When you think about looking for a new home, one of the first questions that probably comes to mind is: "What type of property can I afford?" That's an important question because your price range is a major determining factor in the types and sizes of homes you should be viewing.
You don't want to waste time looking at properties that are beyond your price range. At the same time, you don't want to purchase a less-than-ideal home, only to realize later on that you could have afforded more.
So how do you determine what type of new home you are qualified to purchase?
The first step is to find out what your current property would likely sell for in today's market. I make that calculation for clients all the time. It involves reviewing what homes similar to yours have sold for recently, as well as other data — such as special features your home may have that are likely to boost the selling price.
Once you know the current market value of your home, subtract any outstanding mortgages and estimated selling expenses, and you’ll end up with an amount that can be applied to the purchase of your next home. (You may also have other funds you want to use.)
The next step is to talk to a lender or mortgage broker to see how much of a new mortgage you qualify for. (Call me if you need a recommendation.) It's important to get a Pre-Qualification or Pre-Approval. That makes the offer you make on a new home more credible.
If you want to find out the types and sizes of homes you can get into, give me a call. I'd be happy to show you the possibilities!
If you're planning on finding your next dream home, then you're probably
going to view several homes on the market that meet your criteria.
You will want to make the right purchasing decision for you and your family.
So, it's wise to be savvy when viewing properties for sale. Here are some
ideas on how to do that.
• Bring a notepad. Take notes, not only of the home's characteristics,
but also of how you feel. For example, can you imagine yourself
happily cooking up a storm in the kitchen? Do you see yourself
entertaining family on the back deck?
• Bring a measuring tape. Will the furniture you plan to bring fit? Your
dining room suite? Your home fitness equipment?
• Ask about maintenance. Is the property in a good state of repair?
Will anything need to be replaced soon, such as the windows?
• Bring a camera. Take lots of pictures of the home's exterior
features. Don't make the mistake of thinking you'll remember how
• Check out the area. Do other homeowners take good care of their
properties? This shows pride of ownership. How is the noise level? Is
there a playground, or another area feature nearby?
• Make a list of compromises. For example, are there only two
bathrooms instead of three and, if so, can you live with that?
• Make a list of bonuses. What features does the home have that, are
not a necessity, but would be nice to have? For example, an
entertainment bar in the basement recreation room.
• Remember your budget. Is the price within your range? Can you
afford to buy this home?
The savvier you are when viewing properties on the market, the more likely
you will be to find your next dream home.
If you're listing your home for sale, then of course you’ll want to make
the best impression possible on potential home buyers. But, just to
have a little fun, say you don't want to sell your property. What could
you do to discourage those who view your home?
Well, you could have your pets in the home during viewings. That will
certainly make it uncomfortable for some buyers – especially those
with pet allergies.
You could also leave personal items around, such as family pictures
and trophies. That will make it more difficult for a buyer to imagine
himself and his family living there. It might even make him feel a bit
like an intruder!
Clutter in bedrooms, closets and other areas of the home will make
those spaces feel less spacious than they really are, as well as make
visitors feel uncomfortable.
If you really want to turn off a buyer, then put off doing any minor
repairs. A dripping tap, flickering light, dent in the wall, or other
maintenance issues are certain to gain a buyer's attention.
If all that doesn't shoo away a buyer from your home, then stick
around during a viewing and follow him and his family from room to
room. That will certainly make him feel uneasy.
Of course, we're just having a bit of fun here. When you put your
home on the market, you want to sell it.
It’s easy to avoid all the pitfalls described above and ensure potential
buyers appreciate the full value of your home.
So when you’re preparing for a showing, think of ways you can make
your property appear its best, and make the buyer feel welcomed and
comfortable viewing it.
Want more ideas on how to sell your home quickly and for the best