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Buying your first home is exciting. It’s usually a fairly smooth process because you don’t have to worry about selling another home at the same time. When you have built up some equity in your first home and are ready to sell and move up, things will be slightly trickier.
The problem is, there is no certainty that your old house and new dream home will close at the same time. This can be a stressful project to take on by yourself; that’s why it’s important to hire a professional real estate agent who is experienced in this type of transaction. Here are some of your options:
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.
You only buy your first home once. After that, you will always have to deal with a simultaneous sale and purchase. Having a game plan and working closely with your real estate agent can help you be a successful move-up buyer. Contact me today!
