If you are looking to sell your current house and move to a new home that better fits your needs and life style, your challenge will be to avoid ending up homeless. If you review the previous section on “Selling Your Home” you will find that most properties sell quickly if they are properly prepared, priced and presented. Conversely, it can take more time to find and secure the right home in our current market climate.
What to do?
You have several options open to you. If your financial situation permits it, you may find it to your advantage to buy your new home first, using equity in your existing property as a down payment, and using a bridge loan or a related financing product to accomplish the purchase. We have also had clients in this situation, whose homes were sufficiently attractive in their respective market niche so as to offer a high degree of likelihood that they would sell quickly. Some of these clients took the chance and committed to purchasing a new property and then put their old property on the market once they had the new home safely under agreement. This approach can be rewarding if it is handled properly with prudent risk management. Your Historical Homes agent will be glad to assist you in this process.
A third option would be for you to put your present house on the market and offer it with the condition that you be given time to locate and purchase another home, before the buyer may take possession and move into your current home. Once a buyer has committed to purchasing your property and agreed to wait to move in, you can safely move forward with your new purchase. This option works well for home owners for whom the financial burden of carrying two homes is a challenge.
Lastly, a safe, if inconvenient option is for you to sell your property, move into a short term rental and then move again once you have found and purchased the right home.
We would encourage you to read the section on both “Buying Your First Home”, which will give you some insights as to what to expect as a buyer, as well as the section on “Selling Your Home” which offers valuable knowledge about how to properly prepare your home for sale. Your Historical Homes agent will be happy to review the ins and outs of the options previously outlined to help you decide which approach is best for you. Contact us to set aside some time for a confidential dialogue about the process.