get a new appraisal, and find a quality broker to help you with all the details of listing. For tips on getting a great appraisal, check out our article here.
- Begin Looking for a Home
Once you’ve taken the steps to get your home on the market, you’re ready to start looking for your new home. You’ve been through this process before, so take a deep breath, be patient, and enjoy it!
- Get Your Finances in Order
Moving is tricky. You can either sell first and then buy the new home after to avoid the difficulty of obtaining a new mortgage while still paying the old one, or you can buy first and sell later to avoid the uncertainty of having nowhere to stay in the meantime. Both of these have pros and cons.
Two great options to help are a HELOC (Home Equity Line of Credit) or a Bridge Loan. The HELOC uses your current home as collateral for the loan, which you then use as the down payment for your next home. Once you’ve sold the home, you pay off the loan with your profit.
A Bridge Loan is specifically designed to help those in the middle of a move and is paid off once you’ve completed the move. Of course, you can always partner with an interest free investor like Home.LLC to make your move even smoother!
Moving for the first time can be full of anxiety and uncertainty. The important thing is to take your time and enjoy the process – after all, you only move for the first time once!