Planning Ahead for a New Home
Moving can be a daunting process, whether you’re buying or selling but it doesn’t have to be that difficult if you plan ahead! Moving involves many complex steps like obtaining financing, dealing with inspections and repairs, and determining the right listing price. In this blog post, we will provide an overview of the best way to prepare to move in a year, including down deposits for both sellers and buyers and what repairs should be done by sellers to get the most money. We’ll also discuss some of the expenses buyers and sellers have to save for.
Down Deposits for Buyers & Sellers
When purchasing a home, it is standard practice for buyers to make an earnest money deposit at the time of offer acceptance. This deposit can range from 1-5% of the purchase price and is held in an escrow account until closing. This will be in the form of 2 deposits. First deposit goes with the offer typically $500 - $1000. (Amount generally depends on the competition). The second earnest money deposit is given at the time of the Purchase & Sales Contract after inspections (if you're having one) is done. Earnest money serves as assurance that the buyer is serious about going through with the sale. If they back out without cause prior to closing, they may lose their earnest money deposit. It's important to know if you're selling your home and buying another one, you can't use the buyers deposit to make a deposit on your next home. This money is not yours until you successfully close so it's important to know when you buy your next home, you'll need to abide by the rules your buyers are and have money saved for your next purchase so it's good to prepare now!
It is also import to speak to a lender during this time. They can educate you on different lending programs and also give you an idea of what your purchasing power is which will impact how much you need to save for your deposit. They can also alert you to any credit issues that may need to be repaired or if you don’t have a credit history, how to create a responsible one.
Repairs & Upgrades
If you are selling your home, it is wise to assess any needed repairs or improvements before putting your house on the market. These could include replacing old fixtures or appliances, cleaning carpets and hardwood floors, sprucing up landscaping, painting interior walls, etc., – anything that will help increase its resale value and attract more potential buyers. It is important to keep in mind that just because you have invested in these upgrades does not necessarily mean you will get them back in terms of increased sale price; however it does increase your chances of getting top dollar for your property when it sells! Additionally, making necessary repairs can help prevent delays during escrow due to unexpected issues popping up during inspections which could result in delays (or worse yet - cancellation) of your sale altogether!
Expenses
There are several costs associated with buying or selling a home that consumers need to take into consideration before beginning either process. For buyers there are closing costs including title insurance, inspection fees, appraisal fees, attorney fees as well as any potential repairs/upgrades discussed above; all of these items will add up quickly so budget accordingly! On the seller side there are commissions due to agents involved in sale transaction, attorney fees as well as transfer taxes depending on state/county laws where property is located - these should all be taken into consideration when setting initial sales price too! Finally don’t forget about other moving expenses like movers/packing materials/storage units etc - these can add up quickly too so plan ahead!
Decluttering
Decluttering prior to moving will greatly help with not only showing your home at it’s best but will cut down on the cost of moving whether you’re a buyer or seller. There are plenty of organizations that will come by and pick up what you no longer need for free and also paid removal services . If you struggle with trying to figure out what you may or may not need, check out this blog:
I can also provide you with some companies that my clients have used that have really liked.
In conclusion, buying and/or selling a home can be stressful if not properly planned out ahead of time; taking into consideration things like down payments (for both buyers & sellers), necessary repairs/upgrades and all associated expenses can help ensure that everything goes smoothly throughout entire transaction process! By doing research now on what needs to be done both buyers & sellers alike can rest assured knowing they are prepared for whatever comes their way during this exciting time in life!
I understand this is a journey and takes planning and professional guidance. Setting up an appointment for a Pre-Listing or Buyer Consultation early on will help decrease the stress and give you a plan to follow. Wouldn’t that make sense to start now? You may be in great shape already!
Pam Corning is a licensed Real Estate Agent with HomeSmart First Class Realty in North Easton, Mass servicing the Plymouth, Bristol & Norfolk County areas that is known for her exceptional knowledge of the market and negotiating skills. Pam is highly skilled in Antique & Historic Homes, 55+Adult Communities, Down-sizers, Estates, & First Time Homebuyers. Contact Pam here.
