Buying a home and selling a home can be very complicated tasks on their own, but trying to do these two things at the same time can be even more difficult if not planned correctly. However, if you are working with the right real estate team to devise the best strategy, you can successfully both sell your home and buy a home in Fort Worth, TX. Read on to learn about a few of the ways that you can make this a reality for your family.
Plan ahead for all scenarios
Before you get started, you will have to determine which option is best for you: selling your current home first, or buying your new home and completing the sale of your old home afterwards. No matter which direction you go, a lot of planning will be needed to make sure you are ready for everything that outcome might bring. For example, if you sell your current home first, it will likely be easier to secure the mortgage for your new home. However, you might need to find a place to live before you’re able to find the new house you want to move into, which could create additional expenses in the interim. On the other hand, buying a new home first means you will be able to move in right away, but you will have to be financially prepared to support two mortgages until your old home is sold.
Regardless, good planning is critical, because there are a lot of factors you won’t be able to control. When selling, you are reliant on your buyer to have all of their affairs in order to complete the sale, which isn’t always going to happen. Or, you might find that the home you purchased is not as move-in ready as you once thought, which might temporarily delay your move. If you are prepared for all possible scenarios, it will help the process go relatively smoothly even if there are some unexpected hiccups.
Know all of your options
Your circumstances will dictate what makes the most sense for your family, but it is important to know that you have multiple options if buying and selling at the same time is something you want to do. The new owners of your old home might be open to an arrangement that will allow you to continue to live in the home while paying them rent for an agreed-upon length of time. There are also gap financing options that provide financial relief as you pursue your new home, using your current home as collateral.
Although selling your home and buying a new home simultaneously is a multi-faceted process with many moving parts, you can complete the whole process successfully with our help at DFW 1% Listings. One of the most important keys to your success will be finding a real estate consultant that is well versed in the unique needs of both buyers and sellers—and that is exactly what our team can provide for your family. If you want to sell your home and buy a home in Fort Worth, TX, give us a call to schedule your appointment so we can get started right away.