It’s a difficult situation, but it’s manageable.
- Buying one house while selling another can be difficult to juggle.
- A knowledgeable real estate agent can help you figure out the logistics.
- Staging your home and developing a short-term housing plan if necessary can also make the transition easier.
If you’re ready to sell your home and buy a new one, the easiest thing would probably be to find a new place to live, make that sale, take possession of your new space, and then sell your current home and move your items on your own schedule.
But there’s a big problem with this scenario – you probably need the money from the sale of your home to use as a down payment on your next home. And if so, you will have to manage the purchase and sale of a house simultaneously.
It is not easy. But financial expert Dave Ramsey has advice for people looking to sell and buy.
1. Find a good real estate agent
Buying and selling a home at the same time can be difficult. After all, you have to strike a balance between having potential buyers show up at your house (which means keeping it clean and clutter-free) and looking at the homes yourself. And that’s on top of your various other responsibilities in life, like doing your job, taking care of your kids, and so on.
That’s why Ramsey stresses the importance of working with an experienced realtor. An agent who has worked with people in this situation can help you plan your schedule and establish a timeline for listing your home and finding a new one.
2. Put your home in the best position to sell
If you’re considering buying and selling a home, you don’t want your current property to stay on the market too long. That’s why Ramsey says you should take certain steps to make sure your home appeals to buyers.
First, you might want to hire your own home inspector so that there are no surprises about the condition of your home and you can fix problems before they become a reason. so that a potential buyer does not make an offer. Next, you’ll need to stage your home to appeal to buyers. This means not only getting rid of clutter, but removing items that may be too personal for you.
Finally, you will need to price your home correctly. You don’t want the price to be too low because you will lose money. But you have to demand a decent selling price to be able to pay off your mortgage and invest in a new home. At the same time, you don’t want to ask for a sale price that isn’t realistic.
The good news is that a real estate agent can help you with all of these things. Some agents are qualified to stage homes so you don’t have to hire an outside middleman, saving you money. And a real estate agent can certainly use their knowledge to help you find the right listing price.
3. Explore different options in case you have a gap
In an ideal world, you would close the sale of your home, move out, and move into your new home on the same day. But things often don’t turn out that way. You may close the sale of your home but have a delay until you can move into your new home. It is therefore important to explore your options.
One option may be to enter into a rental agreement with the buyer who is buying your home. Under this arrangement, you simply stay in your home until your new one can move in, while paying rent. If, for example, you can close the sale of your existing home on July 15 but your new home won’t be ready until August 1, your buyer might agree to let you rent your home for two weeks.
Now, if you’re facing a longer gap, you may need to consider a different solution, such as storing your stuff and finding a short-term rental. But that can be an expensive route to take, so it’s usually best to negotiate with your buyer to let you rent out your home for a while.
Buying and selling a home simultaneously isn’t easy, but it’s a path taken by many people. Use these tips to make your job easier from start to finish.
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