Tips for Simultaneously Buying and Selling a Home
Buying a home and selling a home can be two of the most stressful — and expensive — life events. And, they often happen simultaneously! If you’re looking to buy a home while also trying to sell your home, don’t panic. In this post, we’ll go over a few tips to help you tackle the buying and selling sides of the real estate market without becoming overwhelmed.
Tips for Buying First
First you’ll need to figure out whether you want to buy a home or sell your home first — each has its own set of unique advantages and disadvantages. If you decide to buy first, here are some expert tips to follow:
Consider Leasing the Home You're Purchasing Back to the Seller
We know you’ll be super excited to move into your new home ASAP. But to allow yourself more time to get your home sold (and to make your offer more competitive to a seller who needs more time in their home), you may want to offer a leaseback to the seller. You can require a deposit and rent from the seller - just consult with your agent on which terms will make your offer most attractive.
Make Your Offer Contingent on the Sale of Your Current Home
The last thing you want is to be straddled with two mortgages. Making your offer contingent on your current house selling is quite common, and most sellers should be willing to work with you. This contingency will offer you a little protection — and therefore peace of mind — that if your house doesn’t sell for some reason, you won’t be legally bound to your new home.
Make Sure Your Home is Ready to Sell
There’s so much that goes into getting a home ready to sell — from painting every nook and crevice to deep cleaning and even making sure the landscaping provides great curb appeal. This is why it’s so important to get started as soon as possible. As soon as you know you’re serious about selling, start a checklist of ‘must-do’s' before you list and get to work!
Tips for Selling First
If you need to sell your home before you can start looking for a new house, consider these tips:
Find Temporary Housing
You’ll need somewhere to live once your house sells and you look for a new home, whether that’s with family or friends, at a hotel, or an apartment or rental home. Give yourself some time to find accommodations that will suit your family’s needs, and consider a backup plan just in case Plan A falls through.
Be Ready To Buy
Once your home sells, you’ll want the process of finding a new home to go relatively quickly, especially if you have any big life changes spurring the move. So, get everything in order with the bank ahead of time, including mortgage pre-approval, your budget, and timeline. That way, when the time comes to make an offer to buy a home, you won’t face any delays.
Know What You’re Looking For
Today’s real estate market moves fast. So, it’s important to know exactly what you’re looking for in a new home. Start a list of must-haves, including location and schools, number of bedrooms, and any amenities you’re looking for. Give the list to your Realtor so they can keep their eyes out for listings that are coming up, and once you accept an offer on your current home, you can get to work finding exactly what you’re looking for.