Here are three ways you can buy and sell a home at the same time.
Is it possible to buy and sell a home at the same time? Absolutely! First, you should review your finances and get pre-qualified with a local lender. This will tell you exactly how much home you can afford. We should also discuss how much your home will sell for so you can think about your equity and what you’ll need for a down payment. Here are three ways you can go about buying and selling a home at the same time:
1. Buy first and then sell. Enjoy the search without the pressure of selling your home. You also won’t need interim housing, so you can move without rushing. However, you would have to pay two mortgage payments at the same time, and you won’t know how much equity is in your old home since you haven’t sold yet.
2. Sell first and then buy. With this option, you’ll know exactly how much equity you have in your current home, which you can use as a down payment on your next home. You can also avoid carrying two mortgages.
3. Simultaneously buy and sell. This is certainly doable, but it takes pre-planning and flexibility. We’ve done this successfully with many clients, but you’ll want to get your home pre-inspected and get any repairs done early.
If you have questions, don’t hesitate to reach out to us by phone or email. We look forward to hearing from you.