Suppose you are thinking of selling your home and moving into a new one. That can be challenging for some people to achieve.
Meanwhile, many people make this process easier by purchasing a new home before selling the current one, most especially when it comes to Tulum Mexico real estate.
Doing this can be a terrible idea. Why is it so? Making payments for two mortgages can easily stress out your budget.
Since it looks like there is no availability of a dream home, it is essential to ensure that your current home is sold before the purchase of a new one.
If you don’t know where to start, relax. Let’s show you how to make a purchase of a house and also sell at the same time.
5 Steps for Purchasing and Selling at the Same Time
In order to have confidence about selling your home and buying another one at the same time. Below are the steps to follow.
1. Plan Your Timeline for Purchasing and Selling
First of all, it is essential to collaborate with a professional real estate agent who can be of good help to you in understanding the challenges and benefits involved in buying and selling a home in your current market.
Meanwhile, an excellent place to start is to discuss current real estate trends with a real estate agent so you have a good idea of the amount your home will sell for and the amount you expect to pay for a new home.
A clear understanding of the real estate market in your location and some professional advice from your agent show that you are ready to make a plan.
You can start the process by answering the questions with your real estate agent:
Questions To Answer with Your Real Estate Agent
Below are the questions to answer with your real estate agent.
- What’s my ideal timeline? It simply means at what point in the process of selling a home should the search for a new home startup. How long is the home-buying process expected to take? Is it possible?
- What is my budget? Based on the expected sale of my home, as yourself, how much can I afford to pay for my next house? How much of a down payment will I be able to make? Is it possible for me to pay in cash, or is it necessary to plan ahead for financing?
- Can I make the transition at once? This means there is a need for space between closing upon the sale of the current house and the move-in date for the new house.
2. Get Your House Ready to Sell
At this point, it shows you are ready to put your plan into action. Meanwhile, there are some essential steps to ensure your house is prepared for listing. But you don’t need to get stressed at this point. Your agent can quickly help you with all the necessary steps.
Steps To Take for The Listing of Your House
- Hire a Home Inspector
- Stage Your Home
- Price Your Home
- Find expert agents to help you buy your home.
3. Sell Your Home
The moment your home is available for the market, like showcasing an advert like Homes for Sale Tulum, your real estate agent can list it and start scheduling the best photography for real estate for display and showings. With this, it reveals that you are one hundred percent ready for your house to be sold. But it is essential to remember that a well-prepared home will take a little while, close to ninety days, to sell.
Meanwhile, you might be kind of in a hurry to make a move to your own new home. But it is essential to focus on tackling all that is necessary for your current home to be sold until the arrival of the closing date. Any delays in its completion might complicate your move to a new house or home.
4. Fill the Space Between Buying and Selling
Filling the gap between buying and selling involves having a clearer idea of how long the space will be between closing the sale of your current home and transitioning to your new one.
Now, let’s look at how to fill the gap.
At this stage, you might need somewhere to live temporarily, then spread a social message out at your church, workplace, and the like. You are basically informing everyone that you are looking for a rental.
Meanwhile, below are some other ideas on how to fill the gaps between moving out of your current home and into your new one.
They are as follows:
- Rent-Back Agreement
- Contract Contingency
- Bad Options to Avoid
- Bridge loan
- catch
5. Buy Your New Home
At this point, one can tell you congratulations on selling your old home! And you are ready to buy a new home right now.
Now, let’s follow some steps on how to buy a house. All you first need to do is
- Find a buyer’s agent or use the real estate agent you sold your home with.
- Make a decision to make a down payment you can make. Let it be at least 20%, which is an ideal price to prevent the payment of private mortgage insurance.
However, don’t forget to ensure your monthly mortgage payments are less than twenty-five percent of your monthly take-home pay, which will include property taxes, insurance, and homeowners’ association fees.
Doing this will help you keep enough money left over to use toward other critical financial goals.
If you have the right agent, taking on the housing market is an easy goal to achieve.
You can buy or sell your home with an agent. In case you need one, BuyPlay is at your beck and call to offer the best of their service to guide you through buying and selling your house.
We at BuyPlaya are real estate professionals who will guide you to ensure that the sale of your property will be correctly done without stress and on time.
We have a professional team that has made thousands of dreams of people come true over the years. And yours could be the next.
Conclusion
It might look like you are so focused on getting a new home that it might be pretty challenging to press down the urge to purchase a new one before selling your current home. Sure, purchasing a new house before selling your current home would make the moving process more accessible, but piling a second mortgage on your back is a terrible idea.
In order not to make such a tempting mistake, what are you waiting for? Why not contact us at BuyPlaya today!