“It’s a difficult decision”. That’s what some of our clients have told us when thinking of selling their home. Often times, the home no longer suits their needs. Children have moved away and there is more space than they ever need plus it takes a lot of time, effort, and costs to maintain. For others, it’s the reverse. Their family is growing and they’ve outgrown the townhouse. And they say that even when they know the time is right, the next stumbling block is “Where to Go After Selling Your Home.” Thankfully, we have lots of experience with this. To answer your question, “Where to go after selling your home?”, we suggest the following:
If you’re undecided on what to do next, renting is a viable option. We have several clients currently renting after having sold their home. They are still deciding what their next move will be and are happy to not have to worry about repairs, taxes, or unexpected expenses. They are enjoying their new community and exploring new areas every weekend. Many also agree that before buying a new home, it’s best to rent in the area at least a few months to make sure you like living there. Selling your home and using the proceeds to secure a great rental property is a wonderful option.
2. Postponed Settlement or Post Settlement Occupancy
The beauty of selling your home at this time is that it’s a seller’s market. This is because buyers want to purchase homes and the number of homes for sale is at historically low levels. The demand far exceeds the supply. Homeowners have the advantages of getting multiple offers, less days before going under contract, and having inspections and contingencies waived. Sellers who don’t have a home to move into also have the added advantage of requesting that closing be delayed until they can find a new home.
Another option is asking the buyers to allow you to “rent back” your home after settlement. In Virginia, a home buyer using a mortgage lender may offer the seller to stay in the home up to 60 days after settlement. This is also called the “post settlement occupancy” agreement. This is a great option, and used quite frequently in this market. This allows you a wonderful opportunity to decide on your next adventure.
3. New Construction
Another great option after selling your home is to secure a new home build, also called a new construction home. If you have a piece of land already, a builder will happily build your home for you. You may also wait to find a piece of land where you want to live. Another option is to research new developments where you want to live. Most developers work with builders who can get your home completed in 3-6 months. This option may be just what you want after selling your home. Keep in mind that if you want to tour a new home community, please contact your real estate Agent to represent you. Some builders will not allow you to bring your Agent after the first meeting with the salesperson. Most builders cover the commission of your Agent so this should not be a concern for you. You definitely want someone representing you throughout this process.
Northern Virginia is a great place to live and own a home. If your current living situation is not ideal, please reach and let us help you decide what is best for you and/or your family. And if you are thinking of selling your home and want to get an estimate of how much you would net after a home sale, please reach out to us.