In a perfect world, selling your old home and buying a new home would coincide perfectly so that you could pay for your new home and move in immediately. However, it’s rarely as easy as this. Fortunately, it is possible to do. The following are a few tips to keep in mind if you’re buying and selling a home at the same time:
- Know your finances – If you’re in a strong financial position, you may be able to buy a new home before you sell your old home. You’ll need to be financially capable of doing this, however, since you’ll be responsible for paying off two mortgages (unless your old home is paid off) until you sell your old home.
- Add a contingency – You can make the sale of your house contingent on whether or not you’re able to close on a new home. This can, however, limit the number of buyers, especially those who need to move in right away.
- Add a new term – Add a term to your purchase contract that gives you an additional two or three weeks to stay in your old home.
- Rent out your old home – If the person who has bought your old home doesn’t need to move in right away, you might be able to come to an agreement in which you rent out your old home until you are able to find a new house to purchase.
- Work with a real estate agent in Fort Mill – A good real estate agent has experience in closing concurrent sales and can help you successfully sell and buy a home at the same time.