As a homeowner who is planning on selling their home you have one goal in mind, you will either want to move up or down with the next home that you purchase.
The process of selling a home while buying another one at the same time isn’t always an easy one because you will have to use the equity in your current home to move up to a bigger home or downsize to a smaller one.
Although the process of selling a home while buying another one at the same time may seem difficult it’s not impossible if you follow these simple tips.
Tip 1 – Have a Plan
Even though the process of selling your home and then buying another one might seem easy, the transaction doesn’t always go as smoothly because the sale of your home will first be dependent on several factors including:
- The current Real Estate market
- Demand for homes
- Your homes price
- Condition of your home
By having a plan you should know exactly what you will do if your home sells before you are able to buy a second home and some of the options you might consider adding to your plan include: renting your home back after it’s purchased.
Tip 2 – Get Your Finances in Order
Since your plan to purchase another home may depend on using the equity in your current home for the down payment on the second home, make sure that you have your finances in order. Failure to supply the right documents to your lender could delay the purchase of your next home.
Tip 3 – Know What You’re Looking For
Part of home buying 101 is to know exactly what you’re looking for in a home because, not knowing what your “haves” and “have not’s” are in a home could make it more difficult for your Realtor to find a home which you will really love.
If it’s been years since you purchased your current home and you don’t know what type of home would work for you now contact Fred Sed & Associates today for a free Real Estate consultation by calling us at (949) 272-0125.