What Move-Up Buyers Need to Ask Themselves FIRST Before You Think About Going Anywhere!

How to Move Up with Ease Series – Week 2

My 5-part series is a “how-to” guide for selling your home to buy a new one with as little stress as possible.

Whether it’s your first time moving up or you’ve done it before, this series is a great resource. When you’re selling your home to buy a new one, the stakes are much higher. You’ll need to be strategic and plan carefully to make sure everything goes smoothly and on time.

This time around, you’ve got more to think about, plan, and “get right” compared to when you bought your first home. Selling your home to buy a new one means balancing two major transactions simultaneously, and it’s crucial to be well-prepared.

In this second article for the series, you’ll start exploring what you expect for this next home with two key questions. You’ve already decided that it’s time to move, but what do you need and want this time around?

For this home purchase, especially when you’re selling your home to buy a new one, you want to be MORE methodical and purposeful than when you bought your first home. That’s why I tell my clients to start thinking about buying your next home well before you need to be in that new home, ideally at least a year. It will be time well spent since it allows you to fully understand all of your particular reasons for moving, and you’re less likely to make any regrettable decisions.

Before you even start looking, going to open houses, or anything else, you must answer TWO very important questions FIRST:

1. “How long do I (we) want to live in this next home?”

This is extremely important and has to be done FIRST—before you start looking online or spending your weekends house-hopping! Your answer will help you figure out all of your “must haves” and what you’re “willing to compromise on.” Think about it: your answer to “how long” determines everything else that follows when it comes to selling your home to buy a new one.

If this is your “forever” home, maybe waiting a year to save more money and get everything you want is the answer. If you only plan on living in this next home for five years, then your “must haves” will likely be different.

2. “What is the #1 driver of my (our) decision to move?”

This answer will help you decide what you absolutely must have for your next home and what you can compromise on. Whether it’s schools, commute, or living closer to family, your selling your home to buy a new one decision should always be based on your #1 driver for moving.

For instance, if you’re moving for the schools and your kids are starting next year, you’ll need to move quickly but avoid making rash decisions. If your kids aren’t school-aged yet, you can take more time to ensure you find the perfect home.

Knowing the reason for selling your home to buy a new one also helps you prioritize what you can compromise on. For example, moving for better schools might mean increasing your commute or sacrificing on the size of your home.

No matter the reason for your move, answering these two questions FIRST—before you start looking at homes—will make the process much more effective and successful.

Picture Your Dream Home

Now that you’ve answered the two key questions, the fun part begins! It’s time to brainstorm and envision your dream home. If others will be living with you, include their input too. The goal is to figure out what you want and need from this next home, and make sure you’re not dealing with the same issues that bothered you in your current home.

When selling your home to buy a new one, it’s important to consider everything that didn’t work in your previous home. Maybe it’s a lack of storage or yard space. Walk around your home and neighborhood with fresh eyes to really assess what you like and don’t like.

Some ideas to get you started include: layout, yard size, number of stairs, kitchen counter space, storage, parking, and neighborhood amenities. Consider both the short and long-term needs, especially how long you plan to stay in the new home.

Avoid Open Houses!

None of the steps above involve you going to open houses or spending time browsing listings. This stage is all about thinking and planning. Selling your home to buy a new one is already complicated enough without getting distracted by homes you aren’t ready for. Instead, focus on answering the important questions and understanding your needs.

We know it’s tempting to start looking at homes early, but it’s important to resist. Following these steps will make home shopping more fun and less stressful when the time comes.

Next Steps

Now that you’ve thought about your needs for your next home, it’s time to start planning how you’ll make it all happen. Selling your home to buy a new one can be daunting, but with the right preparation, it’s easier than you think. If you need help feel free to reach out James.Daniel@KW.com

Stay tuned for next week’s article: “The Big Move-Up Question: How Do You Buy and Sell at the Same Time?”