If you’re considering selling your home at the same time as you might buy another one, there is a number of considerations to consider. You don’t want to get jammed up with two mortgages.
- Calculate the real value of your current home. A real estate professional can help you decide what the house is worth.
- Deduct known fees. Take from that number what the fees you will pay will be. This will include real estate fees, inspection fees, and even moving costs should be accounted for.
- See lender about your loan. Look at how much you might get paid for your house and how much you owe. What remains is what you really have for money for a house.
- Time to go out looking. You now have a sense of your buying power. This is what you can take out into the world and look for a new house for yourself.
- Contingent sale. If you have a buyer that wants your house, you can make the sale contingent on your ability to find a home for yourself. Many buyers, such as renters, can wait an extra month. You might make a financial concession to make this happen, but it can take the pressure off of you.
- Flexible buyers. You might need to limit your buyers to those who can be flexible. Tell buyers about this upfront and you can save everyone the pain of having to find out after they’re already excited about your house.
It’s all about timing when you’re buying and selling at the same time. It can be done with help of the right professionals and buyers who are flexible and understanding.