You’ve already been through the process of purchasing a home, and now you’re looking to make that next purchase. But, you may be surprised to learn that the buying process will be a little different this time around. Not only are you walking through the process of purchasing a home, but you’re managing the sale of your current home! Putting a home on the market for sale brings about a new list of costs to consider before you’re ready to move into your new home.
Costs to Consider:
Even small scale updates and repairs can cost money as you prepare your for home for showings and open houses. Some homeowners choose to pay to have their home “staged” in the hopes of a faster sale.
You may be required to pay for inspections or appraisals of your home.
If you choose to sell your home through a real estate brokerage, you should factor in paying a commission to your real estate agent, as well as possible closing costs for yourself or the buyer.
Some homeowners need to secure the use of a storage unit to house items while they have their home on the market or while they are in between homes.
If the payout on your home won’t leave you with what you need for a future down payment, have you saved enough to make up the difference?
If you’ve considered these costs, and you’re really ready to purchase your next home, the next step you should take is a pre-qualification through a mortgage lender. Yes! You should pre-qualify again. Even though you’re an existing homeowner, it gives your offer to purchase a greater weight of sincerity to a potential seller. It will also help you determine again how much home you can really afford, just as it did when you were a first time homebuyer.
At First South Bank, we understand that as an experienced home buyer, your financial goals have changed since you purchased your first home. That’s why an experienced mortgage loan officer is so important. You may have many more financing options available to you than you did when you purchased your last home. It’s important to understand the differences in these options and discuss with them how First South can tailor that loan to fit your specific needs. It’s just another way we put you first!
To learn more about the home loan options available to you as an experienced homebuyer, contact a First South mortgage lender or send our mortgage team a message and they'll reach out to you directly.