Building your first custom home on your land is exciting, but you still need to sell the home you're in. For most homeowners, that means one of two things. First, or what many would call the lucky ones, you already have a new home waiting for you to move into. You may have inherited the property, or planned ahead to have a custom home on your land.
For the second half, you belong in the group that is selling your current property and using what you earn from to pay for the house you’re moving into. While this may seem tedious, a lot of homeowners make it work, but it does involve a lot of planning and organization. The last thing you want to happen is to buy a home without the means to pay for it or sell your place without a new space to go to.
Sell Your Home and Build a Custom Home on Your Land
Research the Market.
Unless you’re moving because of work or you urgently need to be in a certain place, it’s best to take the time to research the real estate of the market where your home currently is. Is this the best time to sell? How much is the average selling price for a property like yours? What do people moving to your community look for in a new home? How can you make your property more presentable?
This step will ensure that you are able to strategize as to getting the most value out of your home. You also need to make sure that that the appraiser you hire will price you home fairly. If you plan to buy a new home while you’re selling the current one, it’s also best to research the market of the community you want to move into. Compare the prices with surrounding areas and weigh the advantages and disadvantages.
Hire Experienced Agents.
That’s right, agents. It’s smart to hire a skilled and well-connected agent to help you with selling your home, but that doesn’t mean you should not meet up with a few more to discuss how they plan to sell your house and the price they think they can sell it for. That way, you know you’re getting the most service and value for your home.
Don’t Settle for the First Offer.
The price that you advertise will not always be the price that you sell the property for. If you’re lucky, you’ll have a couple of bids that are higher than the value you set it for. That’s why it’s important not to settle with the first buyer. Sometimes, the best bids are offered once the property has gotten buzz or after a couple open houses. This is where you need to rely on the technical knowledge and experience of your agent. They should be able to tell you when it’s time to accept the offer on the table and when to hold out for a higher price.