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There are plenty of benefits to selling your current home while buying a new one. You’ll only have to move once, you can streamline the residential moving process, and you can cut out the need for a short-term rental while you shop for your next home. Unfortunately, several factors can simultaneously make selling and buying a home challenging. Knowing what to expect and navigating the unexpected, you’ll have an easier time juggling the delicate home sale balance.
Understand the Market
While you can do some research independently, having an excellent real estate agent in your corner can help you better understand the market. Sometimes, the market is better catered to people buying a home with plenty of home inventory at competitive prices. Other times, it’s a seller’s market with few available homes at extremely high prices. The market will impact how quickly you’ll be able to find a house and sell your current home, and it will help with timing and planning.
Budget Is Key
Staying within budget is even more critical when juggling two home sales simultaneously. Moving can be expensive, but even more so if you need to invest money in your current home. Remember, buying a home will require moving expenses, closing costs, and possible storage and rental fees, while selling a home may require last-minute home improvements to pass inspection, staging costs, or realty fees. Maintaining a budget throughout the process will ensure you have enough money to cover expenses.
Be Strategic
If you sell your existing house first, getting a mortgage for a new house is easier, but unfortunately, that’s not always in the cards. Selling your home early means you may have to find short-term living arrangements. However, buying a new house before selling your current house may make financing your new house more difficult. Consider the options and price of possible rental solutions, and know what financing options are available before making significant decisions.
Know Your Options
If you find your dream house before selling your existing house, know there are plenty of mortgage solutions that can help you finance two mortgages at once. For example, some people chose to include a contract contingency clause in their new home purchase that makes the final sale dependent on selling the old home. Unfortunately, contingencies do not create a competitive home offer. Another option is a bridge loan, a short-term loan that is instantly paid back once your existing home sells.
Expect the Unexpected
Buying and selling a home is filled with potential delays and complications. Do not expect the entire process to run smoothly from start to finish. Additional paperwork, questions, and concerns about selling and buying a new home will arise, and that’s OK! Be comfortable with some hiccups along the way and accept that unexpected turns are all part of home-buying.
Make Your Move Smoother
Whether selling your existing home or buying a new one, professional movers can help you relocate. Hiring professional movers will save you time, stress, and energy by knowing your belongings will make it to their destination safe and sound. For a free quote for your next move, contact us today.
