There’s no wrong answer when it comes to the order of buying and selling
Keep in mind the pros and cons of each option before making a decision
Contact us when you know how you’re handling the purchase or sale of your home
Whether you buy your new home before selling your old is the real estate industry’s equivalent of “Which came first, the chicken or the egg?” At first thought, you believe there’s an obvious answer. And then you start to really break things down. Thankfully, we don’t have to deal with any science, and a good list of pros and cons can guide you to the answer that fits your scenario.
What you’ll find is that it may come down to personal preference, but there are a few things you should take into consideration. If you’re in the market for a new home and need to list your current one, here are some pros and cons of both buying first, then selling and selling first, then buying.
Pros of Selling Before Buying Your Home
This may seem like the most logical option. You don’t have to carry two mortgages or pay utilities on two homes, and you can access the equity of your old home for the downpayment on the new one. But there are more benefits to selling your home first, in case neither of those perks apply.
You Can Better Stage Your Home
If you’re still living in the home you’re listing, you can use your furniture and some of your decor for staging. If you’ve ever walked into an empty home, it can feel cold and uninviting. But don’t crowd the space with furniture, and leave only minimal decor behind to make the space homey and warm.
Increase Your Purchase Offer
The word “contingent” isn’t a wonderful one in the real estate industry. If you’re trying to sell your home and the purchase of your new space is contingent on the property being sold, your offer may be less appealing. When you sell first, you have the money in hand and nothing holding up the deal.
Take Your Time
When you sell first, you can take your time. There’s no other home waiting for you and no contingencies on the sale. Being able to take it slow means you can be a little pickier with your offers.
No Question of Final Profit
When you sell and buy at the same time, there’s always a concern that you won’t walk away with what you expect from the sale. What if there’s a last-minute repair? What if you just don’t get what you were looking for? These things can really hinder your purchase, so it’s a perk to not have to think about it.
Cons of Selling Before Buying Your Home
Alternatively, selling before buying has some disadvantages. Chief among them are these three issues that can complicate matters a little.
You Will Need Temporary Housing…
When you sell your home, where will you live? With no new home to move into, you need to secure temporary lodging. Do you need a short-term rental or will you move in with a family member? Neither is ideal for any decent amount of time.
…But How Temporary Will It Be?
What if the purchase of your new home takes longer than expected? You can burn through some of your profits or strain relationships if things don’t go as planned. Month-to-month rentals aren’t secure as you can be asked to leave at any time and they are costly, so you have to time everything just right and hope it goes smoothly.
You’ll Be Adding an Additional Move
No matter how you organize things, you’re going to be moving twice. Even if most of your belongings go into storage and you keep only the necessities, you’re still unpacking and repacking your everyday items and transporting your stored effects to your new home. Moving can be a costly and tiresome endeavor, especially if you have to do it twice.
Pros of Buying Before Selling
If you have the option to purchase your new home before selling your old one, it may seem like the route to go. There are a few reasons why this is an ideal scenario, such as the following pros.
More Time to Find Your Dream Home
With a secure space to call home, you have more time to locate your new dream home. There’s no one pressuring you or chipping away at your bank account, and you don’t have to completely rearrange your schedule to make showings work.
You’re In Complete Control
As previously mentioned, you have nothing pushing you out of your home. This gives you complete control over your moving timeline. You can take your time to ensure everything is properly organized and safely packed.
Selling an Occupied Home Can Be a Hassle
When you’re trying to live in your home, it can be a nuisance to have to schedule showings and stage it properly. Larger families may find staging to be the biggest obstacle, especially if things have accumulated over the years. Some showings can also be scheduled last minute, meaning you’re having to rush out of the house. If you buy first, you’re already out of the house.
Only One Move
Since you won’t need temporary housing, your first and only move from the house you’re putting up for sale is to the house you purchased.
Cons of Buying Before Selling
Should you jump into buying your new home before you even list your current abode? We’ve covered the pros, but don’t forget to consider some of these reasons why you should maybe hold off.
It’s an Added Financial Strain
When you own two homes, chances are you have two mortgages. You’ll also need to keep utilities running in the home you’re selling. Then there are taxes, insurance, and any upkeep you may have to do while you still own the house you’re leaving.
You Have to Watch Over Two Homes
You don’t want to leave the home you’re selling unoccupied for long. It should be kept clean so prospective buyers are seeing a comfortable space and not something that’s been sitting for some time. The added work of performing upkeep and watching over two homes can take some time out of your week.
No Matter the Order, Call Us Today
It doesn’t matter to us whether you buy or sell first, so long as you end up with the resolution you were seeking. Give us a call today so we can help you decide which best suits your situation and needs. Once we know what’s best for you, we’ll either find your new home or set a valuation for the home you’re selling.
Prepare to be wowed by this stunning 3202 square foot home boasting 5 bedrooms and 3 baths, perfect for those who demand nothing but the best. As you step inside, you’ll be greeted by gleaming hardwood floors throughout most of the main level, creating a warm and welcoming ambiance. The living room with cathedral ceilings flows seamlessly into the dining room, creating an open and airy feel. The dining room leads you to the spacious kitchen with a skylight that floods the room with natural light. A large pantry and expansive laundry room complete the main level, making household tasks a breeze. Down the hall, you’ll find the primary bedroom and bath along with two sizable bedrooms and another full bath. Downstairs, the open rec room is perfect for entertaining with a wet bar and built-in shelving. Additionally, you’ll find a 3rd full bath and two spacious bedrooms with walk-in closets, providing ample space for family and guests. Bedroom #5 leads to a private patio, the ideal spot to relax and unwind. From the sunroom, step outside to the back deck and yard, complete with a saltwater pool and hot tub, creating the perfect oasis for entertaining friends and family. Parking is never an issue with the 2-car garage and ample driveway parking. And if that’s not enough, this home also comes equipped with a 50 amp RV hookup and a propane hookup for your grill, as well as a shed with electricity and a partially fenced yard. This home truly has it all, providing the ultimate in luxury and comfort. This gorgeous home situated on 2.6 acres is one not to miss! Just a quick drive to the town of Orange and is conveniently located in close proximity to Fredericksburg and Charlottesville.
Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contacting Pat Licata.
To see available Lake of the Woods properties, please visit our site.
Looking to build your dream home with walk-out basement capabilities in an amenity-rich community? You’ve found the perfect lot enhanced by mature hardwoods and a location close to the back gate. You’ll be wowed by the lifestyle that awaits. Located in a private, gated, secured community, Lake of the Woods offers anything and everything you could possibly want. Home to two lakes (the 550-acre main lake and a 35-acre “fishing lake”), a golf course, an equestrian center, a fire and rescue department, and a church all within the gates, Lake of the Woods simply has it all. Whether your passion is boating, water skiing, kayaking, golfing, horseback riding, or simply taking in the breathtaking views from the clubhouse while enjoying a fabulous meal, from your own deck or yard, or from one of the beaches, you won’t be disappointed! Perhaps you’d like a game of bridge or volunteer your time and talents…Lake of the Woods offers more than 60 clubs and/or organizations from which you may choose to become involved. Located in Orange County, we are fortunate to enjoy low real estate taxes. Coupled with home prices ranging from $300,000+ to over $2,000,000, Lake of the Woods is the perfect community for both full-time residents, as well as weekenders. But don’t take my word for it, please come see for yourself! I Will gladly give you a tour of Lake of the Woods by boat and by car so that you may experience what’s to love in Lake of the Woods!
Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contacting Pat Licata.
To see available Lake of the Woods properties, please visit our site.
This great townhouse boasts a spacious and inviting eat-in kitchen, perfect for entertaining guests or enjoying family meals. With three cozy bedrooms and one and a half bathrooms, there is ample space for all. The convenience of having laundry on the second floor makes daily chores a breeze, while the laminate flooring throughout the home adds a touch of elegance and durability. Step out onto the deck and take in the fresh air and sunshine in your own fully fenced-in backyard. Located in a prime location, this townhouse is just a stone’s throw away from shopping, restaurants, hospitals, the VRE, and I-95. Don’t miss the opportunity to make this house your home.
Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contacting Pat Licata.
To see available Lake of the Woods properties, please visit our site.
Approx 60 miles from DC and NoVA, yet a world away, lies an amazing rare offering: a uniquely special waterfront property with the lifestyle you deserve in amenity-rich, gated Lake of the Woods! Spectacular sunsets fill the evening sky from your 268 feet of private water frontage (with dock and boatlift), patio, deck, and generous windows adorning the main living areas and primary bedroom. During the day, the wide-open, panoramic views are truly extraordinary as well, as often the lake appears to sparkle like diamonds. And you’ll have the best seat in the house for the association’s fireworks display from the dam! Imagine the memories you’ll make boating and skiing on the lake, playing a round of golf, savoring a meal on the Clubhouse deck, or enjoying a game of pickleball! Meals on your patio will become a family favorite! As you enter the residence, you’ll immediately be drawn to the abundant windows to soak up the fabulous views from the living and dining rooms, perhaps even overlooking the cathedral ceiling, stunning hardwood floors, and fine finishes. The dining room leads to the expansive chef’s kitchen, complete with an island and breathtaking breakfast room views. The kitchen opens to the family room, into which natural light cascades and lake views abound. The primary bedroom suite takes advantage of lake views from two sides and is sure to impress, while the fantastic attached primary bath provides every luxury. Ascending the stairs, you’ll find phenomenal views continue from the upper level, complete with a full bath, two bedrooms, and another “suite” of two large connecting rooms, one of which has the most incredible corner windows that will wow you! The oversized two-car garage provides ample space for water toy storage and offers cabinets and an extra refrigerator. Simply put, this immaculate home, incredible lot, and the Lake of the Woods amenities will impress the most discerning purchaser. Let’s get your lake life started!
Lake of the Woods, offers anything and everything you could possibly want. Home to two lakes (the 550-acre main lake and a 35-acre “fishing lake”), a golf course, an equestrian center, a fire and rescue department, and a church all within the gates, Lake of the Woods simply has it all. Whether your passion is boating, water skiing, kayaking, golfing, horseback riding, or simply taking in the breathtaking views from the clubhouse while enjoying a fabulous meal, from your own deck or yard, or from one of the beaches, you won’t be disappointed! Perhaps you’d like a game of bridge or volunteer your time and talents…Lake of the Woods offers more than 60 clubs and/or organizations from which you may choose to become involved. Located in Orange County, we are fortunate to enjoy low real estate taxes. Coupled with home prices ranging from the mid-$300,000s to $2,000,000+, Lake of the Woods is the perfect community for both full-time residents, as well as weekenders. But don’t take my word for it, please come see for yourself! I will gladly give you a tour of Lake of the Woods by boat and by car so that you may experience what’s to love in Lake of the Woods!
Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contacting Pat Licata.
To see available Lake of the Woods properties, please visit our site.
Looking for a home that combines spacious living with a rustic lifestyle? This beautiful split-level house boasts 4 Spacious bedrooms and 2 bathrooms, with 1944 square feet of living space situated on a beautiful lot that consists of 7.72 acres of land. The primary suite is on its own floor, offering a quiet retreat from the rest of the house. The generously sized primary bathroom features all the modern amenities. The split-level design of the house provides privacy and separation, making it perfect for families with children or those who need a dedicated workspace and the open-concept living area is perfect for entertaining guests. This house is perfect for farm animals, and the land is ideal for gardening, raising animals, or simply enjoying the peacefulness of the countryside. While the four-stall barn provides additional storage and livestock housing. With its combination of comfort, style, and rural living, this split-level house is sure to impress anyone who appreciates the great outdoors. Don’t miss out on the opportunity to make this house your dream home!
Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contacting Pat Licata.
To see available Lake of the Woods properties, please visit our site.
Welcome to your dream home! This stunning house boasts 3 spacious bedrooms and 2 bathrooms, with a loft area that can be used as a fourth bedroom, perfect for guests or a home office. With a total of 2772 sq ft, this home provides plenty of space for you and your family to spread out and enjoy. As you step into the home, you’ll be greeted by a massive living room that’s perfect for entertaining guests or relaxing with family. The kitchen features a pantry and an eat-in kitchen with 2 breakfast bars, and a gas cooktop, making it easy to whip up delicious meals. There’s also a formal dining room for those special occasions when you want to enjoy a sit-down dinner. The primary bathroom is a luxurious oasis, complete with double vanity and a stunning tile stand-up shower. And with three spacious bedrooms, everyone in your family can enjoy their own private space. But that’s not all! This home also includes a 3-car garage, ensuring that you’ll have plenty of space for all of your vehicles and storage needs. And outside, you’ll find a sizeable back deck that’s perfect for hosting barbecues or just relaxing in the sunshine. Don’t miss your chance to own this incredible home – schedule a showing today and get ready to fall in love!
Home to two lakes (the 550-acre main lake and a 35-acre “fishing lake”), a golf course, an equestrian center, a fire and rescue department, and a church all within the gates, Lake of the Woods simply has it all. Whether your passion is boating, water skiing, kayaking, golfing, horseback riding, or simply taking in the breathtaking views from the clubhouse while enjoying a fabulous meal, from your own deck or yard, or from one of the beaches, you won’t be disappointed! Perhaps you’d like a game of bridge or volunteer your time and talents…Lake of the Woods offers more than 60 clubs and/or organizations from which you may choose to become involved. Located in Orange County, we are fortunate to enjoy low real estate taxes. Coupled with home prices ranging from $200,000+ to over $2,000,000, Lake of the Woods is the perfect community for both full-time residents, as well as weekenders. But don’t take my word for it, please come see for yourself! I will gladly give you a tour of Lake of the Woods by boat and by car so that you may experience what’s to love in Lake of the Woods!
Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contacting Pat Licata.
To see available Lake of the Woods properties, please visit our site.
Wow!!! What a perfect place to call home (or as a short-term rental investment)! This home exudes character with its huge screened porch for relaxation and stunningly unique accent walls strategically placed throughout! The light-filled expansive living room is incredibly comfortable, while the gourmet kitchen and open pantry (both with gorgeous soapstone countertops) will wow you! The primary bedroom provides coziness on those chilly nights from a propane stove, and the updated attached bath is sure to please. The second bedroom even has a wet bar! The third bedroom is also perfect as an office and is currently being used as one. There’s more! Wait ’til you see the large garage and huge shed with electricity! This spectacular home is located in a private, gated, secured community, Lake of the Woods, that offers anything and everything you could possibly want.
Home to two lakes (the 550-acre main lake and a 35-acre “fishing lake”), a golf course, an equestrian center, a fire and rescue department, and a church all within the gates, Lake of the Woods simply has it all. Whether your passion is boating, water skiing, kayaking, golfing, horseback riding, or simply taking in the breathtaking views from the clubhouse while enjoying a fabulous meal, from your own deck or yard, or from one of the beaches, you won’t be disappointed! Perhaps you’d like a game of bridge or volunteer your time and talents…Lake of the Woods offers more than 60 clubs and/or organizations from which you may choose to become involved. Located in Orange County, we are fortunate to enjoy low real estate taxes. Coupled with home prices ranging from $200,000+ to over $2,000,000, Lake of the Woods is the perfect community for both full-time residents, as well as weekenders. But don’t take my word for it, please come see for yourself! I will gladly give you a tour of Lake of the Woods by boat and by car so that you may experience what’s to love in Lake of the Woods!
Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contacting Pat Licata.
To see available Lake of the Woods properties, please visit our site.
From quick upgrades to major renovations, home remodeling projects can be an effective way to enhance your enjoyment of your living space while (hopefully) boosting resale value. However, many home improvements carry significant costs—and particularly if you’re planning to move soon, you may be wondering which upgrades offer the strongest return on investment. While specific amounts will vary depending on the market in your area and your home’s price range, the National Association of REALTORS® Research Group’s 2022 Remodeling Impact Report offers some interesting insights into the most valuable home improvements. Here are a few key takeaways from the report:
– When it came to interior remodeling projects, hardwood floor refinishing carried the greatest cost recovery at 147% of the project cost; homeowners spent an average of $3,400 to have their hardwood floors refinished and recovered an estimated $5,000 in added value at resale. Installing new wood flooring was close behind at 118% cost recovery, followed by upgrading the home’s insulation at 100%.
– While kitchen and bathroom remodels are often thought to have the greatest impact at resale, these projects fell lower on the list in terms of cost recovery, with complete kitchen renovations at 75% and bathroom renovations at 71%. Only 13% of realtors said they would recommend that their clients undertake a kitchen renovation before selling their home, and 26% would recommend a bathroom renovation.
– As far as exterior remodeling projects, adding new roofing and new garage doors delivered the highest ROI, both with 100% cost recovery. Surprisingly, new windows and doors yielded the least amount of value at resale. New vinyl windows had an average cost recovery of 67% and new wood windows 63%, with only 4% of realtors saying they’d recommend that their clients install either before putting their homes on the market. New steel front doors brought a cost recovery of 63% and fiberglass doors 60%, and just 3% of realtors would recommend these upgrades.
Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contacting Pat Licata.
To see available Lake of the Woods properties, please visit our site.
How recent financial events could lead to significant savings on your dream home
In the ever-changing world of finance and real estate, sometimes the unexpected can lead to new opportunities. The recent collapse of Silicon Valley Bank and a few other regional banks might seem like bad news, but it could actually present a golden opportunity for potential homebuyers. Let’s delve into the backstory and explore how these events can benefit you.
A Brief Backstory
A few years ago, in 2020 and 2021, banks saw a flood of new deposits as a result of stimulus money and increased savings during the pandemic. To make the most of this influx, banks invested in low-interest treasury bonds and mortgage-backed securities, locking in 1-2% returns for years. Fast forward to today, and the Federal Reserve has significantly raised interest rates, making those previous investments far less attractive. This series of events has contributed to the banks’ downfall.
The Silver Lining for Homebuyers
The collapse of these banks and the subsequent rapid drop in interest rates have led to a decrease in mortgage rates, as they typically align with the 10-year treasury. We’re now seeing mortgage rates below 6%—a significant decrease that could save you over $200 a month on the average home in our area!
Seizing the Opportunity
If you or someone you know has been considering purchasing a home, this recent turn of events could be a once-in-a-lifetime opportunity to save big. Here are a few steps you can take to make the most of these favorable financial conditions:
Get pre-approved for a mortgage: With lower interest rates available, now is the time to secure your mortgage pre-approval to lock in these favorable rates.
Start your home search: Begin exploring potential homes and neighborhoods that fit your criteria. Consider working with a knowledgeable real estate agent who can guide you through the process and help you make the most of this opportunity.
Navigating the Current Market
The recent collapse of banks might seem like a cause for concern, but it has opened up a window of opportunity for homebuyers to secure their dream home at a potentially lower cost. By acting quickly and working with knowledgeable professionals, you can take advantage of this rare chance to save on your mortgage and make your dream of homeownership a reality.
If you have any questions or need assistance navigating these unique market conditions, don’t hesitate to reach out to our team. We’re here to help you every step of the way.
