Selling your house to buy a new one at the same time can get complex, complicated, and stressful. It gets even worse if you have to use the money made from the sale of your current home to buy a new one.
Normally, the moment you sell your house, you should have your next house waiting for you to move in. But things don’t happen normally anymore and you have to make extra efforts to make things happen how you deem fit. So, before you sell your house with the hopes of buying a new one immediately, here are a few things you should know:
What To Know Before You Sell Your House
- Assemble a team of pros
Considering that there are a lot of complicated steps and processes involved in selling your house, you need to involve an experienced professional.
You need a professional real estate agent who will walk you through the process by giving you a reasonable amount of what you can sell your home at and how much you can buy a new home in your area. With that knowledge, you can determine how much you should prepare for the down payment on your new home.
- Consider your financial position
When most home sellers sell their home, they’d be expecting to get a new home as early as possible but what if things don’t go according to how you’ve planned it? What if you don’t have the financial capacity to buy a new home even after selling your old home? Or what if you’re unable to get approval for your mortgage home? Does it mean you’ll have no place to live?
These are the things you need to consider before selling your home. If you’re incapable of running two mortgages at the same time, then you should include a contingency in your contract with your real estate agent that ensures you’re not caught up in the mess (when the sale of your current home goes south). A good agent can help you come up with the best contingencies, help you negotiate, and get them written in the sales agreement between you and the seller.
- Does it favor buyers or sellers?
Before selling your home, you need to consider the conditions of your local housing market. Even in a seller’s market, you need to ensure your house is in the best condition if you want to sell it for a high price. If your property is handled by a professional real estate agent who knows how to stage a property well, you may be able to sell it for a good price.
In a buyer’s market, you shouldn’t rush into making an offer on your next home until you’re sure a buyer is ready to buy your current home.
- Have a backup plan
What do you do, if your plan to get another house immediately doesn’t go through as planned? You need to have a backup plan like getting a short-term rental or asking your buyers to do a rent-back agreement. This is so that you don’t end up homeless after selling your home.
And if you’ve managed to secure a new home before you find a buyer for your home, you can rent out your old house and use the proceeds to cover some expenses of moving into your new home.
The Best Way To Sell Your House
Are you looking for the best way to sell my house fast Conroe? At Preferred House Buyers, we buy houses Conroe at the best prices. If you plan to sell your house and buy another one immediately, you can facilitate your plan by selling to us at Preferred House Buyers. We’re cash home buyers Conroe and we help customers get their houses off the market in record time.
Contact us today to learn more about our services!