Tips On Buying A Home While Also Selling A Home

Tips On Buying A Home While Also Selling A Home
 OMG John 4/19/2017 6:00 AM

If you are outgrowing your first home, then you are most likely on the hunt for a second slightly bigger home. You could have a lot of questions about what to look for in a second home and how to time selling your current home and buying your new one.

Here are some tips on transitioning into your new home:

  1. You will not be able to nail the timing on closing dates exactly. You can getting the closing dates close, but you will more than likely not ever close on the same day that you sell your old house.
  2. When you sell your house before buying a new one, you know exactly how much money you are able to work with. The downside is that you might not have anything lined up which means you might have to rent or put some things in storage.
  3. Selling first allows you to not have to pay two mortgages at the same time which again gives your bank account a little breathing room.
  4. If you buy a home before selling yours then that gives you plenty of time to move and you aren’t rushed and can ease into your new home.
  5. Like I mentioned earlier, it could be possible that you have to pay two mortgages at once if you buy a home before selling your old home.
  6. Ideally, you would want the closing date on your new home before your old home so you have time to move your belongings out.
  7. You can also ask to add contract contingencies. This means that if you are buying, you can ask that the purchase of this home be contingent on the sale of your old home.
  8. If you are selling, you can ask to add that the closing dates of each home line up with each other to make things a little less stressful.
  9. Bridge financing might be a plausible option for many people. You can ask friends, family or a financial institution for a bridge loan to help you out just in case you do have to pay two mortgages at once.

If you are looking to buy or sell your home, contact us and we would love to help you out!