f you’re in that period of life where the housing market is all that you can think about, welcome to the world of high stakes and chaotic experiences. Take a seat. All jokes aside, having to sell and buy a house at the same time is probably one of the most challenging things you’ll do. That’s the bad news. Luckily, the good news is that, as hard as it is, you’ll also have the time of your life doing it. Here’s some advice that’ll help you get a grasp of what awaits you.
Your organizational skills need to be on point
- Decide what an ideal timeline would be and try to make it work.
- Set a strict spending limit and be realistic with your funds.
- Try to plan even the possible mishaps and accidents that could happen so that you’re not surprised.
If you have to choose what to do first – sell
It’s entirely reasonable that you want to sell and buy a house at the same time. However, you technically can’t really do it completely simultaneously. Here’s why you should wait until you’ve sold your home to purchase a new one:
- It’ll be much harder to qualify for a new mortgage while you still own your home. If you have to rely on the sale of your home for the down payment, it’s all the more reason to sell before you buy.
- Even though having to pay for two mortgages simultaneously doesn’t sound all that bad, you have no guarantees that you’ll be able to sell as quickly as predicted. Although the Dublin, Ohio, market is high in demand, you never know. Selling your home could take a long time. Don’t spend all that extra money you could be putting into something worth your while.
- If you don’t have money saved up on the side, you should wait until you’ve sold your previous home before purchasing a new one. Unfortunately, it’s usually in unlucky scenarios such as this one that all the accidents start happening out of the blue.
Don’t be too stingy
In the world of real estate, you need to give to get. Selling and purchasing a house at the same time is no different. If you want to get your home ready for sale, you can’t simply tidy it up a bit and call it a day. Make sure to see what is asked of you as a home seller and abide by the rules. This doesn’t mean that you need to renovate your home extravagantly or anything along those lines. However, make sure that it meets the standards so that you’re able to sell it at a desirable price.
Hire reliable companies
Look for different professional companies that’ll be of use in the process of selling and buying a house simultaneously.
Real estate agents
Find a good real estate company that you’ll be able to rely on. These people will be in charge of finding your next home. It means that you should carefully choose them since they’ll play a significant role in your near future.
When it comes to buying a house at the same time as selling it, you need to be able to move out of your previous home as well. You might need a storage unit, packing materials, advice, you name it. And no matter what you need, be it units you can easily transfer your items in or simply some advice on relocation, you need to have good movers on your side. They’ll make your life so much easier.
Look at some other properties both for inspiration and for purchase
Browsing through the best neighborhoods in Dublin, Ohio, is a great way to tackle this challenging endeavor. You’ll get enough information on how to stage your home to sell it. It’s also a great way to see what’s out there and what exactly you can expect while looking for your next home in this area.
Do all the chores that await you ASAP
There are pretty obvious, more giant steps to selling and buying a house simultaneously that you’ll get to right away. However, there’s also a bunch of minor, seemingly insignificant parts of this process that you’ll have to get to eventually. For instance, packing is something you know you must do and may think you have got it covered. However, make sure you look for some packing and unpacking tips to speed up the process; believe us, you will find them helpful.In order not to have to do them hastily and with a lot of pressure, try to handle them as soon as possible.
- Get a home inspection
- Find different packing supplies
- Change the address on your documents and subscriptions
- Take breaks
- Seek advice when unsure about anything
- Clean and declutter
You can’t control everything
Accept that there’ll be challenges. You can run into any number of struggles during buying and selling a house. For example, there could be problems with funding, not getting offers, or having your own rejected, or plenty of other logistical issues. Thus, you should expect these and not worry too much about them. If market predictions could be 100% accurate at all times, you would be able to expect perfection. Unfortunately, that’s not the case. That being said, what you can have control over is your reaction. Don’t panic, stay calm, and work through the problem as best you can.
Questions to ask yourself before you sell and buy a house at the same time
- Are you completely debt-free?
- Did you save for 3–6 months of expenses?
- Will you have enough money to save for retirement in the future?
- Will you be able to contribute to your children’s college fund?
- Is your current/previous home fully paid off?
- Do you have enough funds to put 100% down on the new house?
The universal truth is that all of us would preferably live in a castle and not have to pay for everything. Although this particular example is quite obviously not a commonsensical option for most, we can often have some lack of good judgment and not realize it before it’s too late. Don’t allow this to happen to you. While organizing how you’ll sell and buy a house at the same time, make sure to consult someone who is objective. Price your home right according to what you’re offering. In the same manner, look for something that’s within your budget’s reach. It is the only way you won’t end up disappointed.