Whether you plan to sell your home by hiring a listing agent or doing FSBO or for sale by owner, home selling can be challenging to navigate if you’re a first-timer.
Now, imagine if you have to sell your home and buy a new one at the same time. Your to-do list will double, and probably your stress levels, too. However, saying that it can’t be done would be a stretch.
Some have done it successfully, and if you want to know how to sell your house and buy a new one simultaneously, read on. Here, we’ll talk about some of the best tips to help you manage both transactions.
Accept Help From the Pros
Probably the most crucial step or tip to remember when trying to sell a house and buy one at the same time is to hire a skilled real estate agent.
That’s because they know what home prices are like in your area and can guide you on how to price your home for sale. Remember, you’ll need to crunch the numbers to see how much equity you have. Plus, if you know how much you’ll get from your home sale, you can use the money to buy a house, which includes down payment and closing costs.
Another excellent tip for those who want to sell/buy a new home is to use the same realtor for both transactions. Doing so will help you save money, time, and effort.
Prepare for Various Scenarios
No matter how many house buying tips you read, there’s no guarantee that everything will go according to your plan.
So if you don’t want to lose your next home, be ready for anything. That includes paying two mortgages. If your finances can’t handle that, be sure to add contingencies that allow you leeway should you fail to sell your home.
Speaking of not selling your house on time, you may need to look for a short-term rental. Another option is to rent your current house, so you can use your earnings to cover the costs of owning “two homes.”
Understand Timing When Figuring Out How to Sell Your House and Buy a New One
Is it a buyer’s market or a seller’s market?
If it’s the former, don’t make an offer on your next home until you have a sure buyer. Now, if it’s a seller’s market, invest in staging your home.
Once the offers start pouring in, you can be pickier about which one to choose, but of course, don’t take too much time. You still have costs to take care of since you’re buying a new house.
If the market confuses you, here’s where a good real estate company can help. For example, Steamboat Condos has a lot of experience helping buyers and sellers who want to get a fair price for their current properties/next homes.
You Can Do It
The details of how to sell your house and buy a new one don’t have to stress you out. If you have a reliable realtor and are prepared for various situations, you can sell your current home and buy your next one like other property owners.
Feel free to browse our site for more house selling tips or home buying advice.