BUYERS TIP

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Make sure you’re ready

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• Decide if the timing is right

• Be prepared to make sacrifices

• Remember your home will require constant care

• Have your finances in order

• Manage your debt

• Consider your family’s future needs

 

Decide what you want

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• Carefully consider the options available

• Prioritize your lifestyle needs to find the best property fit

  • Urban – big city living

  • Suburban – modern neighborhoods

  • Small Town – close community living

  • Rural – country living

• Learn and understand real estate terms

  • Single-family Detached – free-standing house; styles range from a single-story suburban bungalow to a three-story Victorian

  • Semi-detached/Linked - two houses that share a common wall; usually less money than a fully detached home

  • Duplex: a building zoned for two families

  • Town House - comprised of several homes with a common style and joined in a row

  • Condo – you own 100% of the unit and have access to common facilities such as gym rooms, party rooms, and pools. Have to pay condo fees for the building's overall maintenance.

  • Resale – an older home that may or may not has been renovated and upgraded

  • New – a home being developed and built where you will be the first owner

 

Sell your current home

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• Usually, people cannot afford to manage two homes and the associated mortgage payments at the same time

 

When should you sell?

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• Seller's market – when there are many people looking for homes, but there are not many available on the market

• Buyer's market – when there are many homes for sale, but not many people are buying them

• The time of year can also affect how quickly you can sell and buy a property

• Winter sales tend to be slower, spring sales are tend to be quicker

 

If you need to sell fast

Ask a REALTOR® for help establishing a price and for making your home look attractive without making you look desperate.

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• Sometimes you can time your current home's sale with the future home's purchase

• Can make the sale of your home "conditional"

• Can try to extend the "closing period" to have more time to find your next home

• Smart to enlist a REALTOR® for professional services, just like you would hire a mechanic or dentist

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