Considering a move to the great state of Idaho? Broadbent Boise Real Estate specializes in Boise, Meridian and Nampa real estate within the Treasure Valley.
The Boise area is a great place to live, work and visit! Boise is the capital and most populous city of Idaho. Located on the Boise River and home to about 616,500 people, Boise is also the third largest city in the Pacific Northwest, after Seattle and Portland.
Whether it’s the vibrant cultural and recreational opportunities, the friendly people or the mild climate, Boise and the surrounding communities of Meridian and Nampa afford a quality of life second to none. Good jobs, affordable housing and tremendous recreational opportunities abound!
Broadbent Boise would love to help you find a new home in Idaho. Call us at 208.407.9546 or visit www.broadbentboise.com.
Tips for Relocating
If you’re ready to make a long-haul relocation, you’ll have to contend with not only the perennial hassles of moving—navigating real estate transactions, packing up possessions, finding the perfect neighborhood —but also today’s economic conditions.
Here’s how to handle your next move with the least stress:
BRACE FOR TODAY’S MARKET REALITIES
The only sure thing about real estate markets is that they are always changing. When potential buyers outnumber available homes it is a sellers’ market. In contrast, if the supply of homes is much greater than the number of buyers, then it is a buyers’ market. For most people, relocating means that they will be on the favorable side of the market for one transaction, but probably not both. Real estate markets are highly localized and it’s important to understand what is happening in the local market where you need to buy or sell a house. Hiring an agent that is in real estate full time will give you the advantage of understanding where opportunities might be available and make sure you’re getting the right price whether you are buying or selling. Real estate markets don’t change overnight, but as we’ve seen the past few years, they can have dramatic shifts over as little as one month. Making sure you understand the market can save you thousands of dollars, regardless of whether you’re a buyer or a seller.
Your best moves:
#1 First sell, then buy
For most people, it is better to sell their existing home and get rid of their current mortgage before the purchase a new house. Most lenders today won’t extend a short-term bridge loan if you’re trying to buy a new home prior to selling your current one. Nor will it be easy to carry two mortgages at once. Should all your debt payments—the two mortgages, plus any car loans and consumer debt — top 40% of your monthly gross income, you’ll have trouble getting approved.
Plan to rent out your old home and buy in your new town? You will need at least 30% equity in the old home for your rental income to be counted on a conventional mortgage application. Even so, just 75% of that income will be factored in. While keeping a rental can be a good idea, depending on your income, it can make qualifying for a new house more difficult. Being a landlord from distance also presents its own challenges. At Broadbent Boise Real Estate, we have experience as landlords in both residential and commercial properties and have a network of lenders that can help you make the right decision based on your personal and financial circumstances. Call us today for a free consultation so we can help you choose the right path forward.
#2 Consider renting your new place.
Renting gives you time to get a boots-on-the-ground feel for exactly where you want to be. It also gives you a wider choice of starter housing: As you search for the perfect home, you can settle for a good-enough home without regret, since the compromise will be only temporary. Renting can also give you some additional time to sell your current home if you have to move before it gets sold. Many times you can find a short-term rental or a month-to-month contract, so even if you don’t want to be locked in for a full year, you can take the time to make the best decision. If you have to sign a one year lease, you can always find another tenant to take your place should you have to move early, and once the new tenant moves in, you’re not obligated to pay rent any longer (as long as the new tenant is paying at least the same rent you were paying). Either way, renting is more flexible because it is not a permanent situation. Renting can also have some downside. You will want to consider the cost and hassle of moving twice, once into your rental, and again once you find a house to buy. If you are already familiar with where you are moving and know what kind of house you’d like to buy, then the hassle of moving twice may not be worth the effort.
#3 Allow for more time to look.
Whether you plan to buy or rent, plan to complete your due diligence as you search. A long weekend of house hunting can work if you do your homework right and if your real estate agent knows how to help you identify your target neighborhoods and home styles. But if inventory is low, or if there is a lot of competition on the buying side, it could mean that you end up settling for a house you don’t love, or overpaying for one you do. Take the time to understand the look and feel of your new town by doing your homework: research schools your children might attend, find stores and other destinations you might frequent, and map out prospective commutes. If you need help gathering information on local schools, commutes, or areas around your new job, give us a call and let us help you begin to narrow your search.
PICK MOVERS WISELY, PACK MINIMALLY
Your best moves:
#1 Shop on reputation, not price. Get written estimates, yes, but curb your enthusiasm for the lowest bid. And definitely steer clear of companies willing to give you an estimate over the phone. Check references. Check their complaint record. Your local Better Business Bureau is another important reputation check.
#2 Avoid crunch time. If you’re flexible, move during the October-March off-season to increase the odds you’ll get a more attentive crew. Movers are also more likely to hire less experienced temps during peak months.
#3 Buy third-party moving insurance. Ask your home insurer whether your goods will be covered during the move; different policies from the same company may have different terms. A mover’s free coverage is limited to just 60¢ a pound per article. Movers also sell full replacement value coverage, but it can be wise to buy moving insurance elsewhere.