Moving is a difficult process in and of itself. Economic recession only adds to the challenge. It can make it harder to afford the perfect home with higher interest rates. As moving can be frustrating, these tips will help your home search go as smoothly as possible during a recession.
1. Stay On Top of Your Finances
As you begin the process of finding a home, a crucial step is to track your budget and financial restrictions. Mortgage rates are constantly changing in today’s market. Therefore it’s important to secure the best rate you can before you begin your home buying process. Getting pre-approved for a mortgage can help you lock in your mortgage rates and give you a better idea of what your payments will look like once it’s time to purchase a home. Moving during a recession can come with obstacles. Be proactive in your home search by securing a mortgage rate early to set yourself up for success.
It’s also important to keep other costs associated with moving in mind, like staging your home to sell. If you’re moving far away from your current home, you’ll likely need to hire a moving company to assist you. This can be a hefty expense if you and your family are taking a large amount of belongings with you. On the other hand, purchasing all new furniture is another expense to factor in when planning your move. Make sure to determine a budget.
2. Keep Everything Organized
Remaining organized throughout your move goes hand-in-hand with keeping a strict budget. As you get farther along in the planning process, you might become overwhelmed with all the paperwork and preparation involved. This is because the other responsibilities in your life likely can’t be put on hold while you move. As a result, it’s crucial that you keep all your documents organized so details don’t get overlooked. Whether you keep physical documents in labeled folders or prefer to have everything organized digitally on your computer, the most important thing is finding a system that works for you. This way, your move will be as efficient as possible and nothing will get lost.
It’s also important to keep your physical belongings organized throughout the entire moving process. Although this is not specific to moving during a recession, it will still allow your move to go smoothly. Go through each room in your home and set aside the items you no longer want to donate. With what’s left, go ahead and pack boxes labeled by room so movers will know exactly where each box belongs when you arrive at your new house.
3. Create Your Ideal Timeline
Your ideal moving timeline can be anything, whether you’re choosing to move right away or not planning to close on a house for a few months. Because of the uncertainty of mortgage rates in the current market, some people are pausing on immediate purchases. A popular option is to sell your home, rent for a short period of time, then reevaluate the economic situation before moving forward with buying your new house. This can be a great option if your family is looking for a larger home, as these will be even more expensive and harder to find during the recession. If you decide that an immediate move is the right option, listing your home as soon as you can will only improve your chances of selling quickly and for your desired price. In this timeline, it’s also important to consider holidays and school schedules to choose the right time for your family’s transition to be as seamless as possible.
4. Don’t Settle When Choosing a Home
The most important thing to remember when choosing your forever home is not to settle. Picking the right home for your family is a big decision, and shouldn’t feel rushed. Although the moving process in Seattle usually happens very quickly, you can now afford to wait for the right home to come along. During a recession, houses take longer to sell, giving you time to shop around. Moving during a recession certainly will bring on challenges, but if you stay organized, plan your budget, and establish a timeline you’ll be able to find the right home for the right price when the time comes.
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