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Hey there! So, you’re thinking about buying and selling homes simultaneously, huh? Buckle up because it can be a bit of a rollercoaster, but no worries—I’ve got your back, and we’re working hard to make it as smooth as possible.
Doing both at the same time is a bit of a rarity these days, especially if you’re going the loan route. There are rules to keep you from going overboard with your finances, but they can make things a bit tricky. Typically, the relay race goes like this: sell your old home first, then snag your shiny new one.
Selling before buying is the safer bet. Your old and new homes aren’t tied together, so no one’s twiddling their thumbs waiting on the other. But, you’ll need a place to crash in between, which can be a bit of a hassle and an extra expense. If you can manage to find a short-term rental (no easy feat these days) or crash with family, it’s a great way to take your sweet time finding that perfect new spot.
Buying before selling is more convenient—you can move at your own pace and even spruce up your new place before moving in. But, can you swing a new mortgage without ditching the old home first? It’s possible if you can handle juggling two properties for a bit, but be ready for extra costs if the old place doesn’t sell like hotcakes. You might have to rent it out or list it as a short-term rental. Been there, done that—buying before selling is a bit of a financial juggling act, but it eventually worked out for us and made the transition easier.
When you’re coordinating this tag team of a sale and purchase, be picky with your buyers and sellers. You don’t want someone who’s not fully committed. Watch out for red flags like deals depending on other deals, doubts about financing, low deposits, crazy repair requests, or shaky moving plans. Your schedule matters, so choose your partners wisely.
When you’re ready to make a move, hit me up, and let’s make it happen!
