Sound Off Jean O’Neill What are tips for buying a house while selling your home?
If you are ready to make a move but you have to sell in order to buy your new home, the first step is to get a price opinion on the home you’re living in and prepare it as best you can for sale. An agent can tell you once you’ve established the price and prepared your home for showings at what price you are likely to sell and how long it will take to get offers.
At this point, it’s a good idea to crunch the numbers, taking into account the fees you can expect on both the sale side and the purchase side. Talking with a lender will further reveal what you can anticipate as monthly costs in your new property.
Once you have a good idea of your buying power, it makes sense to go out and see potential properties you would purchase.
Timing will be crucial in closing on both properties seamlessly. Your agent will be instrumental in guiding you through this process and coordinating both the sale and buy.
It’s best to have a signed contract on the sale of your current home before placing an offer on the next.
People manage to move from one property to another every day. Planning and preparation are key here. If you have a buyer for your property but can’t find the new home you were hoping for there are options: you can make the sale of your current home contingent upon finding suitable housing. Being upfront with potential buyers is important here, you may limit your buyer pool to those who have some flexibility on timing, but this will give you a reasonable amount of time to find your next home.
Having a back-up plan is always recommended too, whether a short term rental or staying with friends or family. Planning with your agent from the beginning will help in relieving stress and headaches during the process.
William Pitt Sotheby’s