Finances – What is your budget?

by Gary and Lisa Schoeffler on March 9, 2015

in Latest News

   Figure out your Finances

So out first step in Selling Your Home is figuring out your Finances.  It is important to figure out your finances because there may be some work need to be done before selling your house and you may also need extra money to move into your new home! So here are something’s to help you figuring out what financial goes into selling you home!

1.       Talking to your mortgage lender

  • Notify  your mortgage lender that you are planning to sell your home
  • You need to find out how big your outstanding mortgage is, and if there are any early redemption penalties
  • If you are also buying a new home, you should obviously consider what size mortgage you will need for that. You should get an idea from mortgage lenders how much they would be willing to offer you
  • At the early stages, the figures will be approximate only – you don’t know how much you will sell your house for, and you will only get a precise redemption figure for your mortgage once you have an agreed completion date when you have exchange contracts

 2.       Home Improvements

  • You should decide what improvements would be good to make your house more appealing. Such as re-paint, carpet cleaning, pulling out the weeds/Landscaping, and professional cleaning.
  • You should also set money aside for any inspections that the house may need for closing

3.   Decide if you should also look for somewhere to buy or if you will rent for a bit

  • Renting for a while can add to the overall expense, but reduces the critical time pressures of buying a new home
  • You won’t have to sell at a low price because you have found the home of your dreams
  • You will not be rushed into buying a less-than-perfect new home because you have found a buyer for your current home

                                              So remember, knowing your finances before you sell your home is very important!


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Post by Gary and Lisa Schoeffler

Gary and Lisa Schoeffler are Ventura Real Estate Professionals specializing in residential real estate. Their expertise in helping both buyers and sellers is widely recognized in Ventura County. How can they assist you today? Wondering what the market is like? Call them, they will be happy to talk with you about it. 805-320-4472

Gary and Lisa has written 372 articles.

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