Unless you’ve got a lot of cash in a savings account somewhere, you’re going to need to coordinate the sale of your current home with the purchase of your new home. You’re going to be busy, and it’s natural to feel a little stressed out when you’re enduring two complicated processes at the same time. Tailoring your approach to your specific situation will make it easier for you to transition between homes.
1. Work with The Numbers
You need to know how much you can realistically expect to profit from the sale of your home, and this comes from getting your home appraised. You’re going to have to create a tentative budget. You won’t know how much of a mortgage loan you’ll need until you know how much funding will come as a direct result of the same of your home. If your estimates of these numbers are off, the process can take a lot longer than you’re expecting. Knowledge is power in this situation.
2. Know Where You’re Looking to Go
Familiarize yourself with the real estate market you’re looking to move into. This will give you a good idea of how to interact with sellers in that area while helping you plot out a productive timeframe. You’ll know the average home value, allowing you to create a functional budget. If you know what area is perfect, limiting your search to homes only around that area will help the process go faster. There’s less room for surprises.
3. Start Prepping as Soon as You Know
The moment you’re certain you’re going to put your home on the market at some point in the near future is the moment you should start preparing your home for sale. It’s time to declutter, throw away or donate everything you’ve been meaning to get rid of, and start packing the things you know you won’t need to use for a while. This will make it easier on you as you progress further through the process. As the date approaches, you can start packing up the things you’d need to use on a regular basis and call up some removalists like Pack & Send to start moving it for you.
4. Have a Plan For Each Outcome
You can attempt to coordinate closing dates, but it’s nearly impossible to get them both done on the same date. Either your home will sell first, or you’ll secure your new place first. You need to have a plan that entertains both possible outcomes. If your home sells first, you might want to keep some of your things in storage and stay at a hotel or with a relative during the downtime. If you get your new place first, you may want to keep your previous home staged or leave someone behind to help show the house to potential buyers.
5. Make a Backup Plan if Those Don’t Work
What happens if you purchase your new home, settle in, and your old home hasn’t sold yet? You might want to think about some alternatives to cover the maintenance costs of your former home, even if that means renting it out to tenants. If your old home sells, but you’re having trouble purchasing a new one, you might want to prepare to rent an apartment. It could be a while, and you’ll need a roof over your head in the meantime.
The worst thing a homeowner could do to themselves in such a busy situation is expecting that everything will work out the way they envisioned it. Life happens, and life can sometimes disrupt our plans. Exploring the process from all angles is most likely to lead to success.