Get pre-approved for a home loan – It is important to know if you are qualified to buy another home before you sign a contract to sell your existing house. If not, you may end up renting or buying something that is far from ideal.
Know your mortgage payoff – It is important to know what the payoff is for your current home mortgage so that you know exactly how much you can afford to sell your home for.
Determine how much your home is worth – Determine your home’s fair market value. Real estate agents will usually help you with this process but you might want to order an appraisal. (Zillow.com can help give you a general idea of your home’s value.)
Estimate the costs to sell your home – Costs can include: commissions if you use a real estate agency to help you sell your home, advertising costs, signs and other fees if you plan to sell yourself, attorney, closing agent and/or other professional fees, excise taxes, other fees typically paid by the seller (surveys, inspections etc…)
Estimate the costs to buy your new home – Estimate buying and moving expenses to buy your new home. Expenses include things such as: loan costs, down-payment, home inspections, title work, paying for a new home insurance policy.
Make necessary repairs – Make all needed repairs unless you want the house to be regarded as a fixer-upper. Not, necessarily cosmetic updates but items in need of repair.
Get your home ready to show – Items include: fresh paint indoors and out, organized closets, cabinets, clean windows and appliances, and a clutter-free look. A little work can go a long way and ensure the offer from a potential buyer that you are looking for.
Sell, sell, sell! – Make your home accessible and always ready to show. Know your asking price & know the very minimum offer that you are willing to accept. Do not be afraid to reject an offer if it is not acceptable to you.
