The No. 1 question I have been hearing lately is, “How do I buy a new home and sell my current home?”
There are a few ways you could go about this. You could buy, then sell. You could also sell first, then buy. Another option is concurrent sales. Before you attempt any of it though, there are some things you need to know.
First, review your finances. Getting pre-qualified with a lender will let you know exactly what you can afford. You should also discuss what you can sell your home for so you can determine exactly how much equity you have to put towards your next purchase.
If you buy first, we won’t know your equity position until you sell.
If you choose to buy first, you can enjoy your search without the pressure of having to sell a home. You also won’t need interim housing and can move on your own time. On the other hand, you will have to pay two mortgages at once and we won’t know your exact equity position until you sell.
If you choose to sell first, you will have that equity to put towards a new purchase. You may, however, need to look for interim housing or ask for a leaseback from the buyer.
Buying and selling at the same time is certainly doable, but it takes the right planning. Home inspections and repairs need to be done early so we can get the ball rolling on your sale.
If you have any questions about buying and selling at the same time or anything else related to real estate, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.