Getting along with the issues in the real estate market is always a big deal, no matter whether you are a buyer or a seller. Dealing with both processes at the same time makes things even more complicated. You need to be present and active in both selling and buying markets. What’s more, you should try to keep the balance between your wishes and your financial capabilities. The world of real estate is unpredictive, so there is no way you can control any of it. However, making a plan with several good strategies can help you out a bit. Here are some tips on how to buy and sell your home at the same time.
Challenges you may encounter if you want to buy and sell your home at the same time
One of the first issues that may come up is the question of your finances. People rarely have so much cash at their disposal that they can buy a new house immediately. In most cases, you’ll have to sell your old property first to have enough money to cover the down payment when purchasing a new one. This can be especially problematic if you’ve found your new dream home in Utah and still haven’t sold the old one.
That’s why many people decide to play on the card of contingency. They simply make the purchase of a new home contingent on selling the current one. However, keep in mind that you must be ready to give up the contingency if you realize the whole buying-selling process is at risk.
And that’s where we come to another topic – the perfect timing. It would be best to find both your new home and the buyer for the old one in a close period of time. Negotiating with both parties simultaneously is difficult, but if you manage to handle it, it can bring the best possible result.
Selling first – things to know
For many, “selling first” is the perfect scenario when buying and selling your home at the same time. Since you have a clear picture of how much money you have at your disposal, you seek a new home according to your abilities. What’s more, that saves you from two mortgage payments. And although this is a less stressful solution, there are some things you need to consider:
Double relocation process
Selling your home before buying a new one means you’ll have to deal with at least two relocations in a short period of time. Think about that when you start making your relocation plan. And if you already have to deal with so much “moving in-and-out mess”, especially if it’s on long distance, it would be wise to consult with some professionals. Take a look at bestlongdistancemovers.com, and you’ll get the most reliable long-distance moving assistance.
You no longer have a home
Once you make a deal with your buyer and sign the contract, you are practically left homeless. That is unless your buyer agrees that you stay in the house until you find a new one. With all that in mind, it would be a smart decision to find yourself a place to stay before the moving-in date comes.
A storage unit is a must
Moving out of your current home means taking away all your belongings as soon as possible. Most sellers tend to do some upgrades to their current homes and start the decluttering process even before they list their properties for sale. Therefore, it is necessary to have an appropriate place to store your belongings till you move into the new home. Thus, renting a storage unit can save you from a lot of stress.
Making decisions in a rush
When you need to buy and sell your home at the same time, you might be tempted to speed up the process as much as possible. Sometimes people who have already sold their homes, and are living in temporary ones for quite some time, tend to make hasty decisions and buy just any property they come across. On the other hand, there comes the question of constantly raising prices in the real estate market, which also increases the pressure.
Buying first – things to know
Although financially a bit riskier, this option has its merits as well. It above all means that you have found a perfect place for yourself and that you won’t have to deal with the relocation twice. Once you get expert help at your disposal, you move into a new home, and that’s it. This is an excellent advantage for the people coming to Utah from far away and needing to deal with the long-distance move. On the other hand, you don’t have to worry about finding a temporary home either. Still, consider this:
You’ll need some instant cash
Since you haven’t yet received the money from selling your current home, you’ll need to find another source from which you’ll get the money for the down payment. Thus, get a clear picture of your finances before you decide upon the buying-prior-to-selling option. In most cases, two mortgage payments are inevitable.
Get your home ready for selling
Deal with the decluttering, paint the walls, and do the cleaning up. If you do all the preparation in advance, your home will be ready for listing the moment you decide to buy a new one. And, if you are moving to your new home in Utah from some other state, it would be helpful to have everything done before you move away.
Find a temporary tenant
Renting your old home to a temporary tenant can earn you some money. This can help you pay the mortgage till you find your buyer.
Rely on professionals
No one can sell a home faster and better than a real estate agent. Especially if you want to buy and sell your home at the same time. Thus, when you decide to buy and sell your home, think about hiring a reliable real estate agent. They can help you determine your house’s value, make the best strategies, and deal with the housing market in general.
My name is Sarah Parker. I come from New York. I love my job in the bank, and my favorite part is sharing financial advice with other people. I also love writing articles on the topic.
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