I want to buy a Condo now what do I do with my current Home in Great Falls Montana
You have decided you want to move to a Condo. Now, the question arises, “What do I do with my current home?”
This is a common question asked by many a Condo buyer. There are several solutions to this situation. Some you may never have thought of.
First and most obvious – List your Home for Sale. The easiest way to do this is work with a licensed Real Estate Agent that is familiar with your neighborhood and home prices in it. An Agent can give you a Market Analysis based on sales in the last 6 months or so on similar homes in your area. You may find that your home is worth more than you thought. By selling your home you can offset the cost of buying the condo, or many times end up with more from the sale of your home than the Condo cost. You can make the purchase of your new Condo contingent upon the sale of your home. This means that you will buy the Condo, only once your home sells. This works well in a slow Condo market, but may not be acceptable to the Condo seller if they have many other offers.
Second and less obvious – Sell your home on a Contract For Deed. This works very well for a home that is paid off, and you do not need all of the funds immediately but would rather have them in payments over a number of years. Again, it is best to work with a licensed Real Estate Agent and a Real Estate Attorney familiar with Contract For Deeds. Selling your home this way means you are financing it for the new buyer – essentially you are the Bank. You will receive all of the interest that is charged and you can set the number of years for payback. Many times a buyer needs a few years to get their credit in line, or they need to sell their current home in another town and cannot get financing immediately to purchase replacement home. This allows them a number of years to get their finances in order and then allows them to pay it off some set date in the future.
Third and even less obvious – Keep your home and use it as an Income Property. This works very well if you have sufficient funds available to purchase your new Condo, and would like long term income from your home rather than only one payment from the sale. It is best to utilize a qualified Property Manager who will take care of all of the day to day chores of managing and renting your home for you. This could give you hundreds or even thousands of dollars in monthly income for as long as you would like. You can always still sell the home anytime in the future.
If you would like to discuss any of these options in more detail, use the contact form below and I would be happy to meet with you in person, or chat with you on the phone about them.