Are you a homeowner who is thinking about selling their current home and making an upgrade to a newer, larger home? If you’re facing the prospect of having to manage a home purchase and a home sale at the same time you’ll find that there are numerous priorities that are begging for your attention. In today’s blog post we’ll share a few tips for how to manage a buying and selling transaction simultaneously without being overwhelmed by them.
Start By Getting Your Finances In Order
Before you start the hunt for a new home you’ll want to ensure that your finances are in order and that you’re fully prepared for the many costs that you’ll face. If you are currently paying off a mortgage on your home, you’ll either need to be approved for a second mortgage to buy your new home or you’ll need to sell your current home first. You’ll also need to have your down payment lined for the new home, as well as some money set aside to cover your closing costs. If you plan on selling first and then buying afterwards you may want to have a “transition fund” set aside to cover any rental or other costs if it takes a month or two before you get into a new home.
Selling First Is Typically Far Easier
It’s worth noting that selling your home first and then buying is far easier than buying first and trying to sell. There is a lot of uncertainty in the selling process, especially if you’re in a slower real estate market. Conversely, once you find that perfect new home you can typically get an offer in and close on it quickly if you’re the only bidder.
Begin The Hunt For Your New Home Immediately
Although you may want to wait before you buy your new home, you’ll want to get your house hunt started as soon as you decide to make your move. The more time you give yourself to find a new home, the better the chance you’ll get one in your target community and with the features you’re after.
Leverage Professional Expertise To Help You Manage It All
Trying to manage both selling your current home and buying a new one at the same time will be a significant challenge – one that can be made far easier by working with an experienced real estate agent who knows the ins and outs of the local market. Contact your real estate agent before getting started and they’ll be able to advise you how to best proceed.