How to Buy and Sell a House at the Same Time
Have you already set your eyes on a new house? If you want to buy and sell a house at the same time, you will have to make a plan. Take a look at how you can handle this process one step at a time.
Step One: Know the Value of Your House
If you want to buy and sell you house at the same time, you will have to know what it’s worth. Before you organize an open house, this will help you decide on the price you want to ask and help you sort out your finances. The first option is to look for online calculators for the property value. However, a better option is to hire a real estate agent who can help you buy and sell a house at the same time. The person you hire should have experience in properties in your area.
Once you know the approximate value of your home, you should consider some improvements. You would be surprised how small changes in your house can upgrade its value. You can do anything from de-cluttering and changing door knobs to remodeling your home in detail. If you speak to your agent, they will tell you the best way to add value to your property, especially if you tell them what house you want to buy after the sale.
Sort Out Your Budget
So, you got your home’s value on paper, and now you don’t know the next step. You should remember that your house might be worth less than the one you’re looking to buy. This is why you should sot out your finances to know what you can afford.
A few improvements could upgrade the value of your house.
Keep in mind that you might need to save money for the moving process. If you need to move in a rush, you should look for a helpful local moving company. Even the most minor residential moves get complicated when you want to buy and sell a house at the same time. A moving company you choose might not have flexible dates available, so their service could cost extra money. Therefore, research a bit and always ask for a free estimate of the services.
From the financial aspect, for you to buy and sell a house at the same time, you will have a few options:
Selling your home and buying a new one for a similar price. This is probably the safest option, finance-wise.
Selling a house, renting temporarily, and buying another home later. If you don’t get the asking price for your home, you might need to move temporarily until you save the money for a new property.
Buying a new house first will be the most expensive option. If you already have some savings, you can buy the new house first. In this situation, you should wait to sell until the time is with - you so you can close the deal for a better price.
Selling your home and looking for a bridge loan. While you’re trying to buy and sell a house at the same time, there could be a time gap in the process. A bridge loan could be the solution in this case.
Prepare Your Home for the Selling Process
Your real estate agent will help you choose the best option for this process. But more importantly, they will let you know which upgrades your house might need. If you want to prepare your home for the selling process, there are a few things you can do:
De-cluttering - this process will not only make your move easier, but it will also save you money. If you declutter your home, you can sell some things you no longer use and earn extra money before the sale.
Repainting the house. Out of all the upgrades you could do, this is probably the easiest one. It will give your home a fresh look and make selling it easier.
Focusing on curb appeal. Don’t forget that potential buyers will look at your home from the outside too.
Sell “as seen”. If you are in a rush to sell, this might be the easiest option. However, it will also lower the price of your current home.
Don’t make these mistakes that will break your budget when selling your home!
Hiring a real estate agent could help you buy and sell a house at the same time.
Close the Deal on Your Home and Reorganize Your Finances
Once your home is ready to sell, all that is left to do is close the deal. You will probably have some doubts about the price you should agree upon. This will be the time when your agent will offer the best advice. Remember that it could be a good idea to hire a professional who will help you buy and sell a house simultaneously.
After your house is sold, you must revise your finances again. Depending on how much you sold it for, your plans could change. Option one, you already saw a new property you like but can’t afford . And option two would be - you sold your home and can’t find anything you want to buy at the moment. No matter which scenario you’re in, you should consult your agent about your options. It could be a while until you can buy the new property. So, get your budget sorted out and prepare for a house hunt.
Also, keep in mind that the moving process will also have its costs. Experts suggest asking the moving companies for a quote and calculating the moving costs accordingly. Overall, you should prepare a backup plan in case you don’t manage to buy and sell your home at the same time.
Look for New Home and Have a Backup Plan
If you haven’t found a real estate agent by now, you should start looking for one. Keep in mind that this process could take some time. For many people who plan to buy and sell a house at the same time, plans don’t always turn out as expected. For example, you might need to move temporarily after selling your current home. Or, you might lose the house you were looking to buy for months. In other words, there’s quite a chance you’ll have to postpone the purchase of your new home.
Make sure to revise your finances after selling a house.
If your selling process doesn’t go according to plan, you should consider two things: your finances and a temporary roof over your head. During this time, make sure to set some money aside in case you need to rent for a while.
These tips will help you prepare your home for sell!
Conclusion
Managing this process is everything but easy. If you wan to buy and sell a house at the same time, you will have to have a serious plan. Hiring a professional real estate agent will undoubtedly help, but you should also consider the right time for this action. You can keep your options open and be careful with your finances. Doing the research will help you understand your options and learn more about the paperwork invloved in the process. So, take it one step at a time, and you’ll have your new home in no time!