If you have decided you are ready to buy a new Bastrop home but you already own a home, it can require some planning to execute the two transactions simultaneously. Should you start with buying a new home or selling your old one first and how do you bring them together? The first question to ask yourself is if you can afford to own two homes. If you can, some people buy a new home then move into it before trying to sell their old home to make things easier. For many people, that isn’t an option they can afford so they need to handle it differently.
Start by talking with a mortgage lender to understand where you stand financially. Are you in a position to qualify for a second mortgage? Even if you don’t want to own two homes long term, could you purchase a new one and make do for a few months just to make things easier? It is important to remember that just because you can qualify for a second mortgage doesn’t mean you should. Your comfort level is more important than anything else.
Once you have talked to a lender and know your financial options, it’s now time to develop a plan to meet your real estate needs. That means it is time to talk to a real estate agent. Only an agent with experience in the market you live in can help you determine a realistic time frame to make this happen. When you are discussing things with your agent, be as specific as possible about the kind of home you are looking for. Your agent will be able to tell you if that will be easy to find or if you are interested in a unique property that may take some time to find one available.
The other thing you will want to discuss is how long it will take to sell your home. To give you an accurate timeframe for this, your agent will definitely want to see your home in person. The condition of your home will play a huge part in how quickly it will sell and what the price should be. The price of your home can be adjusted to go with the timeframe you are trying to meet.
If you have found your dream home, pricing your home aggressively will be important so that it sells faster. If you think it will take some time to find the perfect home for you, you can price your home a little higher since you will have more time to wait for the right buyer.
Another option that may be helpful if you don’t want to have two mortgages or if you are looking for a unique home that may be hard to find is to go ahead and sell your home and relocate to a temporary rental while you look for a new home. This can take the stress off of trying to sell your home before you buy and allow you to focus on finding the right home for you.
Don’t think you can’t do it at the same time because it happens every day across the country but because there are so many things that go into the process, it can sometimes be hard to align everything at once. Give us a call to discuss your real estate goals and let’s figure out the best direction for you to take to make them a reality.
The Janis Penick Team
RE/MAX Bastrop Area
Serving Bastrop, Cedar Creek and Smithville
Get your latest Home Value
Search for your New Home
Let’s Connect, Socially!
The Janis Penick Team is your ultimate real estate resource for Bastrop, Cedar Creek and Smithville, TX.
Image courtesy of Mohamed_hassan/pixabay.com