Selling your home and buying a home are two significant real estate transactions that require your patience, commitment, and focus. Each of these processes involves many steps, significant attention to detail, and hours of effort to ensure that the completed sale meets all of your expectations. Alone, selling your home or buying a home is quite a feat — attempting to do both simultaneously is another endeavor altogether. If you're planning on juggling a home sale and purchase at the same time, here are a few tips to make these dual transactions as smooth as possible.
Although it's typically easier to buy and sell a home separately, there are quite a few scenarios in which a homeowner would benefit from conducting both transactions at the same time. The biggest dilemma most homeowners face is determining which transaction they should attempt to finalize first. Each homeowner's situation is unique and specific factors will influence their decision. For example, someone who needs to relocate quickly should attempt to sell first while someone who has the finances on-hand to make an offer on their dream home should try to buy first.
Some benefits to selling first may include avoiding two simultaneous mortgage payments and having cash-on-hand to make a down payment on a new home. However, selling your home initially may make you feel pressured to buy quickly and force you to pay additional costs for temporary housing and storage. If you choose to buy before you sell, you'll have a place to move your belongings and you may feel less stressed during the home sale process but you also run the risk of not qualifying for a new mortgage or having your funds tied up in your older property.
3 Tips For Selling Your Home Before You Buy Another
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