Buying and selling a home simultaneously can be quite overwhelming, but it’s definitely achievable! Here are three strategies to help you navigate this common situation:
1. Sell Your Property First
For many homeowners, selling their current home first is essential for financing a new one. If you need the proceeds from your home sale to make a down payment on a new property, we can prioritize selling your current home quickly and then assist you in purchasing your new one.
Pro tip: When choosing this option, make sure to account for the time required to prepare your home for sale and secure pre-approval for a mortgage loan for your new home. Consider storage solutions for your belongings while you transition to your new residence.
2. Buy Your New Home First
If you prefer to buy your new home before selling your current one, you’ll need to manage both the down payment and closing costs on the new property, alongside your existing mortgage. Although it may seem challenging to handle two mortgages, you can minimize costs by:
- Renting out your old home long-term or listing it on short-term rental platforms like Airbnb.
- Applying for a home equity loan or a bridge loan to cover the financial gap between both properties.
You might also include a sale contingency clause in your offer on the new home. This clause allows you to back out if your old home doesn’t sell within a specified timeframe. Note that sellers are generally more receptive to contingency clauses in less competitive markets.
3. Buy and Sell Simultaneously
This approach involves precise timing and is influenced by your financial situation, risk tolerance, and current market conditions. Start by listing your home for sale and getting it under contract. During this process, we’ll help you find and secure your new home.
- Pro tip: Similar to the first option, be prepared for temporary living arrangements, as the timing can be unpredictable. If you’re comfortable staying with friends or family, or in a budget-friendly hotel for a short period, this option might work well for you.
Looking to buy and sell a home in or around Conroe, TX? Contact us today, and we’ll help you determine the best strategy for your needs.
