How to sell and buy a house at the same time without losing your mind

You purchased your dream home, made some pretty great memories and perhaps even had a few mishaps, but now it’s time to move on. Maybe you’re looking for something larger to accommodate your growing family, you’re ready to downsize, or you’re simply interested in a different style or location. Regardless of your reason for relocating, selling your old home and buying a new one at the same time can be tricky business. In order to successfully execute this plan, you’re going to need to get prepared. Here are a few tips for selling your house and buying a new one in the most painless way possible.

Research is key

While research can be a bit time-consuming for today’s busy consumers, putting in a little extra effort now can save you a lot of hassle and heartache later.

  • Research homes that are being sold in your current area. Evaluate things like listing prices, actual selling prices and the average amount of time it’s taking for homes to sell. You can use this information to help you understand what to expect when selling your home.
  • Research homes listed in your new location. Check to see what homes are currently available in your price range. Be sure to take a look at what is available in new home communities and with builders in the area as well.
  • Research your financing options. Knowing what types of loans are available, which loans you may qualify for and how much hard-earned cash you’re going to need to put down can help you plan more efficiently. You might even consider getting a pre-approval to help keep things running smoothly.

Timing is everything

When you’re buying and selling simultaneously, timing is crucial.

  • Add a contingency to your contract to help keep things under control. When selling, ask the new buyer to consider a contingency that makes the closing date line up with the closing for your new home. When buying, ask the seller to make the sale contingent upon the sale of your old house.
  • Timing the financial burden that you may be faced with if you buy your new home before your old one sells can be tricky. Consider renting out your old home for a few months until you can get it sold.

All about preparation

Preparing your old home to be sold can be challenging, and getting ready for the move into your new home only adds to the stress. Taking time to complete even a few of these tasks will help you keep your sanity in the long run.

  • Clean it up. Cleaning and removing extra clutter is possibly one of the most effective tips to sell your house. Besides, you don’t want to be hauling a bunch of junk to your new home or out to the dump at the last minute.
  • Fix it up. Complete small repairs like that leaky faucet or that sticking door lock. Potential buyers usually won’t want to mess with buying a house that needs numerous immediate repairs, and you don’t want small issues to be the reason your home doesn’t sell.
  • Touch it up. Touch up the paint inside and out. Make sure outside lights are in working order, paint your mailbox and be sure to trim the yard and any bushes to help improve curb appeal. Your old home won’t sell if buyers don’t come look.
  • Arrange for interim housing and short-term storage solutions. Be prepared to have another place to stay and to keep your excess belongings if your old home sells before you are able to move into your new one.

What questions do you have about buying and selling a house?

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