Life is all about change. It’s no surprise that those changes have an impact on the size, type, and style of house we may need. There are times when you’ll need to move-up to a bigger house, but there are also times when it makes perfect sense to downsize. Here are some things to consider when selling your house to do either of those things.
There are many factors that may create a need to move-up. Additional children or other family members moving in to your home are one possibility. You may have a business that nudges you to get more space. Or, you may have purchased your first home with a lower budget than you have now and you wish to purchase something that suits your current lifestyle.
Many people downsize once their children leave home for college. Other reasons to downsize include retirement, the need for less outdoor space, and a desire to live a simpler lifestyle.
Regardless of the reason for your change in house size, you’ll need to decide whether you want to buy your next home first, sell your current house before buying the next, or take on the challenge of doing both at the same time.
The upside to selling your current home first is that it provides the funding needed for the next house. This could mean less money out of pocket and the freedom to choose something more aligned with your needs.
The downside to selling your current house first is that you’ll need a place to stay once it’s sold. You’ll need to seek a temporary location to stay until you find your next home. This means additional costs and moving. A storage solution will be needed for furniture and other household items.
The upside to buying your next house before selling is that it gives you somewhere to go once your current house is sold. You’ll be able to move in at your own pace and follow a time schedule that works for your lifestyle.
The downside to buying first is that you will need to carry two mortgages. Not everyone can afford to do this, and it could put a strain on you that proves to be too stressful.
The next option is buying and selling at the same time. While this is difficult to coordinate because there are unique people and situations involved in both transactions, it is possible to accomplish. Understand that a seamless transition may not happen, and that you will need to consider all parties involved as you move forward.
Before you choose which option is best for your household, contact a professional real estate agent. Their knowledge and experience will prove valuable to you in this unique set of circumstances. They can orchestrate the buying and selling processes in a way that will lessen your stress and provide solutions when special situations arise.
Contact Michelle Creamer today at 901-634-4321 to discuss how she can help you move-up or downsize with as little stress as possible to your current lifestyle.