How to Sell and Buy a House at the Same Time
Putting your house up for sale and purchasing a new one are two separate, complex processes. Performing these two actions together creates more of a complex situation while also taking you through a journey.
The comforting part about this is that these tasks seem daunting in theory but are not that complicated! That is, with proper planning, strategizing, and guidance. As someone juggling buying and selling a house simultaneously, you must constantly check in on your current property while looking for prospective homes. The constant back and forth may seem overwhelming and can get to you sometimes, but staying strong is the biggest tip. Just think about the end goal — living in new luxury without worrying about old properties!
So, if you will be or are currently going through this predicament, we urge you to follow our advice on the topic. Here are our tips on how to sell and buy a house at the same time.
1. Considering finances
For those thinking “I want to sell my house fast“, let’s take a look at your financial situation and market prices.
Start by analyzing your house’s market value and any mortgage balances. Doing so lets you more easily determine how much you should sell your current home for. Of course, this number should consider all the additional costs you would spend to prepare your home before sending it off! This includes repairs, cleaning up, commissions for real estate agents, etc.
We should also focus on the prices when purchasing a new house. By having a clear-cut budget, you cut out a lot of unnecessary financial confusion and hassle. To set this budget, evaluate your available resources, such as the money you gain from your home sale and overall financial standing.
Consider seeking guidance from a professional to help you figure out how to properly budget for this great adventure and ensure that your choices are thoroughly thought through.
2. Get your home sale-ready
Beautifying your home before the buyers come by to take a look is of utmost importance. This is because the better your house looks, the more likely it is to sell faster and at a higher price.
Start by livening up the exterior of your home. This is what makes the first impression, after all! Ensure the paint looks good and fresh and any lawn space is trimmed.
The next step is to declutter the space. Removing excess items that lay around the house and get in people’s way helps to provide a clean, spacious, and visually pleasing environment.
Continue by addressing any noticeable repairs or maintenance issues before listing your home. This could be a leaky pipe, cracked tiles, a broken heater, etc. Repairing these issues before selling your house not only improves the functionality of your home but also reassures potential buyers of its well-maintained condition.
If the budget allows it, consider refreshing your walls with a fresh coat of paint, making the house look brand new!
3. Figuring out your living situation
One of the troublesome parts of buying and selling your house simultaneously is figuring out your living situation. Since your house will now be on the market, you cannot live within it. However, since you are also buying a new house but may not have found one yet, you may be in a pickle of not knowing where to go. Fret not, for there are plenty of solutions to avoid this mayhem.
Depending on the alignment of your sale and purchase timelines, you may need some temporary housing. Consider short-term rentals, staying with friends or family, or even utilizing extended stay accommodations.
Sometimes, you may just be permitted to live in your house until it is bought. This can be beneficial if you require more time to secure your new property!
While it is tricky, one of the best things you could do would be to perfectly align your dates and times so that you can simply move into your new house as the old one sells. While perfect alignment isn’t always achievable, minimizing the gap between the two transactions can significantly ease your living situation.
4. Finding a real estate agent
You might need to find the right real estate agent on this journey. They can help you buy and sell houses, which would benefit you!
Search for an agent with heaps of experience and knowledge of the processes. Communicate with them throughout the buying and/or selling of the properties. Ensure their negotiation skills are strong, and they will advocate for your best interests.
