Selling a property is a pretty stressful endeavor. So is searching for and buying another one. If you want to take up both processes simultaneously, you should get mentally prepared for the double paperwork and arrangements. Without the correct information, the scenario of feeling anxious and overwhelmed is likely to happen. On the other hand, you can reach your selling goals and find your desired property if you get previously informed. In this article, you will read about the steps you need to take when buying and selling your Winston Salem home at the same time.
Buying and selling your Winston Salem home at the same time – which goes first?
In an ideal world, you could sell your house the moment you put it on the market and find your new dream home immediately afterward for the right price. But, unfortunately, we don’t live in an ideal world. There are many things you will need to think of and prepare. So, even though you will juggle the two processes simultaneously, one should come slightly before the other. In the end, the decision comes down to your personal situation and financial stability.
Selling your house first
It would help if you thought of affordable solutions and changes that attract buyers to sell your house fast. For example, people selling their homes usually decide to repaint their walls, declutter, and research different curb appeal ideas to make a great first impression.
Caption: Selling your house first means you will be more financially secure.
Alt tag: Two people holding a wooden toy house
Let’s look at the steps to take if you decide to sell your house slightly before getting a new one.
- Clean and declutter
- Make only necessary repairs
- Stage it for successful selling
- Find the right agent
- Be reasonable about the price
- Have a plan for the gap period
Cleaning
To make your home appalling to potential buyers, you should deep clean it and ensure it’s clutter-free. Go through every room, remove personal items, don’t feel bad about throwing away the things you haven’t used for ages. Clean your carpets and floors, kitchen and bathroom countertops, mirrors, and windows.
Repairs
You might want to schedule an inspection before listing your home for sale. This way you will know which repairs are necessary. After all, this will only lead to increasing the value of your home.
Staging
Hiring a professional home stager is necessary to ensure potential homebuyers fall in love with your property. You can also read about the tips and tricks of home staging online and save a few bucks by doing this yourself. Homebuyers usually lean towards clutter-free, open, bright, and functional spaces.
Hiring an agent
A reliable real estate agent who knows the local market well is invaluable in pulling off a quick and smooth sale. Hiring the right agent who will aggressively market your home and ensure you get the best offer will be of enormous help and ease a tremendous amount of stress off your shoulders.
Caption: A good agent gives you the advantage of a successful closing.
Alt-tag: A couple with a real estate agent buying a house
Pricing
This is one of the few things that you can absolutely control in the process of buying and selling your Winston Salem home at the same time.
You don’t want to undervalue your property and leave with less cash for your next down payment. However, you also want to avoid overpricing, as you might wait for a long time for it to sell. Instead, experts recommend pricing it inline or just a bit below the market value to get multiple offers.
The gap period plan
Selling your home first and ensuring you have cash for your next down payment is great. But, this also means you temporarily won’t have a roof over your head. That’s why it’s crucial to prepare for this step in advance. Consider staying with a family member or renting a home for a few months.
Buying a new property first
Buying another house first also offers a lot of advantages. First, it will make your moving process a whole lot easier. You will be able to take your time, move your belongings safely, and avoid searching for a temporary place to live.
Caption: Buying first will leave you with enough time to settle into your new home.
Alt-tag: A woman unpacking her bed in her new home
Choosing this option will leave you with enough time to consider the possibilities of selling your house for cash, selling it as it is, or preparing and staging it for the market.
Although this is an excellent option in many ways, it might be tough on the financial side. You will now have two mortgage payments, plus additional closing costs, down payment, moving expenses, and maintenance expenses. It can be a lot to handle at once. But, again, it all comes down to your family’s priorities and financial situation.
Finally, here are some tips to follow when choosing to purchase a new property first.
- Rent your old house
- Bridge loan or a home equity loan
- Sell your house fast
Rent it out
Once you move to your new place, you can choose to rent your old home until you get a good offer. You can also rent it out short-term if it is in a desirable location. This will ensure you generate some income and pay the mortgage.
Go for a bridge loan or a home equity loan
If you have equity in your current home, you can free up some money to cover the closing expenses, down payment, and all the extra expenses when maintaining two properties at once.
A bridge loan will allow you to finance your new home while selling your old one. Nevertheless, it would be best to get informed about these loans since they have high interest rates.
Sell your house fast
Alternatively, if you are on a tight schedule, you can choose to sell your house fast and get a cash offer within a week. This way, you will eliminate the stress of fixing, staging, and waiting for your home to get an offer.
Caption: Buying and selling your Winston Salem home at the same time might allow faster cash fluctuation.
Alt-tag: Dollar bills
The takeaway from buying and selling your Winston Salem home at the same time
There’s no escaping the fact that buying and selling your Winston Salem home at the same time is a tiresome and stressful process. We hope our article helped in answering some of your questions. With this in mind, you will definitely smooth out some of the inevitable bumps along the way.
If you need help with Buying or Selling in the Winston Salem, NC area please reach out to AIP House Buyers. We buy and sell Houses and can list your house at a discounted rate if you would rather put you would like to list your house on the local market
336-707-5223 Call or Text