A for sale sign just popped up on your block. The real estate market has taken off. You know that your home is worth more than theirs. You got a postcard from the local real estate agent and threw it away. Even though you want to upgrade to a new home, where on Earth would you go? You think buying the new home is WAAAAY scarier than selling the one you live in now.
Don’t stress. Plan the buying part by asking 3 questions and find the right Real Estate Agent.
1. What’s your home worth?
Until you answer that question you won't realistically know anything about what your future options are. You'll know: How much house can I buy in the areas I love? How big a loan will I need for the next house? Can the new house be a brand new home or will we have to go for a fixer upper?
2. How much money do I really have after a home sale?
After I’ve paid my loans, the lawyer, the movers, the agents the tax man etc. Subtract that from the selling price because that’s the real number you have to play with.
3. What neighborhoods can I REALLY afford to buy?
You may find after this calculation that the Upper East Side is out of the question. Decide what’s realistic for your budget. And remember, you’re going to need some extra money when you move in.
Answer these questions. Get the right Real Estate Agent who will guide you to the next step.
Next : Listing your home for sale while you looking for the next one. (Even when you need to sell that you first home to buy the next one.)
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