5 Simple Steps For Buying Your Next Home

Maybe your home is outdated, and you’re tired of sinking money into expensive renovation projects. Or perhaps you’re a growing family who’s walls are bursting at the seams. Whatever the case may be, if your current home no longer suits your lifestyle, it’s time to move up and move on.

However, there’s a lot more to consider than updated features, and a larger floor plan – including your finances, selling your current property and more.

But don’t worry, we’re here to help. Here’s everything you need to know about moving up to your next home in five simple steps.

Step 1 = Determine Why You Want to Move

Take the time to pinpoint your reasons for wanting a new home. Do you plan on expanding your family? Is your square footage large enough, but you’d simply prefer a better layout? 

Make a list of features you both want and need in your new home so that when you’re ready to begin your search, you’ll be able to stay focused on the properties that (only) meet your specific criteria. 

Have you outgrown your current home? Here are 9 ways to tell

Step 2 = Evaluate Your Finances

Of course, new homes come with new price tags. Even if you’re not looking for a larger home per se, properties featuring upgraded finishes and features are likely to cost more. For this reason, it’s essential to get a handle on how much new home you can afford.

Another factor to keep in mind when figuring out your finances is the sale of your current home (as well as any existing equity you may have accumulated along the way).

Step 3 = Work With a REALTOR®

Speaking of selling your current home, do you know how much your existing home is worth? Really worth? Not only will it benefit you to partner with a REALTOR® in terms of finding your new home, but an expert agent also has the skills and market savviness to sell your existing home quickly and for top dollar.

Because pricing your home right the first time is so crucially important for a successful home sale (and your buying options moving forward), we recommend having your home’s value professionally assessed with a Free Market Evaluation.

See also: How Much Will It Cost to Sell My Home?

Step 4 = Keep Your New Neighbourhood In Mind

Be careful not to become so wrapped up in your new home’s features, square footage, etc., that you forget to ask yourself questions about the neighbourhood. As you visit prospective properties, be sure to consider the following community amenities:

• Local schools
• Commute time to work (and/or transit availability)
• Nearby amenities such as grocery stores, medical facilities, retailers and other essential services
• Parks, walking trails and green spaces
• Neighbourhood walkability
• Recreation centres and entertainment venues

Don’t forget to take note of the current condition of surrounding homes in the area (this can affect your home’s future value) as well as any sights, sounds or smells (to learn more, see our comprehensive guide on How to Choose the Right Neighbourhood).

Step 5 = Time Your Sale

Whether you buy first or sell first depends on your unique financial situation and timeline. If you opt to buy first, you’ll need to carry both mortgages until your current property sells (coincidentally, this is not an uncommon homebuyer condition). 

If you choose to sell first, you may find yourself pressed for time when it comes to finding your new dream home.

In short, you’ll ultimately need to decide which option meets your current new home needs, budget and schedule. Here again, an experienced REALTOR® will have the expertise and skills to help you succeed in either scenario.

Is your current home no longer working for you? Check out our Dream Home Finder, and we’ll help you zero in on the very best Edmonton Real Estate listings, custom-tailored to your unique wants and needs! 

Photo credits: shutterstock.com and www.freepik.com

Categorised in: Buying a Home

This post was written by Terry Paranych Real Estate Group