Move Up To A Bigger Home Tips

By Author: Thomas Mietzel
Total Articles: 13
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Your current home has served you well, but now it’s time to move on. Perhaps your family has grown, you are caring for an elderly relative or you would like to expand your home based business. Simply put, you need more space. A realtor with extensive experience in Madison Wisconsin home sales can give you the help you need in moving up in the world to a bigger home. There are a number of factors to take into consideration before closing a deal on the new larger property you want.
How to afford a bigger home
First, take an in-depth look at today’s real estate market. Check recent Madison home sales to get a picture first of all of how much your present home is worth, and also the approximate price of the type of house you would like to buy. Presumably you will need extra funds in order to move up. Are your assets and income up to the mark? Or maybe you are considering buying one of the Madison foreclosures on the market. This type of purchase comes with its own challenges; you need to be prepared, with cash at the ready, to act very quickly. One other way to afford more space is to move to a less central or an ...
... up-and-coming area.
Prepare yourself financially
It is always a good idea to obtain pre-approval for a mortgage, to speed things up if the right deal requires you to move fast. Here you may well have an advantage over a first time buyer, if you are already known to a lending institution as a reliable mortgage client. This is especially true if you have built up substantial equity in the home where you currently reside. Another important preparation is to research the costs involved for you as both a buyer and a seller. Take into account realtor’s commission, bank fees, moving expenses, repairs to make your present property more sales worthy and renovations to the new home, to name a few. Be aware that a larger home will tend to bring with it larger expenses such as increased heating bills, higher property taxes and increased maintenance fees.
Contingency plan
Because you will be juggling two real estate transactions, it is wise to have a contingency plan. Should you have difficulty finding a purchaser for your present home or if you would like to hold off selling for the time being while Madison real estate sales pick up, you may want to rent it out for a year or two. Alternatively, you can consider selling and then renting back from the new owner until you are able to find a suitable new house to purchase; this has the advantage of providing you with ready cash for a down payment. In the happiest scenario, if you are fortunate enough to find a buyer who will meet your asking price and your terms, on condition of immediate occupancy, where will you live until your new home is available?

To put more money in your pocket when you sell your home visit us at
www.HomeWithTom.com or visit our blog at www.MadisonHomeSales.com