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.

Want to sell your home? Get a FREE home value report.  

Want to buy a home? Search all homes for sale.

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.