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Discover proven strategies on how to sell a house (such as doing appraisals and familiarizing yourself with the real estate market) and then buying a new one!
To continue building your future and that of your family, you will need to rely on the assets you already have. Here, you will find some proven tips on how to sell a housing property and thus buy a new one of your dreams.
You would not be the only one since a large number of people living in New Mexico intends to put a house up for sale with the main objective of raising money to buy another one.
At Acquire NM, our slogan is “We Buy Houses for Cash,” suggesting our ultimate aim to help people sell their properties quickly and hassle-free. So, we, through this blog, aim to present some key strategic approaches to help you sell a house to buy a new one. Keep reading!
Navigating the Sale of a House
The first thing you need to know are essential steps to sell your current property. Consider the following proven tips:
1. Conduct a Comprehensive Inspection
Inspect your home thoroughly, as if you didn’t know it. This way, you will be able to distinguish imperfections or damages, and decide whether to repair them yourself or hire someone to leave it in the best possible condition. Consider doing it in moderation, so you don’t spend more.
2. Get All Necessary Documents Appraised
A real estate appraisal is an official report that will tell you how much your property is worth, fairly.
This is a very careful inspection, which will take into account factors such as built meters, surface area, materials used, hydraulic and gas installation, access to basic services such as water and transportation and its location.
It must be carried out by an expert appraiser, certified by one of the authorized institutions. Usually, before that you will have to prepare several documents:
- Property title or notarial deed.
- Electricity and telephone bills for the last two years.
- Property and water payment slip for the last five years.
- Sketch to better locate the property.
- Official identification.
- Construction license or permit.
- Architectural plans (if they exist).
- Marriage certificate, if you bought the property while married.
3. Visit a Notary Public
A notary public will do the following:
- Reviewing the documents’ validity
- Obtaining the Public Property Registry
- Calculating the local and federal taxes of this transaction
- Generating a testimony of all this
- Collect fees generated by drafting the deed.
It is essential to resort to someone so that you can sell your house correctly.
4. Understanding Home Equity
As time passes, the value of the land increases, thus affecting your property. The equity in a home means there is the positive difference between the price you paid to buy your property and the price at which you will later sell it.
Its value can increase if there has been economic growth around it, such as building streets or opening stores. Knowing this will help you correctly define the sales value.
5. DIY or Agent?
If you don’t want to go through all these legal procedures on how to sell a property in NM, you can hire a real estate agent. Consider that they will charge you a percentage commission for the sales service.
Navigating the Home Buying Process
Simultaneously or shortly after selling your old home, try to do the following:
1. Financial Planning
It’s good to analyze your financial statements and payroll receipts to know the amount available to you. Remember that creating an emergency fund is also a good option, and don’t rule out this approach.
If the new property will be a joint project with your partner, get together to prepare a general budget that reports the percentage of investment of each one.
2. Seek Expert Guidance
Seeking the advice of a financial or real estate advisor never hurts. Many issues in the field of sale and deed are complex, so informed support will encourage you to make an intelligent choice.
3. Discover Your Ideal Property
This is the most exciting part, the one that depends completely on you and your family. They will have to balance square meters, amenities, number of rooms, bathrooms, location, proximity to public transportation and other key factors of many properties, such as cadastral value and of course, compare prices.
Once you communicate and express your interest, you can begin the process of obtaining a mortgage loan to finance the home of your dreams.
4. Explore Financing Options
Getting your own home is a dream that a mortgage can make come true sooner. If once you sell your previous home, you still do not have the necessary resources, seeing how to obtain houses on credit is an excellent option. In this sense, it is key that you know the main requirements to obtain a mortgage loan:
- Collect the money for the down payment. This is the initial sum that they will ask you to buy the property. It represents a percentage of the property’s value and, the higher it is, the less you will have to borrow on your mortgage loan.
- Check seniority in your job. Being a long-term project, the time range in which mortgage loans are offered generally ranges from 5 to 20 years, so you must demonstrate stability in your income.
- Maintain a good credit history. This will be a great point in your favor, since the bank will verify if you pay your cards on time and the responsibility you have with your expenses.
There are other requirements to obtain a mortgage loan, such as having job stability and possible guarantees.
As you can see, buying and then selling a house is not a gamble, but rather a commitment to your future and the assets you will leave to your family. And Acquire NM is committed to do it. Our slogan as mentioned earlier clearly shows we have cash for homes in NM, suggesting that we ensure that you get a fair cash offer within 24 hours. Contact us today to close on your “AS IS” property within days without any fees or closing costs!