A family’s first home always holds a special place in the heart. However, most families outgrow their first home within a few years. Some families choose sell their old home and live elsewhere while preparing to buy. Others opt to buy first, move into the new home, and then go ahead and sell the old house.
In the first scenario, finding a place to live between houses poses a challenge. Unless friends or family offer temporary housing, this gap often creates financial stress.
In the second scenario, the longer transition from old to new creates less pressure. However, depending upon how quickly the old house sells, double mortgage payments may be difficult to manage.
There is a third option, and that is to coordinate the purchase and the sale in such a way as to seamlessly move both physically and financially from one home to the next. This takes planning, patience and a good bit of luck, but it is possible!
Set Your Target Date
Take a look at your calendar and select your ideal move-in date. Keep in mind any tasks you’ll need to handle before the sale as well as the amount of time you need to finalize and close the deal. Once you have this date in mind, work backwards from that date, creating goals at each step of the way. You must complete those goals in order to achieve a smooth transition into your new home.
Due to the number of moving parts, communication is vital. Make sure that your real estate agent has a copy of your schedule. With each completed goal, check in with your agent, mortgage company, and any other involved parties.
During this planning phase, you may want to ask your agent about timing the close of your old home slightly later than the close of the new home. This will provide you with at least a few days to move your belongings. If this is not possible, be prepared to ask your buyers about rent-back options for the time required to move.
Be Organized, Yet Flexible
Once you are ready to place an offer on a new home, leave plenty of time to finish last minute inspections or negotiations. Do your best to plan, but remember that buying or selling alone can be tricky. Managing both at one time demands organization.
If you’re still in the planning stages of your move or if you’re ready to start seriously looking for your new home, Keyrenter Real Estate is ready to help! Call Keyrenter Real Estate at (801) 566-6700!