The Two Questions Buyers Need to Ask Themselves First
This five-part series is a “how-to” guide for finding your next home while selling your current one. Whether it’s your first time moving up or you’ve done it before, we hope 4 Easy Steps for Buying and Selling at the Same Time is a great resource!
Welcome to week two of our 4 Easy Steps for Buying and Selling at the Same Time series, dedicated to helping you find your next home with as little stress as possible.
When you are ready for a new home but also have one to sell or you want to rent out your current home, the stakes are much higher. For this home purchase, you want to be more methodical and purposeful than when you bought your first home.
That’s why we tell our clients to start thinking about buying your next home well before you need to be in that new home, ideally at least a year.
In this second blog for the series, you’ll start exploring what you expect for this next home.
Before you even start looking or going to open houses, though, you must answer two very important questions first.
1) How long do I (we) want to live in this next home?
Before you start browsing online or touring homes, you must first decide how long you plan to live in your next home. This one answer shapes everything — your must-haves, what you can compromise on, and even your timeline. If it’s your “forever” home, waiting a year to save more might make sense. If it’s a five-year home until your child hits first grade, your needs will be very different. Decide how long first — everything else will fall into place from there.
2) What is the #1 driver of my (our) decision to move?
Your top reason for moving — whether it’s schools, commute, family, or lifestyle — will help you decide what you must have and what you can compromise on. It also impacts your timing. For example, if your kids start school next year, you’ll need to act fast (but wisely!). If school is still a few years off, you can take your time. Every move involves trade-offs, and knowing your #1 driver makes it easier to prioritize what matters most and adjust expectations accordingly.
What’s next?
Take as much time as necessary to answer these two questions, even well before you’ve made the decision to move. After you nail down those answers, consider the following:
What does your dream home look like?
Brainstorm with anyone who is going to live in this next home. You’ll want their input on what they would like to have this time around and what they really don’t want to deal with ever again. Some things may be more cosmetic that can easily be changed in a new home, but it’s still a good idea to write it down somewhere.
What don’t you like about your current home?
Not to be confused with your #1 driver for moving, this question is about the things that nag you. Maybe it’s lack of storage — maybe it’s not enough yard space. These annoyances aren’t the reason you’re moving, but you want to make sure and avoid them in your next home.
Some ideas to get you thinking when you’re looking at your current home:
- Is the layout not open concept enough or is it too open concept?
- How busy is the street?
- Do you have too much or too little of a yard?
- Do you love or loathe stairs?
- Is there a lack of kitchen counter space?
- How about storage space?
- Do you need ample parking or a garage?
- How walkable is your neighborhood? And how noisy?
- Are you too close to your neighbors? Or too far?
- Is the house too old or require too much work?
- Is your home too modern?
Hopefully this will help give you an idea of what to look out for in your next home. We also recommend walking around your home and neighborhood with fresh eyes to really see the pros and cons.
Lastly, what do you need now that you didn’t before? What about 5-10 years from now?
Everyone’s needs change with life’s stages, and your next move should reflect what’s ahead. Maybe you need more space, better schools, or fewer stairs. Whatever it is, think about what you’ll need during the time you plan to live in this home and focus on what’s right for you and your family.
A word of caution: no open houses!
None of these early steps involve looking at homes — so skip the open houses (and enjoy brunch instead!). This is the thinking stage, and jumping into home tours too soon can cause major setbacks. We know it’s tempting, but trust the process. If you follow our steps, the search will be smoother, more fun, and far more rewarding when the time is right.
You’ve reached the end of step one! Although it may not feel like you are making progress because you aren’t actively “doing” anything, taking time out to think and plan your reasons for a move will make the next three steps much more enjoyable.
If you want to talk through your answers to these questions, contact us and we will be honest with you about what you want and if it’s possible. If it’s not, I’ll give you a few extra questions to ask so we can get started.
