When the house you live in is no longer suitable for your family size, needs, or desires, you might make the decision to move to a different home. To do this, though, you would likely need to sell your current home and then buy another one. Some people will attempt to buy and sell at the same time. Will this work for you? If you are thinking of doing this, here are some things to consider before you make this decision.
1. The timing rarely works out perfectly
One of the most important things to understand about buying and selling at the same time is that rarely does the timing work out perfectly, and this is something you should know upfront. If you expect to sell your house and have to move out on the day you take possession of the house you are buying, you should understand that this will not likely happen. You might end up buying a house before you sell your other house, leaving you owning two houses at once. Or, you could sell first and have to move into a temporary rental before you close on the house you are buying.
2. Buying a house and selling one both require work, effort, and time
Secondly, selling or buying a house takes a lot of physical and mental work. In fact, buying or selling is a big deal in life that will be stressful and time-consuming, so if you plan to do these at the same time, you will have a double load of work on your hands.
3. Getting a loan before selling is not always a possibility
The other important thing to know is that if you buy a house before closing on your current home, you might find it challenging to find a lender that will give you a loan, primarily because you would already have a loan. Most families cannot afford to have two mortgages at the same time, and lenders know this. Because of this, you might not be able to go through with buying a house until you have completely closed on the deal for your current house. This means that it may be better to sell first before looking for a different house to buy.
There are definitely challenges of buying and selling at the same time, and you should consider these before you decide to do this. If you have any questions related to buying or selling a house, make sure you talk to a real estate agent today.Share