Whether you purchased your first home intending to stay for a few years or forever, the truth is, most buyers end up moving on from their first home, or starter home. There are many reasons why you might want to move on to another home, but doing it right can be a challenge. Read on to learn some of our top tips to help you move out of your first home and into your next one!
Determine Why You Really Want to Move
There are many reasons to move on from your first home, including relocation for jobs or schools, a growing family or your changing needs. However, it is important to be cautious when considering selling a home and moving into a new one. There are many costs that come with selling your current home and buying a new one, and you want to ensure that the perks of moving into a new house outweigh the costs and hassle that comes with it. Keep in mind that the longer you stay in your existing home, the more equity you build, which equals more financial stability for the future. If your home can be changed to meet your needs, it might be worth staying put.
Get Your Team Together
When you bought your first home, you were likely going from a rental situation to home ownership. Although that is challenging in itself, buying a home while selling one can be a difficult task. That’s why it is so important to bring together a team to help you through the process. Members of your team might include:
- A trusted real estate agent to handle the sale of your current home and the purchase of your next one. This agent can be the same agent, called dual agency, or two separate real estate agents. The NC Housing Finance Agency provides a listing of real estate agents who are familiar with its mortgage products at www.nchfa.com//home-buyers/find-real-estate-agent.
- A qualified mortgage lender to help you purchase your new home. If you are selling your home and buying a new one, you want to make sure you have a lender who will give you the best possible rates and help you understand what you might be able to afford. You can find a list of lenders who offer the Agency’s mortgage products at www.nchfa.com/home-buyers/find-lender.
- A real estate attorney can help you navigate the legal side of the home sale and purchase transaction. A great attorney will also help you ensure that the closing on both homes goes as smoothly as possible. If you don’t already know a real estate attorney, your real estate agent or lender can recommend someone.
Get a Home Inspection
Of course you would get an inspection on the home you are going to purchase, but if you are selling your starter home at the same time, getting your current home inspected before putting it on the market can help save you time, stress and surprises down the road. Have an inspector come to your home and look it over, and give you some feedback on what repairs may be required to sell the home. While you will have to pay for the inspection, the cost is well worth it because it will help you and your real estate agent price and market your home appropriately.
Prepare Your Current Home for Sale
The biggest step in moving up to your next home is securing the sale of your first home—and you want to make sure you get the best price possible, so you can afford your new house. To make sure you get good offers on your home, take the time to prepare your current home for sale. Try some simple steps, like:
- Clean, depersonalize and declutter your home to make it easy for potential buyers to visualize themselves living in it
- Fix any cosmetic damage like chipped paint, leaky faucets or squeaky doors to put your best food forward
- Increase your curb appeal with simple steps like mowing the lawn, clearing pathways and trimming up trees
- Have your home professionally cleaned and keep it as clean and tidy as possible for last-minute showings.
Consider Your Financing Options
Many affordable mortgage products are geared exclusively toward first-time home buyers, but the NC Home Advantage Mortgage™ from the NC Housing Finance Agency is for both first-time and move-up buyers! With up to 5% down payment assistance and participating lenders statewide, the NC Home Advantage Mortgage™ may be able to help make purchasing your second home more affordable.
In addition, if you are a military veteran, you may instead be eligible for $8,000 in down payment assistance with the NC 1st Home Advantage Down Payment or an annual tax credit of up to $2,000 per year with the NC Home Advantage Tax Credit. Learn more about your options at www.nchfa.com/home-buyers.
