Thursday, May 30, 2019 | 2 a.m.
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Conventional wisdom typically dictates that homeowners must sell their current home before purchasing their next. However, sellers who are rightsizing—which in this case means moving to a living space of optimum size and shedding the unused spaces of a large house—may be in a unique situation. “When it’s financially feasible, I strongly recommend that buyers purchase their condo before selling their old house,” said Uri Vaknin, partner at KRE Capital, which owns the DK Las Vegas portfolio of condos. “Doing so gives people the opportunity to ensure the home they’re selling is show-ready. Vacant, show-ready homes tend to sell much more quickly and at a higher price.” If you’re considering rightsizing, follow these tips to ensure an easy process as you transition to your perfectly configured new space.
Why do people rightsize?
Many who are shopping for condos are doing so because they’re rightsizing and looking to escape the maintenance of a stand-alone home. “The bulk of people rightsizing are empty-nesters and pre-retirees who are ready to forgo the responsibility and maintenance that comes with owning a house,” Vaknin said. Leaving suburban homes for urban condos can also offer buyers a new, exciting lifestyle, one in which they’re able to walk to restaurants, bars and cultural hubs.
Don’t show your home with your personal belongings in it
All of your personal effects should be removed from the home before you start showing it to potential buyers. “In a buyer’s mind, a cluttered, disorganized home indicates that the house has not been well-cared for, and as a result, is likely worth less than its value,” Vaknin said. “Further, having your personal belongings sitting in the home makes it more difficult for potential buyers to project themselves into the space.”
Don’t leave the home completely vacant
Moving out of your home before selling it makes it easier for Realtors to access it for showings, but it’s important to stage the home rather than leaving it entirely vacant. Vacant spaces appear smaller, whereas staged houses are appealing to potential buyers.
Do buy your condo before selling your home
This gives you much more flexibility when moving into your new space, and will be an asset when listing your old place. “When you wait to sell your home first, the buyer, a stranger, will be dictating when and how you move,” Vaknin said. Buying your new home first grants you the ability to move in on your own timeline, design your space exactly as you want it and be thoughtful about the move.
