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Repeat Home Buyer: Selling your current home to buy another
If you currently own a Salt Lake home and want to buy another, you are a repeat home buyer. Most repeat buyers need to sell a home in order to buy another. The addition of this step adds another level of complexity.
Here are some things the Repeat Home Buyers in Salt Lake should consider early in the process before looking for their next home:
- To sell your current home, what improvements and changes should you make to assure your home is appealing to Buyers?
- How much will the improvements cost?
- What is the value of your existing home once it’s ready?
- How much money will you net after you sell it?
- If you add the estimated net proceeds from the sale of your existing home and other funds you can contribute toward the down payment, how much of a down payment can you make on your next home?
- How much a month are you comfortable spending on your next home and how much do you qualify for?
- Your monthly payment will include principle, interest, property taxes, home owners insurance and mortgage insurance. If you put 20% down, the mortgage insurance is not a factor.
- Considering your down payment and how much you can spend a month on housing what is your price range?
- Are there homes that meet your needs in your price range?
- If your current home sells, do you have the option of temporary housing or do you need to move right to another home?
Speaking to an experience Salt Lake City Realtor® about your situation can simplify the process. If you don’t know an experienced Salt Lake City Realtor®, consider talking to me. I have been a full time residential Realtor® in Salt Lake County since 1999.
If your plan is to move from one home to another, just putting your home on the market isn’t enough. Your home will need to be ready to show and you’ll need a strategy to accomplish the sale and purchase of another home in a reasonable time frame.
With 10 years selling homes in metro Salt Lake and 20 years in the real estate business, I have many strategies and an in depth understanding of what it takes to help you sell and buy another home. Call or email me if you’d like to take advantage of this opportunity!
Office: SLC Homes
Salt Lake City, Utah
