We spend so much time re-evaluating our love lives, but when was the last time we asked ourselves the big question – am I still in love with my home?!
We’re all familiar with that HGTV show, Love It Or List It, so why not put your own home to the test and find out if it’s true love or time to move on!
Where To Begin?
While we all have our methods of decision making – why not start with a good old list of Pro’s and Con’s. Start with your current MUST HAVES in a home, as I’m sure they’ve changed from when you first moved in. Whether that’s an additional bedroom for baby #4 or a master on the main to escape noisy teens. Once you’ve got that new list together, it’s time to take a look at your home with “makeover” eyes. A local contractor who specializes in renovation work would be able to tell you 2 things: (1) Can it be done? And (2) What’s the projected cost?
Key Factors when Considering a Home Renovation
- Do we have the cash? – Are you wanting to dip into savings, or perhaps you already have a renovation fund you’ve been dying to use!
- Will we be staying long enough to reap the rewards? There would be little to no point undergoing renovation work if you were to turn around in a year or 2 and move anyway!
- Should I finance the work? There are often contractors who have paired up with lenders who offer a finance option if the job is big enough to warrant one. In addition to this you might consider getting a Renovation Loan if the rates are doable, or better yet a line of credit if you have equity in the house.
- Costs can and almost certainly will fluctuate! With supply chain issues alongside low employment rates, materials are sparse and continue to fluctuate in price from week to week. We heavily suggest preparing for this when receiving the initial quote so you aren’t stuck with a number outside of your budget.
- Can we live around the work? In this day and age where many of us are working from home, schooling at home and barely ever leaving home – the idea of adding more chaos to the situation may be more of a headache than it’s worth!
… Or LIST it!
Using the same set of criteria you listed as must haves, it’s time to see if the grass really is greener! If buying appears to be in the cards, you really have 2 options: (1) List and Buy simultaneously, or (2) Sell first, and buy later. This may sound scary but let’s break it down.
Logistics of Buying and Selling at the Same Time!
You’ve made the decision to move, but now comes the fun part – which order makes the most sense for us? There are a couple of factors to consider, but let’s look at doing it all at the same time first. In this current market, you would want to have a contract in place on the home you’re selling BEFORE writing an offer! Why? It’s a tad bit of a frenzy out there, so you need to present your offer in the best light possible. Which would you accept: “Hey, here’s an offer but we need to sell and we don’t have it under contract yet!”, OR “Here’s our offer, we do need to sell first but we have a solid contract in place with a closing date set!”. I know which I would choose! Key points to note in this scenario:
- You would be buying, contingent on the sale of your home. This would not be deemed as good an offer as a buyer without the need to sell.
- Plus side, you wouldn’t need to find a rental or storage space for the interim
- Selling is stressful, and so is buying – so be prepared and find yourself a competent, trusted, and LOCAL realtor to take the load off!
- If one side extends, delays or terminates – it affects the other!
With those in mind, let’s switch and take a look at the pros and cons of Listing first and buying later.
Listing First And Buying Later
PROS:
- NOT Contingent on your sale! This is probably the BIGGEST pro of all – any offer you placed would NOT be tied to the sale of your previous home. Why is that so important? It’s one less thing that would cause a deal to fall a part, which means one less worry for the seller! You may even be using proceeds gained to present a CASH offer which would be EVEN BETTER!!
- Less Stressful! Not having to deal with both processes at the same time can definitely make the move more manageable.
- Not having to move in and out on the SAME day!
CONS:
- Finding somewhere for the interim! If you don’t have plans to stay at the in-laws or a friendly neighbor’s oversized house, this could make it tough. You’d need to think about a rental, perhaps short term (3 months) with the ability to extend.
- What to do with your stuff? The best option here is to find a temperature controlled storage unit – we are in the South after all!
How Can I Make My Offer More Appealing?
This market can be frustrating for buyers as multiple offer situations are inevitable, leading to offers getting rejected 2, 3, 4 times over!! Is there something more you can do with your offer? The answer is YES!!! In short, there is a program that works with lenders and realtors to present a “Cash” offer in place of a loan contingent one. David Monsour,with Homebridge is here to give a quick run down for you…
“The Ribbon program offers appeal for both sides of the deal. Sellers get a guaranteed cash offer and buyers don’t have to worry about losing the house they want because their funding is slowed for whatever reason.
Ribbon works with homebuyers, their mortgage lender, and their real estate agents to provide home sellers with a guaranteed sale. They do this by providing sellers with an all-cash offer regardless of where the buyer is in the mortgage process.
Basically, if a homebuyer can’t close on their mortgage in time, instead of losing out on the house of their dreams, Ribbon will buy and reserve the home on their behalf. The buyer then rents the home from Ribbon until they get their financing in order.”
Sound appealing? Give David a text or call to find out more: (770) 313-0923
Well, there’s obviously a lot to think about. Perhaps start with a glass of wine (bottle on hand of course!) and the decisions will flow a little more easily. And if you’re still in a pickle, and this has made your head spin – you can always give us a call to see what the best move is for YOU!