Experiencing Growing Pains? Tips for Families that are Ready to Move Up

A new baby. A new pet. A new job. There are a number of reasons that families outgrow their homes. More closet space. A bigger backyard. Another bedroom. There are a number features that may be the breaking point when it comes time for a family to start looking at new homes.

If you’re facing any of those reasons or you’ve had any of those features on your mind lately, you may be in the same boat that many young families find themselves in as their families grow and change: selling their current home and buying or building a new one.

But, let’s be honest; balancing a life full of children, pets and work can be a challenge all by itself. So, when you throw house-hunting, purchasing a new home and moving into the mix, the word “challenging” doesn’t even do the situation justice.

Is there any way to ease the move-up experience for young families? Check out our cheat sheet of tips for young families who’ve outgrown their home and are ready to move up. Allow us to help make sure that you don’t miss any important step in the process:

1. Evaluate the Real Estate Market. Make sure to take a close look at the current real estate market both where you plan to sell your home and where you would like to move to. A seller’s market may mean that you’ll get a lot for your home, but it also could mean that you’ll pay more for a new home. Vice versa, a buyer’s market could mean that you’ll have to take less than you would like for your current home, but it also could mean that you’ll be able to make a deal on a new home!
2. Determine Your Current Home Equity. If you’ve built some equity in the home you plan to sell, you may have more money to put toward a down payment on a new home. How can you figure out your home equity in a hurry? Estimate the current value of your home and then subtract how much you owe on your current mortgage. That will give you an idea of your equity.
3. Prepare Your Current Home for Sale. If you’ve been putting off fixing a leak or making any other repairs to your home, you likely will need to take care of those things prior to listing your home. If you are unsure about what you should repair or renovate, a trusted real estate agent will be able to advise you on what you should and should not do.
4. Prepare Yourself for a New Mortgage. Unless you plan to pay cash for your new home, financing will be a must. Depending on when you purchased your current home, the requirements for obtaining a mortgage may have changed. So, what can you do to prepare for the mortgage that will come along with your new home? Be very familiar with your financial situation. Check your credit score and do what you can to make it as high as possible before you buy.
5. Consider the Costs of Moving Up. No, we’re not talking about moving expenses (although you should factor those in also). Moving up to a new home usually means larger utility bills, bigger maintenance expenses and higher property taxes. Depending on where you build or buy, moving to a new home also can mean home owner’s association fees. Try to estimate what those new costs might be so that you are not surprised when your first new home bills are due.
6. Price Your Home Fairly. Setting a fair, realistic price for your current home is a MUST for every move-up buyer. Of course, you want to get the most for your home, but you also may want to sell sooner rather than later. Depending on your timeline, you may have some wiggle room, but you don’t want to let your home sit on the market if you are able to sell it quickly. Again, a trusted real estate agent will be able to provide you with a market analysis that should include a list of comparable homes and the prices they’ve sold for. Remember, the faster you sell your home, the faster you can move into your new home!

If you think you and your family might be ready to sell your current home to move up to a larger home or one with other features that have become important to you, contact an experienced Berkshire Hathaway HomeServices The Preferred Realty real estate professional today.