If you have decided to move, you need to know about these three strategies to sell your home and buy a new one.
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If you’ve decided to move, a question you’re probably asking yourself is if you should buy the new home or sell your old home first.
So, should you sell your current home before signing the contract on a new one? Or, do you buy a new home first and then put your house on the market? What about selling your home and buying a new home at the same time? I’ll walk you through each strategy to see what might work best for you.
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There are three ways to approach selling your home and buying a new one.
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Selling your home before you buy a new one is the safest and most common strategy. The only disadvantage is that you could find yourself temporarily homeless. You’ll have to endure the cost of temporary housing and you’ll have to move your things twice. The advantage to selling your home first is the peace of mind that comes with having that taken care of, and you will have time to shop around for your new home.
Buying first and then selling might be a good strategy if you are looking for a very specific home. When you find that perfect house, buy it. The only disadvantage is that you’ll have to qualify for two mortgages at the same time.
Finally, selling your home and buying a new one simultaneously is the most delicate option. There are a lot of moving parts involved, but it is doable. I know because I specialize in this process. Many sellers are not going to want to sell to you if there’s a contingency on your home selling, but there are some creative ways around it. One way is to obtain a bridge loan which allows you to take out a temporary loan against your current home to finance a new one. There are also some ways to sweeten the contingency terms for the sellers.
I would love to go through these strategies in more detail with you, so if you have any questions, feel free to give me a call or send me an email. I look forward to hearing from you!
