IT’S TIME FOR A MOVE
My family’s outgrown this apartment. Coronavirus has taken a toll on all of us. Some more than others.
We’d like to live closer to school.
Some have been furloughed or laid off and lost their income.
Our common charges are too high.
Some have had to close their business or adjust their services.
We’d like a quieter neighborhood.
Whatever the reason may be, relocating from one home to the next has a LOT of moving parts.
If done wisely with the proper guidance, those parts will work like a well-oiled machine and produce a favorable outcome for you and your family.
But if just one part malfunctions, the whole machine could slow down-or worse-it could stop altogether, and cost a lot to repair.
Take Ross for example.
Ross wants to move from the Upper West Side to Williamsburg to be closer to his friends and meet other young people.
So, he begins looking at apartments online and finds a few that he likes.
During that time, he consults a lender and gets pre-approved for a mortgage, but is told he’ll need to use the funds from selling his current home to purchase the next one.
“No Problem!” He thinks.
He’ll just make sure any offer he makes includes that information for the Seller.
It will be contingent on the sale of his home.
After some viewings, Ross nails down which home he wants to purchase, and makes an offer.
But the demand for apartments here in Williamsburg is always quite high, and several other buyers submit offers as well.
In the end, the seller selected an offer from buyers who did not need to sell a home in order to buy.
Since Ross didn’t have the proper guidance on how to move from one home to the next, he lost out on what would have been a dream home.
What Should You Do Next?
You should sit down and really figure out what the restricting element is. Is it the down payment for the next house? Do I need to sell first before I buy? How about the mortgage? Do I need to sell even if I have enough down payment for the next house from the standpoint of the mortgage?
It is possible to achieve as many of your goals as possible! Book a free 15-minute strategy call to discuss your situation.
Get answers to any questions you have about preparing your home for the market, and discuss costs, timelines, goals, procedures, and more to see if working together is the right path forward.