6 Tips for Getting Your House Sold While Buying a New Home

6 Tips for Getting Your House Sold While Buying a New Home

Striking a balance between buying and selling a house isn’t as easy as it sounds. Things get complicated when your closings don’t perfectly align, and it takes longer to buy or sell your home. Selling and buying houses at the same time can be stressful, especially if you depend on one transaction to chip in for the other. However, this doesn’t mean that it has to be doomed. With a few plans in place, you can hit both birds with the same stone. Here are a few tips to help you manage the process.

Bring your team on board

This is probably your first home sale and purchase all happening simultaneously. Without a doubt, the process can get complicated and overwhelming. It’s worse if you are in it alone. Consider assembling a team of experienced professionals that will influence your purchasing and selling process. Hire a skilled real estate agent to help gauge if your goals are realistic through accurate home valuations. You might also want to consult with a financial analyst to help you build a strategic financial plan. A lawyer might also come in handy as you enter the real estate market that’s highly regulated with real estate laws.

Property valuation

Before you even start exploring houses to buy, consider determining the value of your home in the market. Your real estate agent could help you with this, although it wouldn’t hurt getting a second opinion from a different real estate agent. You might also want to factor in a professional valuer’s knowledge and experience during this valuation process. The value of your home will help you set the pace for your financial plans.

Determine your current financial position

How much are you planning to spend on your next house? What’s the equity in your existing home? How much down payment can you afford for your next house without receiving any amount from your current home? There are chances that you might find a suitable home before selling your existing home. Therefore, you need a financial plan that secures your purchasing power in the absence of the money exchanged for your current home. What if your new house turns out to be more expensive than your older home? Do you have funds for the extra expenses such as moving, stamp duty and agent fees? Work out your finances before proceeding any further with the plan.

Plan your schedules for buying and selling your home

Keep in mind that you will be managing two hectic tasks that are no walk in the park. Fortunately, with an experienced and skilled real estate agent, you can manage to sell your home while still shopping for a new one. Your real estate agent will help you understand the challenges you might come across along the way. You might also want to set an ideal timeline that will help you approach the process realistically. Go ahead with an open mind that may have you not transacting both deals at the same time but hoping for the best.

Prepare your home for sale

Now that your schedules are plans are in place, your real estate agent will help you prepare your home for sale. The process includes:

Hiring a home inspector- an expert will help you inspect your house for things and fixtures that you may need to fix before listing your home.

Fixing and improving your home’s curb appeal- image is paramount. Your home’s first impression will determine how fast it gets a buyer. Consider deep cleaning, painting, changing broken fixtures and upgrading some rooms such as the kitchen.

Staging- at this point, you need to change your mind and imagine that it’s no longer yours. Your real estate agent could help with staging your home professionally. Make your home an inviting space that prospective buyers can picture themselves in it.

Pricing- your home should have the perfect pricing to attract the right clients. Pricing it too high chases away potential buyers while lowly priced houses are assumed to have problems.

Start shopping for your new home

After you receive a few offers from serious home buyers, you could start looking for your new home. With a set down payment, desired location and needs, your real estate agent could help you track a few houses. Submit offers, get home inspections and buy your home. You might just get lucky and sell your home at the same time you sign your contract for your new home.

There you have it! Six remarkable tips that will help you sell and buy your home simultaneously. The process doesn’t have to be hectic, as discussed in this piece.