- 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.
