Traditionally, the spring and summer months are when both buyers and sellers come out of the woodwork, and things can begin to move at a dizzying pace. To get things sorted out and stop them from becoming overwhelming, let’s cover how to prepare to buy and sell a Chicago home over summer break.
Budget and Save
Any time you are looking to make a sizable financial commitment it’s a good idea to carefully construct a realistic budget.
Running the numbers and double-checking them quickly gives you an idea of where your money is going on a monthly basis and how much remains for you to save. Maximizing your savings can then help you to make a bigger down payment, earnest money deposit, or give you more wiggle room during negotiation on your new home.
The key is to do your absolute best to stick to the budget you initially put on paper, and you’ll be better off for the effort down the road when you prepare to buy and sell a Chicago home.
Give Yourself Time
Having figured out what financial assets you have available and how much you can save every month, you’re now in a better spot to determine how much you can spend on a new home and how quickly you can spend it.
It’s common for buyers to get worked into a tizzy once they’ve found a property they’re interested in and having a clear picture of when you are wanting to be moved into your new home can help ease some of that stress.
By taking the steps to prepare everything ahead of time you can take a deep breath and relax while focusing on the details of both your for-sale home and any properties in which you are interested.
Check Your Credit
Even though you are going to have additional finances freed up when you sell your home, chances are you’re going to need the assistance of a mortgage lender to help with your new home purchase.
Before applying with any lenders, it’s critical that you order your free annual credit report through a major credit rating agency. You need to search through every single line of this credit report to make sure everything in it is accurate and you don’t have any outstanding debts that were forgotten.
Any forgotten debts will slowly eat away at your credit score and make being approved for a loan with a low interest rate much more difficult.
Determine Your Wants and Needs
With the financial side of things pretty well covered, we can turn our attention back to the point of selling your current home and buying a new one.
Perhaps your living situation has taken a drastic shift and you’re needing to purchase a bigger or smaller home. Whatever the case may be, now is the time to establish what you absolutely need and what you want to get out of your new house.
Make an actual list of these points before you begin looking through listings and it will help you to narrow down your search pretty quickly.
Hire Some Help
Taking on the task of selling a house with the intent of buying another home is a pretty major endeavor.
To aid you throughout this journey it is highly advisable to employ the services of a qualified and experienced real estate agent. Their knowledge of your local market and marketing expertise will go a long way in pushing your home’s sale as well as finding you the right properties that fit the bill as your next home.
The small percentage commission they take in this situation is well worth avoiding the detailed paperwork as well as taking advantage of their network of professional connections.
Your Partner to Buy and Sell a Chicago Home
If you’re looking to buy and sell a Chicago home at the same time, contact our experienced team at 773.233.2301!