How can you successfully sell your home and buy another at the same time? Today I’ll present both options.
If you’re selling your current home and you want your sale to line up perfectly with your purchase of a new home, there are a few ways to go about it: You can either buy first and then sell or you can sell first and then buy.
No matter which path you take, it’s imperative that you review your finances first. Once you’re pre-qualified, or even pre-approved with a lender, you’ll have a better understanding of how much home you can afford. We’ll also need to decide on a price for your home, so we can determine your equity and how much you can feasibly put toward your down payment.
Here are two strategies for buying and selling a home all at once:
One option is to buy your new home first. If you elect to go this route, you’ll be able to search for a home at your own pace without any pressure to sell your current one. You also won’t need to find interim housing or organize a hurried move.
However, you could wind up juggling two mortgages at the same time, and we won’t yet know the amount of equity you’ll reap from your sale. We can come up with a ballpark figure, but we won’t have an exact figure until we’ve closed on your home.
A second possible strategy is to sell your current home first. With this option, since we will have already completed your sale, you’ll go into the market as a buyer, knowing exactly how much equity you have to work with. You may, however, need to find temporary housing, whether that’s with friends, family, in an Airbnb, or through a leaseback agreement with your buyer.
The bottom line is that buying and selling a home in simultaneous fashion is certainly achievable; it simply takes some pre-planning, strategizing, and of course, flexibility. We’ve helped a number of our clients successfully carry out both strategies, and based on our experience, getting home inspections and repairs out of the way early will make the process that much smoother.
If you have any questions about buying, selling, or investing in real estate, please give give us a call or drop us an email. The Dailey Group is here to help you and those you care about move with confidence!
