You absolutely need to get this step out of the way first, before you do anything else related to selling or buying a home. While most homeowners entering their senior years will be able to afford to move from a larger home to a smaller one, you still need to do your due diligence before doing anything. You wouldn't go shopping for a car without consulting your finances. So why would you make such a huge move without talking to your financial team? By financial team, I am referring to your CPA, financial planner, and/or estate planner, and of course a good lender. Assuming they are all on the same page, they should give you all the information you need to make an educated decision on what you want and can do next. When speaking to the lender, you don't need to make a formal application and pull credit just yet. However, if you haven't looked at your credit in a while, you may want to request a free copy from the credit bureau just to make sure nothing fraudulently has happened since the last time you looked at it. A qualified lender who works with those of us in the 55+ community will be able to share all the financial options when it comes to buying should that be an option you want to explore. The number one rule when buying is to know and stick to your budget! And don’t forget to take into consideration those “hidden” costs (closing costs, repairs and maintenance, property taxes, condominium fees, homeowners’ association fees, etc.). It’s unfortunately all too common for home buyers, regardless of age or experience, to forget to factor in these costs as part of their budget and what they can afford overall.
Step #3: Time to Hire Your Realtor®
If you have decided to move forward with your selling, now is the time to officially hire a Realtor®. Before you make any changes to the house, talk with your Realtor® who will be able to give you cost-saving and efficient ideas to bring you maximum return in the sale.
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