A homeowner’s first home usually has a special place in their heart. It represents a lot of good memories that you’ve experienced over the years—and rightly so. But there comes a time for everyone when that starter house is no longer an ideal fit. Does that mean it’s the right moment to sell and upgrade to a space that better meets your needs?
Planning the sale of your starter house and purchasing a new home are two significant steps in your life, and it’s wise to make this move with a trusted realtor only when you know you’re ready. Consider these 5 common reasons that homeowners upgrade to a fresh living space.
1. Your Family’s Needs Have Changed
This is probably the number one reason people consider a move—and it usually centers around the square footage you have available vs. what you need and want.
Perhaps the family is growing, with children or elderly parents—or both—needing added room that your current home simply doesn’t have. Maybe the children have gone off to college, and you suddenly have a lot of space you’re not using. Or, you may have joined the growing ranks of people working remotely and you want a more spacious home office.
All of these shifts in your lifestyle can warrant a change in where you live.
2. Your Current Home Has Skyrocketed in Value
A house is a major asset. As such, you should seriously consider selling it when the market for doing so will earn you a strong return on your investment.
If your neighborhood has become a highly popular place to live, it’s a good time to consider capitalizing on a strong seller’s market. Other times that it makes sense to place your home on the market include periods where home prices are rising, interest rates are low (making it easy for buyers to get loans), and there are few homes on the market (making it easy to get better offers).
3. Your Starter Home Needs Major Renovations
The older a house becomes, the more likely it is to develop more serious maintenance and repair needs. While some homeowners don’t mind this, there’s a certain point when it may not be worth it to perform the needed upkeep.
If you’re looking at a major kitchen remodel, new plumbing or other big projects that are time-consuming, consider whether moving to a newer home will ease your burden. You’ll still have to negotiate with a homebuyer to account for these renovations, but you won’t have to try to live in your house while the remodeling is being done.
4. You’re Not Satisfied Where You Are
There are many reasons you might feel like your current home just isn’t making you as happy as it once did. Changes to the neighborhood, new neighbors, floor plans that no longer work for your lifestyle, inability to add features you really want—such as a pool or second floor—all can make you dissatisfied.
Beyond that, you may want to move to a different location to make your commute easier or enroll your children in a new school district. Location matters immensely in terms of overall home satisfaction—and you are likely to find a new home in a place that fits you better.
5. Your Budget Has Changed
It may be that you have a bigger budget for home needs due to a raise in salary or promotion. In this case, upgrading to a new luxury home is an appealing way to boost your lifestyle. Such homes are surprisingly affordable when you make smart financial moves.
Of course, if your budget has decreased, selling your home and moving to one that is more affordable will save you money and stress. Keep in mind that even if you’re concerned about costs, using an experienced realtor instead of a DIY sale can help you find the best buyers and sell for the best price.
Tips for Buying and Selling at the Same Time
It’s not unusual for homeowners to find themselves juggling the sale of their old home at the same time they’re coordinating the purchase of their new home. And while this can seem stressful at first glance, there are ways to make the process smoother and more streamlined.
Look for Ways to Break Up the Timing
If at all possible, adjust your plans so you can focus on one transaction at a time. Either buy first, then sell—or sell first, then buy. Both approaches have pros and cons, so get knowledgeable about what’s involved. For instance:
- Buying first means figuring out how you’ll manage both mortgages. Is it financially feasible for you? You might want to consider options like a bridge loan, or a contingent offer which states you’ll only buy if your current home sells within a certain amount of time.
- Selling first means staging your home before you’re ready to move out. Think through the details and make plans before surging ahead. Will you put items in storage or sell unneeded items now? Do you have time to upgrade details like landscaping, which will win over buyers? Where will you live between the sale of your old home and the purchase of a new one?
Find Ways to Reduce Your Stress
Selling and buying at the same time is no easy task, and it can be overwhelming. If you must do both together, take steps to ease the burden on yourself:
- Find an experienced realtor who is skilled at brokering two transactions at once. Realtors offer several advantages. They’ll help you navigate the process and save you time and hassle.
- Create checklists and action plans so your next steps are clear.
- Price your home reasonably to encourage a quick, successful sale.
Set aside cash ahead of time so you can handle unexpected expenses with ease.
Enjoy Your Home Sale and Purchase—Without the Stress
Finding the right buyer and the ideal new home are processes that can be easy and enjoyable—especially when you partner with experienced realtors who look out for your best interests. Our REALTORS will help you determine cost-effective upgrades to appeal to ideal buyers, negotiate in a timely fashion, and more—so you can relax in your new home. Let us know how we can assist you!