By Pratt Home Builders
In real estate, one of most frequently used and important terms in the business is “time is of the essence.” Often, we think of this adage as it pertains to the exchange of contracts, but starting the clock ahead of time for your entire process will generally pay off substantially, both in regards to your sanity, finances and overall satisfaction with the process. Timeliness is one of the most important aspects of the new home purchase for many customers is when and how to optimize the sale of your current home, make maximum profit, and minimize the stress of how to time the process for less time between the sale of your old home and the purchase of your new construction home. Even if you don’t plan to purchase for a year or more, planning and preparing to address the following items will help create the best possible scenario for your new home purchase.
– First, check with your lender for a more up-to-date financial snapshot as it pertains to the purchase of the home, especially if your financial situation has changed since the purchase of your current home. Pratt Home Builders will require your current home be under contract to move forward on a new build. If you’re building from the ground up, consider how to best prepare for the 10% deposit – whether that’s starting to save more, transferring funds, or selling your home sooner rather than later.
– Next, research comps in your area to see how quickly homes are selling. If your home is in similar condition and in a similar price point to other homes selling in, for example, a 45 day window, you can in most cases plan on similar results. If your home is unique in style, needs updates, or has a layout that limits the potential customer base, be mindful that it could take longer to sell.
– Lastly, the more you can make updates to make your old home look like new construction home, the more easily you’re likely to sell it – and for more potential profit. Use lighter paint colors like whites and grays, pale blues or greens in bathrooms. Update hardware on cabinets to trend-friendly finishes and styles. Take down most personal photos and belongings so your prospective buyers can envision their family in your home. If your budget allows for it, consider hiring a stager or stylist to bring furniture and décor that looks updated and fresh! You may be surprised at just how much of an extra profit you’ll be able to yield on your old home – which is more to spend on that new construction home of your dreams!
If you have any other questions, never hesitate to ask us!
This post was written by Pratt Homes