Money Management Tips Before You List.

If you’re planning to sell your home, you want to make your next move a fit for your life. A financially smart decision. The home of your dreams, but with a sound financial plan in place. Now is the time to do some money management to review your financial health.

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Get a credit status check-up. It’s just so important. This is the time to uncover any credit snags, bills that need whittled down a bit, or settle up any errors on your credit report. Sometimes rebuilding or repairing credit situations can take months, or even a year, so the sooner you begin this work, the better. Many free credit report checking services are available online. Your mortgage broker can also be a great resource in reviewing your credit situation.

Determine your housing budget. Look at it from a standpoint of what your mortgage payment will be. Maybe your new job or raise is the kickstart to a move, which is great…but don’t forget to factor in how much you’ll potentially net on the sale of your current home. You’ll need cash to close on your next home, pay property taxes, insurance, utilities, HOA fees, moving expenses, and more.

WIth this, rely upon me, your Realtor, to give you price point options to fit your needs. Partner with a mortgage broker who can help explain financial scenarios based upon purchase price, down payments, monthly mortgage and taxes. (And I have some excellent connections in the industry to help). Also, seek input from a tax advisor who can review your income tax outcomes from the move and a financial planner who give you an expert opinion on your financial health and help you plan for the future.

Get inspections. You know a potential home buyer will get a home inspection. So why wait? Even though you may feel as though you know your home well, a home inspections can prevent any inspection surprises. It also allows you to make repairs before you list your home and prevent any negative property condition reports. Also, as your Realtor, I can aid in the preliminary escrow report so you know of any outstanding liens.

Prepare a financial plan. As a seller, you need to factor in the average 5 – 6% of the purchase price to cover the listing agent’s work and the buyer’s agent as well. Build in a home repair budget to get your home ready-to-list. Whether it is a collection of small updates, or a hefty repair you know needs done to pass inspection, plan ahead for those expenses. Be sure to project other costs of selling your home such as property transfer taxes, buyer’s home warranty and other costs that are covered by home sellers.

Get your financial health picture as you plan to list your home. Be a smart seller. This work in preparation to list your home will pay off! As your Realtor, I will sit down with you and discuss these things and help you. Contact me today to help you get started in listing your home!

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