THE MOVE-UP GAME PLAN
Thinking about moving up?
Selling your current home and buying your next one doesn't have to be complicated.
I created a simple guide to help you understand what your home could sell for, what you may be able to afford next, and how to plan your next move.
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IS IT TIME FOR A MOVE?
Your next move starts with a question.
Does your current home still work for the life you're living?
Sometimes the answer is obvious. The house is too small. Your family has grown. Your work has changed. Your lifestyle has changed.
Other times, you may like your home but still find yourself wondering what life would look like somewhere else.
A FEW SIGNS IT MIGHT BE TIME
- You need more space
- Your family or lifestyle has changed
- Your current layout no longer works
- You've built meaningful equity
- You're ready for a different neighbourhood
- You're simply ready for something different
You don't need to be ready to sell today. You just need to be ready to start planning.
KNOW YOUR STARTING POINT
What is your home realistically worth?
Online estimates can give you a starting point, but they can't see what makes your home different.
RECENT SALES
What similar homes have actually sold for.
CURRENT COMPETITION
What buyers can choose from right now.
YOUR HOME
Condition, updates, location, layout, design and features.
THE MARKET
How quickly homes are selling and how buyers are behaving.
The goal isn't to find the highest possible number. It's to understand where your home realistically fits.
THE BIG DECISION
Should You Sell First
or Buy First?
There isn't one right answer.
SELL FIRST
You know exactly how much money you'll have available for your next home.
The advantage
Less financial uncertainty.
The challenge
You may need to coordinate your move carefully or arrange temporary housing.
BUY FIRST
You find your next home before selling your current one.
The advantage
You know where you're going.
The challenge
You may be carrying two homes or need bridge financing.
It depends on your finances, timing, risk tolerance, and current market conditions.
KNOW YOUR NUMBERS
How Much Can You Spend on Your Next Home?
This is where selling and buying become one decision.
CURRENT HOME
Estimated sale price — $650,000
Less mortgage — – $350,000
Estimated equity — $300,000
But your equity isn't the same as the amount you'll have available for your next home.
You'll need to consider things like:
- Selling costs
- Legal fees
- Moving expenses
- Land transfer tax
- Your new mortgage
- Renovations or repairs
- Other costs associated with the move
You don't need to have every number figured out today. You just need to understand the big picture.
(Your lender or mortgage professional can help confirm what you can comfortably finance.)
THE NEXT STEP
Let's have a conversation.
You don't need to be ready to sell.
You don't even need to know exactly where you're going next.
If you're starting to wonder whether it's time for a change, I'd be happy to learn more about your situation and help you understand your options.
Brad Mitchell
Manor Windsor Realty Ltd.
519.250.8800
hello@bradmitchell.co
3276 Walker Rd. Windsor ON. N8W 3R8
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