Here are your three options when you want to buy and sell a home.
How do you sell your home and buy a home at the same time? Here are the three ways to go about this and some strategies for each method:
1. Buy first. You can buy your house first and then sell. By buying first, you get to enjoy the search without the pressure of having to sell your house. You also won’t need interim housing, and you can prepare your current home for sale as you move out and transition into the next one. One of the risks that you do face is potentially having to pay multiple mortgages and not having the equity of the first house to put down on the next house. We will give you an estimate, but we won’t know exactly how much until the home sells.
2. Sell first. You can also sell first and then buy. If you choose to sell first, the good thing is that you know exactly how much equity you’ll be able to put down for your down payment. You won’t have two mortgages to worry about either. On the flip side, you may have to plan for interim housing.
3. Concurrent sale. A simultaneous closing of both properties. Buying and selling at the same time is certainly doable. We’ve had the opportunity to help a number of clients with this in the past, and it just takes good planning, communication, and some clever negotiating. We’ve created a system to help streamline the process and are happy to share that with you.
Before you attempt any of these options, there are some things you need to do first. The most important thing is to review your finances and get pre-approved by a lender. You’ll know exactly how much you can afford and whether or not you have to sell your current home in order to buy the next property. This comes up with a lot of our clients who are either upsizing or downsizing locally, as well as clients who are moving from outside of the state.
If you have any real estate questions we can answer or know of anyone who’s making a move or thinking about investing in real estate that might need our help, give us a call at (407) 519-0627.