Photo Credit: Unsplash
For a lot of homebuyers, when they’re buying a home, at the same time, they have to also sell their current home (if they’re not a first-time home buyer). The timing has to be just right; it needs to be perfect, and you can’t control everyone and the timing, so honestly, it can feel next to impossible to get it all right.
Because you need to protect your income and ensure your mortgage is fine (as in, still being able to finance the new home), all while at the same time trying to rush and sell your current home and having that appeal to home buyers who can afford it.
So, since this can be done, how can you do it? How can you synchronise all of this? Well, here’s what you need to know!
Start with a Clear Timeline
So, the first thing you’ll need to do is to establish a realistic timeline for both the sale of your current home and the purchase of the new one. Meaning, that you’ll need to work closely with your real estate agent to understand market conditions, average selling times, and potential challenges in the areas you are buying and selling. This isn’t something you’re going to want to DIY; it’s best to look into getting a real estate agency on your side to help you out with all of this since they’re the professionals who know and understand getting the timing right between these two homes.
Get Your Home Market-Ready
So, before listing your current home (if you haven’t done this already), you’re going to have to invest time and resources in making it market-ready. In general, you need to keep in mind that the more “perfect” the home is, the more likely it is to attract potential buyers quickly.
Coordination is Key
So, it was mentioned earlier that you’re going to need a solid real estate agent or agency on your side, so this is something you absolutely need to think about; no “buts” about it. Most of the coordination is going to be on them, the professionals. So, of course, you’ll need to communicate your desire to synchronise the transactions and work together to align timelines and negotiations. A coordinated effort between agents can significantly streamline the process.
Consider the Funding
Sadly, not everything can be just right; the timing isn’t always going to be perfect. It’s unfortunate, but sometimes that’s just how things are. But just because the timing can’t be right doesn’t mean that this new house needs to slip away. You can have the option of quick funding and have this problem solved for you. Something like a temporary bridge loan could help out immensely.
Just Try to Stay Patient
Alright, this is generic, but it’s true. Sometimes, all you can actually do is just stay patient. When you’re buying a house, it’s entirely understandable that you’re going to be stressed to the point that anxiety kicks in. But you just need to remember that nearly every homeowner goes through this exact thing; very rarely does timing actually line up. So just stay patient, have a reliable professional, and do what needs to be done!
