Stressed home seller should take one step at a time
By Ilyce Glink & Samuel Tamkin, Ilyce@ThinkGlink.com
Q: I recently sold my house, and the closing is in the next 30 days. I’ve been trying to find a place to buy, but I can’t seem to find the right place.
Now I’m thinking about renting or doing a lease with an option to buy. My health isn’t good and I’m at a loss of where to go and am scared I’ll be homeless in the next 30 days.
Do you have any other suggestions? I’m not getting any cash out of my closing, so any place I buy or rent has to be affordable.
Thanks.
A: It’s tough to be in a position where you need to move and don’t know where to go. That alone can create undue stress and paralysis for so many people. If your health isn’t good, being stressed won’t help. So, let’s see if we can unpack your situation and suggest some steps to take.
First, have you figured out which neighborhoods meet your basic needs and wants? You need to know what you can afford, what modes of transportation (e.g., mass transit or car) you require, and whether you have family, friends or a house of worship nearby.
Once you figure out what you want and need in a location, including price, amenities and services, you can look at several different neighborhoods that meet those needs.
Next, you should use the Internet to start looking at rentals that will be affordable options for the next year or two while you evaluate whether you even want to own another home. If you don’t have the bandwidth to do this online searching on your own, perhaps you have a friend or family member who can help, or you can contact a local real estate agent who can help filter available housing options.
Once you’ve secured a place to live for the next year or two, you can hire a moving company, change your address, set up new utilities, and all of the other things that have to be done before you can actually move to and start living in your new home.
Having a place to live that is secure and meets your basic needs and some of your wants, is incredibly freeing — and stress-reducing. Once you’ve lived there for a while, you can determine whether this is the right place for you for the long term or if you really would prefer the joys (and responsibilities) of homeownership. If being a homeowner is meaningful enough to take on the responsibilities, and you have the financial wherewithal to do it, then you can start looking for a lease with an option to purchase or even buy something outright.
But trying to do everything at the same time when you close in the next 30 days isn’t a smart idea. Better to break it up into steps that are doable and that will get you where you want to go.
(Ilyce R. Glink’s latest book is “Buy, Close, Move In!” If you have questions, you can call her radio show toll-free (800-972-8255) any Sunday, from 11a-1p EST. Contact Ilyce through her Web site, http://www.thinkglink.com.)
(c) 2015 ILYCE R. GLINK AND SAMUEL J. TAMKIN. DISTRIBUTED BY TRIBUNE CONTENT AGENCY, LLC.
Copyright © 2015, Daily Press
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