First-time homebuyers often have an easy task. They simply find the home of their dreams, get the perfect mortgage, then make that purchase. When you already own a home, though, things are a bit more complicated. Can you really buy a home and sell your current one at the same time? It is possible, but it may take a bit of extra work on your part.
Step 1: Know Your Market
If you’ve ever heard the phrase “All real estate is local,” you know that while homes may be hot on the other side of town, they may have trouble selling in your area. Understanding what is selling and what is not in your area will help you know how quickly to move forward. You’ll want to complete this research even before you start shopping for another home. Know how long it might take you to move your home from “for sale” to “sold,” and understand how to price it correctly to help that happen faster.
Step 2: Plan, Then Market
Your next step is to begin marketing your home with online estate agents, Doorsteps. We’ll help you get your home in front of all of the right people almost immediately, and that can result in a faster sale. Before you jump into that step, though, come up with a plan. If your home does sell immediately, how quickly can you be out, and where will you go if you haven’t hit your closing date on the home you’re buying? A bit of preparation at this stage can prevent some serious problems down the road when your home does sell.
Step 3: Find the Right Property
The moment you put your home on the market, it’s time to start searching for the perfect property to meet your needs. It may help to have an understanding of what (and where) that property is going to be. For example, if you want something that’s close to the M4 for business purposes, you have a specific area to search. If you want a large garden, you’re going to be able to eliminate a number of properties immediately. You won’t have much time, especially if your home sells quickly, so you may need to clear your schedule for a couple of days.
Keep in mind that if it’s financially feasible, it may be possible for you to buy the home of your dreams while you’re working to sell yours. Chat with your mortgage lender about your options before you begin searching for that perfect property.