Buying and selling a real estate property are big inconveniences you can face. However, your stress can multiply a few times when you do those tasks at the same time.
You need to find a buyer while you need to find a new home. You need to negotiate for both transactions too. Then, think of moving into your new home while setting up your old one for home staging. That’s definitely a big headache to think about.
What to Remember When Buying and Selling a Home Simultaneously
For you to experience a seamless phase of selling and buying a home, take note of these points as your guide:
Selling Before Buying a House
If you opt to sell before buying a house, you can have a good financial advantage for your upcoming purchase. However, you will face the problem of finding a rental to stay, and finding the best house to buy.
Start by looking for a rental as you sell your house. Then, move a bulk of your things in the apartment, so you can stage your old home easily. This is best if you’re in a buyer’s market wherein you have lots of selling competitors around.
But if you see real estate houses in your area sells easily, you can find a new home to buy instead of a rental. Simply leave a contingency promise to the seller that you’ll be back to purchase the home. This can help you seamlessly move from your old home after selling.
In buying and selling a home simultaneously, you can leave a rent-back contingency from the buyer too. This means you can rent the house from your buyer after the closing. Thus, you don’t have to find a rental as you shop for a house.
Buying Before Selling a House
You can also purchase a new house before selling out your old property. This can assure you of having a place to live after selling. Thus, you don’t have to move on to a rental as you find a new home.
Thing is, this kind of process often leads to big financial expenses. After all, you still haven’t sold your old house and gain profit from it. However, you can also apply for bridge loans that you can use for deposit. And you can easily pay it up when your old house gets sold.
And you need a realtor to know the value of your old home. That can help you decide how much to borrow, and draft a potential budget while selling.
Find a Real Estate Agent
Either of the two options you will choose, it’s best if you will hire a realtor to help you. And you should look for a seasoned realtor that knows how to professionally buy or sell a house.
A real estate agent can guide you to prepare your old house for staging. He can help you find a buyer as well. Afterward, he can guide you to the best properties you can buy on a given location or a rental for you to live temporarily. That can surely let you have a seamless experience in joggling between selling and buying a home.
These are the important points to remember when you plan home buying or selling at the same time. Be sure to plan your every step carefully, so you can avoid big problems through the process.
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