There are many reasons why people consider selling their house and purchasing another one simultaneously; for instance, it could be that the current house has become too small and cranked up for the whole family. It could also be influenced by a need to relocate due to a job change. Whatever the reason is, you should understand that the entire process of sale, purchase, and transition can be simplified if you’re equipped with the right information, employ the right strategy, and plan correctly.
Importantly, before deciding on any home type, you must do adequate research on any option presented to you. This will help you make better-informed decisions. Read on to learn more about roofing our options for your home.
Meanwhile, here are steps to take when selling your house and buying a new one at the same time
Prepare Your Current Home For The Market
The first thing you need to do is make sure your current home is ready to sell. This means decluttering, painting walls, repairing the roof, and doing any necessary repairs. You want your home to look its best when it goes on the market, so take the time to do some prep work.
Determine Your Budget
It’s very important to get your finances prepared before selling and buying a new home. The knowledge of your financial standing will help you create an achievable budget. Start by asking yourself how much are you willing and able to spend on a new home. In addition, make sure to include other expenses such as moving expenses, closing costs, and other related costs in your budget.
Get Pre-Approved for a Mortgage
Getting pre-approved for a mortgage will give you a good idea of how much money you can borrow, and you’ll be in a much better position to make an offer on the house. To get pre-approved, you’ll need to provide your bank with some information, such as; your income and credit score. With that information in hand, the bank will tell you how much money they’re willing to lend you and their interest rate.
With this step, you’ll be in a better position to determine your preferred asking price for your current property and calculate the amount you will need to borrow to cover the cost of your new home.
Find a Real Estate Agent
The next step is finding a real estate agent who can help you through the process. Real estate agents are experienced professionals who can assist you with every stage of the home buying or selling process. They can help you find the right property, negotiate the best deal, and navigate through all the paperwork. You can also work with a real estate agent to find a home within your budget. They will show you properties that fit your needs and your budget.
However, when choosing a real estate agent, make sure to find someone who you feel comfortable working with. Ask your family and friends for recommendations, or do some research online to find agents who specialize in your area.
Consider your timeline
To avoid getting caught in a situation where you can’t afford your new home because you’re waiting for your old one to sell. You need to be realistic about your timeline; it’s important to be patient and take your time with both transactions, as rushing either one could jeopardize the success of the sale or purchase. Your agent will be able to help you map out a game plan and give you advice on how to time things so that there is minimal overlap. In addition, ensure to negotiate a suitable closing date that works for the home sale and purchase; this will help you have a smooth transition.
Back up plan
It’s a smart move to create a backup plan to tackle surprises that could happen along the way. It’s possible to sell your current home earlier before securing your new home. If this occurs, you’ll need to rent a small place for a short period and rent a storage unit for your excess luggage. If you find a desirable home before selling your current home, consider getting a bridge loan or a home equity line of credit. A bridge loan is a short-term loan that can be used to pay off the mortgage of your current home, and the remaining will be used as a down payment for your new home.
In conclusion, it’s possible to sell your home and buy a new one at the same time, but you need to plan properly and work with a real estate agent that will navigate you through the entire process. Also, endeavor to prepare your current home properly so it will have a higher value on the property market.