As exciting as purchasing a new home is, buying and selling at the same time can get overwhelming. However, it’s not impossible to alleviate some of the stress by putting a few things in order before starting the process.
I’ll share two top tips you can implement so that you’re not overwhelmed by the process.
Get a Support Team
You may think you can buy and sell a home independently, which may very well be the case. However, consider how stressful the entire process would be.
Having a support system or team to assist with the process will reduce the feeling of overwhelm and the workload. Your life will not stop while you’re going through the process. You will need to work as you normally would and take care of your family.
Buying and selling a home simultaneously is additional work you don’t want to tackle on your own, especially regarding paperwork and contracts.
Three important people I recommend having on your team include:
- Your spouse (this is even better if you’re both buying and selling together as a family).
- A buyer’s agent to help you buy your home.
- A listing agent to help you sell your home.
Get Intimate With Your Finances
You need to know your financial situation well to buy a new home. You know you need money to acquire property, but you might not be mindful of how much is necessary.
Get a trustworthy mortgage broker. You’ll also want to get prequalified before checking out listings. Once you’re prequalified, you’re better positioned to determine a price range to narrow your search for a home.
Another option is to start saving those pennies and eating less takeout. You’ll need all the financial backing you can get, so start saving if you’re not sitting on millions in your bank account.
Another option is to use the profit from selling your home to fund the dream home. For example, if you have a mortgage on the home you wish to sell, a portion of the proceeds will be used to settle the mortgage company. Other costs, such as title and closing, will be paid. The money left over is yours and could be invested in buying your home.
While you can make an offer on a home you wish to buy, you will need to wait until the buyer of your home has paid before closing on purchasing a new home.
Speak to a real estate agent before getting into a contract that may harm your interests. You’ll be guided every step of the way. For more information on buying and selling a home simultaneously, reply to this email, and let’s discuss your options.