As the circumstances of our lives change, as do our homes. Many growing families reach the point where it is necessary to move-up to have more space that better suits their needs. For others, such as retirees who do not need as much space and would rather use the money on other things, downsizing may be the right move. Whatever the next phase of your life looks like, it will always be in your best interest to prepare ahead of time and work with the right real estate agent in Madison, Mississippi. In this article we will review the essentials of how to move-up or downsize.
1. Know the value of your current home
You have made the decision to sell your home to move-up or downsize, now what? The first step is to get an accurate picture of what you can get out of selling your current home. This will all depend on market trends and having the right Realtor to represent you and your home’s value. Taylor Realty Group offers a home valuation tool for you to calculate how much your home is worth.
2. Know your budget for moving-up or downsizing
Now that you have a better idea about what you can get out of selling, you can begin assessing your total budget for buying.
For families looking to move-up, it is very important to know what you can afford. You will not only need to consider the purchase price of the home, but the unexpected costs that may arise as well such as homeowner association fees, lender and closing fees, upkeep costs, taxes, and insurance. Knowing what you can afford will give us a place to start. As your Realtor, we have relationships with lenders and can get you started on figuring out how much is just right for your needs.
For retirees and those downsizing, you will make decisions about how much you want to put towards your new home and how much you want to pocket for your personal retirement goals. For many retirees, having a cash nest egg and that piece of mind is the ultimate goal.
3. Decide whether you will buy or sell first
In today’s market, finding a home to purchase at the same time you are selling can be tricky. To navigate this balancing act, you will want an experienced real estate agent by your side. Especially if you are moving-up and need the proceeds from your sale for your purchase, there are many moving parts that can be confusing and overwhelming. If the timelines of both closings do not line up, you could lose the home you are after to other buyers or face the risk of being stuck with two mortgage payments, a heavy financial burden for many.
Whether you are moving-up or downsizing, Taylor Realty Group will be with you every step of the way. We will help you search for the perfect home for you while managing both your sale and purchase.
4. Use our website to customize your search and get daily listing alerts
When it comes to the best place to live in Madison, Mississippi, we’ve got you covered. Our search tool allows you to customize your property search to specific areas and neighborhoods and will email daily listings straight from the MLS. As soon as a home comes up that you are interested in, our team of Madison locals will be ready to act swiftly. Let us do the searching for you, just let us know what you are looking for.
5. Work with the right people
We are passionate about making your home owning dreams a reality. Taylor Realty Group can help your family find the perfect home for the next phase of your life no matter what that looks like for you. We are experienced real estate professionals that will guide you through the entire process from start to finish. From getting your property listed and sold to finding you the perfect home, we will help through it all.
Unlike Zillow or other real estate platforms, our website has tools for you to assess how much your home is worth and tools to customize your home search and set up daily email alerts for listings. When your perfect home appears, we are ready to act.
Contact us now and let us know how we can help you reach your goals as a homeowner in Central Mississippi.