If You Need to Buy and Sell, Which Comes First?

Buying and selling at the same time isn’t easy, but it certainly can be done. Here’s how we can help.

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If you need to sell your current home and buy a new one, how should you go about it? The good news is that you have options.

If you can buy a new home without having to sell first, you’re in a much better position. You can take the time to find the right home, buy it, then put your current home on the market and move at your leisure.

However, most people are in a position where they need to sell first, then take the money from the sale to fund the new home purchase. You can make an offer that’s contingent on the sale of your home, but most sellers don’t want to accept those kinds of offers. Sellers won’t take a chance on you having to sell your property in order to sell theirs.

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You may need to find temporary housing if you sell first.

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Once you do sell and need to move, you’ll likely need to find temporary housing in the form of a rental, moving in with friends or relatives. Seldom does it work perfectly where you can buy and sell simultaneously and move seamlessly. It happens, but the odds are against you.

If you have a significant amount of equity in your home, you can take a Home Equity Line of Credit (HELOC) out to purchase your new home and have more time to sell your current home.

Buying and selling simultaneously can be a puzzle, but it can be easily resolved. We’ve helped a ton of clients in this situation and we’d be happy to help you, too.

If you have any questions for me in the meantime, feel free to reach out via phone or email. I look forward to hearing from you soon.

Should We Renovate or Buy New?

Some people need to buy a new home, while others are better off fixing up what they already have. Here’s how they differ.

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If you’re debating whether you should buy a home that needs renovations or just buy brand-new, the answer may or may not come to you quickly.

If you want to renovate, you don’t need that much more of a house, just a little more space. Cost-wise, it makes real sense because you don’t need to spend a whole lot of money and it can make a significant difference. On a 1,000 square foot home, the average renovation costs between $18,000 and $50,000. 

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The reasons for buying new are obvious.

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If you were to purchase a new 1,000 square foot home, that purchase would cost you easily $260,000, including the costs of moving and selling.

The reasons for buying new are obvious. You simply want a change, or a job or family situation necessitates it.

So, should you buy a new home or renovate the one you have? There isn’t an easy answer to this question unless you do this: Take out a piece of paper, split it in two, and write down the advantages on one side and the disadvantages on the other. Whichever has the most advantages and least disadvantages is the winner.

If you have any questions for me, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.

Buying an Older Home

Here are a few issues to be aware of when buying a house over 50 years old.

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If you’re buying a home that’s over 50 years old, there are a few common issues for which you should keep an eye out.

First, check the plumbing system. The older pipes in these homes can sometimes be galvanized and rusted from the inside, which can impact flow and give you a poorer water quality. If this is an issue, you can simply replace the pipes with plastic ones and you’re all good. If your home doesn’t have a septic tank, you should also have a plumber inspect your property’s sewage lines connecting to the street. These pipes are generally cast iron, and they can also clog due to rust, old age, and tree roots. This inspection is relatively quick, easy, and inexpensive.

Next, check the home’s windows for their energy efficiency. Most older homes were built with single-pane windows, and if you don’t replace these with double-pane vinyl windows, you’ll let a lot of heat escape and accumulate dew and condensation, which can stain the wooden frames.

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If your ceiling does contain asbestos, you’re better off hiring a professional to remove it.

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Additionally, be aware that older houses tend to have home plans that aren’t very open, meaning they have lots of little rooms and smaller closets, but not many open spaces.

If you’re thinking of doing any sanding or woodworking to your new house, lead paint is another issue to consider. Lead paint isn’t dangerous unless you sand it down, which causes the lead to become airborne. After 1978, of course, lead paint was outlawed.

If the property has a popcorn ceiling, it could contain asbestos. This is another issue that’s easy to test for, but if your ceiling does contain asbestos, you’re better off hiring a professional to remove it than trying it yourself.

If the home is located in the country, you should get its well tested. Also, check whether the septic tank is large enough and its drain lines are clear. Septic tanks over 50 years old are typically 500-gallon tanks, whereas tanks nowadays hold anywhere from 1,000 to 1,500 gallons.

The bottom line is that older homes have a lot of charm, established landscaping, and—in many cases—are located in good neighborhoods, but you shouldn’t forget about these other things before purchasing one.

As always, if you have questions about this or any other real estate topic, or are thinking of selling a home soon, don’t hesitate to reach out to me. I’d be happy to help.