Option One
Buy & Sale At Exactly The Same Time
Here is a breakdown of the four basic options to buy and sell at the same time. You’ll see that there are pros and cons to each, and find guidance on establishing what is really important to you.
PROS:
- You only have to move once.
- You get to live in your own home while searching for a new home.
- You know exactly the price for which your old home will sell when you buy.
- You have the money from the sale of your old home for the down payment on your purchase.
CONS:
- It’s very hard to find the right new home at exactly the same time you find the right buyer for your old home.
- It’s hard to get the timing exactly right for two closings on two homes at exactly the same time.
- It’s necessary to have a small rent back period in order to have time to move out of your old house after you get the keys to your new house.
You Have To Live In Your House While It’s For Sale:
- You may have to do a lot of work to the home before the sale to get it ready for market and it’s sometimes difficult to live in the house while that work is done.
- You should “stage” your house for market, which usually includes storing many of your personal items, rearranging furniture, etc. in ways that are not the easiest for your lifestyle.
- You should keep the house extremely clean and ready for showings at all times.
- You should work around buyers’ schedules to arrange showings and may have to vacate your house at times that are not convenient for you and your family.
- If you have pets, you may need to manage them during showings as well.
REQUIRES: Amazing luck that the timing works out perfectly