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Buying Your New Home While Selling Your Old One

Buying Your New Home While Selling Your Old One

If you’re looking to move, it can be easy to get wrapped up in the fun of hunting for a new home. However, there’s another half of the transition that deserves attention, and that’s selling your home. Juggling both can be a battle, especially if this is your first time undergoing this process. Need a few suggestions on how to be successful? I’m here to help:

Work With An Agent

It may be a simple suggestion, but there really isn’t any overstating how important a great agent is to a successful transaction. A good agent will help you juggle all of the tasks you have to complete, which vary by each unique situation, so expertise is important. While this juggling act may scream stressful, with a great realtor you’re more likely to not only make it through the process, but even enjoy it! Make sure you don’t miss out on your dream home and dream process, by choosing the right agent.

Decide the Order

It’s very rare that the timing is perfect to where you move out of one home and into another. With that being said, it’s very important to set that expectation of overlap to enjoy the best experience possible.

If you sell your current home first, and buy the new one second, you can obviously use the sale money toward your next property. This means less risk for you, as you won’t be waiting for your home to sell while making 2 mortgage payments and stressing about the indefinite wait.

Alternatively, buying the other home first obviously has the benefit of never being in limbo, you’ll be able to move straight out into the home you’re looking for, less chance of needing a storage unit, less chance of you ending up indefinitely in a hotel or a temporary housing situation.

However, this obviously comes with the added negative of purchasing and beginning payments on an entire new property. It is largely something that should be decided on a case-by-case basis, and your agent can help you decide how to proceed.

Plan ahead with financing

Aside from the usual routine of a pre-approval and all that entails, moving between homes adds an extra layer of challenges and roadblocks.

Of course, you’ll likely need the funds from your previous home to put into your new one. However, this has been faced before, and there are a few options to consider. Whether you use a tool like a HELOC (Home Equity Line of Credit), which uses your current home’s value as collateral toward your next home, or a bridge loan, which is a short-term option that will get you through the in-between phase while you’re involved in larger financing phases, you’ll be able to get through the interim. The right agent and their connections will help you through the pitfalls of financing.

Partnering with experience is always good practice, and I’m happy to assist in navigating this process with you!

 

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