Making a large jump to your next home? Before you start packing there are a few things that you should be ready for.
When moving there is already a lot to plan, but if you are relocating to a completely different part of the country or world there is a lot more to think about. Time and time again you have heard me stress the importance of building your network first. When relocating this becomes even more important. Google can only do so much, having local lenders, real estate brokers, insurance agents, contractors, and so on to answer questions without any room to wonder if the answer is correct is exactly what you should be looking for. So once our network is built, what should our next steps be? Let’s find out:
Research The Necessities.
The “normal” way for things to be done in the city that you are from is going to be way different then if you are looking at purchasing hundreds or thousands of miles away. Things such as taxes, HOA fees, downpayment, the purchasing process, and even the type of ownership may be completely different than what you are used to. Let’s use New York City as an example. If you are looking to purchase a home in Manhattan, almost 85% of those homes are Cooperatives. This means that standard downpayment will generally be at least 25%, nothing too out of the ordinary right? However, did you know that Cooperatives in NYC require an application and board review to even be able to purchase in the building? Typically an application will ask for contact information, a financial synopsis, and personal and professional reference letters. This is all depending on the building, some can ask for a lot more. Depending on where you currently live this might seem familiar, however here in the NC Triad extensive is an understatement. Research all of the necessities by talking to those in your network you have already created, it will clear up a lot more questions before they could arise.
Start your Search.
Every real estate agent has a different way of doing things, however I prioritize the pre-qualification or proof of funds for your purchase. Get this out of the way so if you see something you love, you can write the first offer and we don’t have to miss out on the home of your dreams. Not only will this help us narrow down your search, it will give us some peace of mind knowing that our funding is going to be taken care of. Once the financing is taken out of the question we can now just focus on the home search. Contemplate what are the criteria you would like for your home that fit within your budget (beds, baths, fireplaces, etc.) Depending on the agent you work with, they will be able to put a portfolio of potential homes together that fit your criteria. I give all of my clients access to the MLS and set a home search that way. This allows them to search similar to other websites like Zillow or Realtor, but I can see what they are interested in and it streamlines the process.
Plan your Trip.
When the time finally comes for you to visit the place of your future home you are going to want to have a good plan as to what you are doing while you are there. Are you going to travel there strictly to see homes? Or will you be visiting around the city, catching up with friends and family, or meeting with your new employer? You’ll need an idea of how many days you can spend seeing homes, especially if you have a good handful of homes to see. Once you have how many days and what time of those days you are free, your real estate broker can then plan your showings to get you as much time in your future home as possible.
Everyone’s timeline is going to be different, however for relocations I think it should be your goal to find somewhere to write an offer on by the time you head back home. If you don’t, you are going to have to schedule another visit or FaceTime with your agent to see homes without you there in person. To avoid this headache, that is why we want to plan so meticulously and be pre-qualified before leaving to visit.
Be Ready for Anything.
I wish that everything would flow smoothly, that there would be no hiccups, but unfortunately that is not the case. Houses you love might fall under contract, you might not like a single home you see, flights get cancelled, and so on. So you need to be ready for anything incase something crazy happens. Relocating is not the easiest thing in the world, however if we are diligent in the preparation it can pay off in times where the unexpected happens. Make sure if you are thinking of relocating, reach out to an agent that can connect you with a network in your new city, and just answer questions to help you get your ball rolling.
Founder & CEO, SPEEK