If you’re a current homeowner prowling the market for your next home, chances are you’re also looking to sell at the same time. Many scenarios could take place causing high stakes and high stress whether it’s a buyer backing out or your own purchase falling through. Keep these tips in mind when you’re planning to buy and sell to easily avoid any mishaps!
Have a Backup Plan
- The number of details and moving parts doubles when buying and selling at the same time. If your potential buyers back out of a deal at the last second, you might not be able to have the cash for your next home. Always have a well-stocked emergency fund and the worst case scenario will be spending a week in a hotel or Airbnb.
Don’t Wait Too Long to Prep Your Home
- Whether or not you always keep your home neat and tidy, it will still need a little bit of TLC before selling. Look through every room, nook and cranny in your home to see what needs repainting, any potential plumbing issues, or if you need to add grout to an underused bathroom. Making sure your home is properly updated and staged will prevent many stressors as you begin your very own journey for a new home.
Don’t Buy Too Big
- Having an emergency fund and successfully selling your home can set you up nicely for buying. But failing to get pre-approved on a new loan is one of the biggest mistakes homebuyers can make whether or not they’re selling at the same time. Pre-approval is imperative as it will help you set realistic expectations for the homes you are actually able to buy. While a large down payment and increased income may help you qualify for a larger home loan, it won’t be as much as you think and then you’ll miss out on important upgrades down the road.
Remember to Compromise
- During the home buying process, all sides deal with similar pressures. While you’re marketing your home and looking to buy a dream home, the owners selling that home may be in the same situation. Don’t expect too much from your hopeful sellers or buyers as compromise can go a long way in the long run.
Don’t Use Two Different Agents
- The process of buying and selling at the same time already throws many different aspects your way to juggle. The best way to simplify the journey is to use the same agent for both transactions. One Realtor will be able to easily provide insight on both transactions and ensure a smooth sale and purchase.
All of us at BSW Real Estate are experienced and dedicated to providing real value and comfort to our clients during all facets of their real estate journey. Remember to simplify the process with one of our BSW agents, follow these tips, and we’ll guide you along the way to a successful sale and the purchase of your dream home!