Buying a home is intense. SELLING a home is intense. Selling a home and THEN buying a home? Perhaps the most challenging of all! Here are some tips to more seamlessly incorporate the two.
1- Evaluate your current home’s worth- make sure that you have enough equity in your current home to use towards your next home. Meet with an experienced Realtor to know what its value is.
2-Get qualified for a loan for your second home. I know- it sounds out of order to get a loan approval before even selling your existing home, but you need to make sure that you can afford the home you want to buy before getting out of your current home.
3-Put your home on the market… with conditions. There are two ways you can help ensure you aren’t homeless between the sale of your old home and the purchase of your new home. One is to have your buyer have a clause that says you don’t have to move out until you have closed on a new home. The second option is to put an offer in on a new home that is contingent on the sale of your current home-meaning that if you don’t sell your current home, you don’t have to buy the new home and you aren’t stuck with two mortgages!
Lastly- you’ll need open communication between your Realtor and the other Realtors involved! There are different strategies depending on your price point and area to make sure you don’t have a gap between when you move out and move in, such as delayed possession, delayed closings, or even rent-backs (where you rent the home you just sold from the new owner for however many days it takes until your new home closes and you can move in.)
Have any questions? Just shoot me a message!
