Having a perfect home, the one that suits your wishes and needs is a dream of every homeowner. However, it’s not often easy to achieve. That means you can easily find yourself in a situation where you need to buy a new home and sell your old one simultaneously. And if you have any experience in this matter, you know how stressful and overwhelming each process can be. Luckily, there are ways to make both transactions go as smoothly as possible and keep your sanity at that. With thorough planning and good organization, you can handle buying and selling a house at the same time successfully and hassle-free.
Prepare everything you can in advance
Both buying and selling a home come with many tasks. And while some of the larger ones seem obvious (preparing your old house for sale, settling on the right price, looking for a new home, etc.), some smaller ones often escape our attention. That is why you should make a detailed to-do list and give yourself enough time to accomplish all the tasks. Here are some of the things you should do:
- declutter and clean your old home
- have a professional evaluate your home
- consider the best ways to sell your house
- make a list of criteria for your new home (including dealbreakers!) and start browsing
- find reliable experts to help you along the way
- consider each step of each process and make a plan for it.
Prepare yourself for the process
Unfortunately, not everything goes according to our plans. It’s a normal part of the process and something everyone has to deal with. There will be unexpected challenges and hurdles along the way.
For this reason, it’s essential to prepare yourself mentally, too. And while some things will be out of your control, you can control how you feel about them. Arm yourself with patience and restraint, and do your best to solve the potential problems. Of course, try to predict possible struggles and come up with backup plans if you can. But keep in mind that you cannot foresee everything.
Hire experts in each field to help you throughout buying and selling a house at the same time
Doing everything on your own will not only be challenging and overwhelming. It might also lead to making some significant mistakes and making the whole process even more difficult than it already is. Instead, it’s better to hire experts with years of experience and a stellar reputation.
Real estate agent
Depending on the way you choose to sell your home, hiring a real estate agent is optional. However, having a trustworthy realtor when you’re buying is a must. Interview several realtors and look for the signs of a bad agent. Instead, find someone with expert knowledge about the local market and your best interests at heart. They’ll not only help you find a perfect home but also guide you every step of the way.
A lender or a bank
If you’re not buying your new home in readily available cash, the likelihood is you’ll have to find the right lender. Consider different loans and mortgages and choose what works best for you. Ensure you compare your options and different combinations before you make a decision.
Most people tend to neglect the relocation and finding the right movers. In comparison to selling and buying a house at the same time, it often seems like a minor task. However, it is a more complicated and stressful process than people think.
So whether you’re moving two blocks away or from one Missouri city to another, ensure you find experts for the job. With their help, your relocation will be hassle-free, and all your belongings will arrive safe and sound at your new address.
Assess your financial situation
It’s crucial to tackle financial aspects head-on and have realistic expectations from the start. First of all, you need to know how much equity you have in your home and how much you can spend on purchasing a new one.
Consider your savings and your assets together with your lender. Also, think about mortgages and get preapproved by the lender well in advance if possible. If you have time, try to improve your credit score and income-to-debt ratio before you apply for a loan. That way, you won’t overstretch your budget.
Should you sell or buy first?
Now, whatever your plan might be, selling and buying a home concurrently is next to impossible. One will likely happen before the other. Both options come with their advantages and disadvantages, and it’s up to you to choose what suits you best.
For example, selling first means you’ll know exactly how much money you can spend on purchasing a new home. Additionally, it will increase your chances of getting a better loan and making an initial downpayment. However, you’ll need to find a place to stay until you find your new home and close the purchase.
On the other hand, if you buy first, you won’t have to worry about where to stay in the gap period. But, you’ll be burdened with two mortgages. Plus, you won’t be sure how much you can realistically spend on your new home.
How to sell your home fast?
Why do people decide to sell their homes? Sometimes it’s a matter of finding the dream home, but there are many other reasons too. You may want to downsize, or maybe you need to move for a job. Sometimes, you inherit a home from family members and don’t know what to do with it. Or you need to sell your house to avoid a foreclosure.
Whatever the reason might be, there are times when you need to sell your home fast. Luckily, there are ways to do just that. If you want to avoid all the hassle with listing your home and finding the right buyer, you can sell it to direct local buyers. They will buy your house “as is” and offer you a fair price. What’s best, you can arrange the closing date with them, so it coincides with the purchase of your new home!
The bottom line
Buying and selling a house at the same time can be nerve-wracking and daunting. However, if you prepare well and find experts to guide you through the process, you’ll enjoy your new home in no time!