If you are considering selling your home, you probably want to also prepare for what to expect when you close on the sale. In other words, a little insight into what awaits on the buyer’s side of the transaction. Ideally, you want to secure the best advantage possible when it comes to what you need and where to spend your money.
Renting a home can be the ideal solution in some circumstances: perhaps you are going through a life transition, moving to a new part of the country and want to determine where you will feel most at home, etc. But if you are renting and considering to buy, or are ready to sell and purchase another home, your wish list should include your long- and short-term goals.
- The best solution is to take the emotion out of the process. Real estate is an investment; it needs to be considered accordingly. So front and center on your list is what you can afford to pay on a monthly basis to include: PITI (principal, interest, taxes, and insurance) as well as maintenance cost projections, utilities, and possible HOA fees.
- The left side of the page should contain the wish list of amenities: pools, square footage, number of bedrooms and bathrooms, etc.
- The right side should contain your goals: will you be working out of your home, do you have children poised to move out or back in, are you looking to live there for 3 or for 30 years?
- This literal picture of your objectives will go a long way in the consultation with your Realtor. And depending on where you want to live, you might even be able to afford a home that may have previously been fiscally out of reach.
As in any financial decision, the consideration of your long- and short-term goals while making sure you have a comfortable cushion to prepare for any eventuality is a must. The best advice I can offer is to be certain you surround yourself with real estate and financing professionals who will help assess your circumstance from every angle.