Buying a new home is always exciting. For buyers getting into the market for the first time or transitioning from a rental to owning a home, the process is filled with so many exciting steps. Then, as priorities shift and need to change, it’s time to buy again, but this time it might look a little different.
In any “move-up” situation, whether it's your second home or you're sixth, there are many moving pieces that you have to navigate to get the various transactions across the finish line and avoid delays. This is why it’s so important to have a real estate advisor on your side who can help you manage both transactions, answer your questions, and ensure that you’re taking the right steps to set yourself up for success.
When it comes time to navigate the process, you have a few options to consider.
Buying First
This option is not possible for most people, but if you can afford to carry two mortgages for a few months, it’s ideal. Buy your dream home, move into the new house, and put your current residence on the market. This makes the moving process so much easier because you don’t have a stressful deadline when you have to be out of your house.
Selling First
This is the most common option, but it does include more work and inconvenience. Sell your house and move into a temporary rental home or apartment while looking for the right home to buy. You can put most of your belongings in storage and keep only what you absolutely need on hand. Moving everything twice in a short time span is no fun.
Contingency Purchase
Make an offer on the home you want to purchase contingent on the sale of the house you are living in. Some sellers won’t want to take their home off the market “hoping” the potential buyer will sell their house, but it’s worth trying.
Having a game plan and working closely with your real estate agent can help you be a successful move-up buyer. Contact me today!
