Like many Tennessee homeowners, you likely envision a clean and easy property sale before moving into your dream home. But learning how to buy and sell a house at the same time is more complex than that.
At My Tennessee Home Solution, we buy houses in Nashville, Tennessee, and facilitate smooth transitions for our clients. Below, we’ll outline the process of simultaneously buying and selling a home.
Buying and Selling Simultaneously
If you own a property and plan to move, you want a concurrent closing. Concurrent closings allow homeowners to buy and sell simultaneously. However, you must choose between selling or buying first.
Each approach has benefits and drawbacks. Carefully weigh the pros and cons of each to make an informed decision.
Buying First
When purchasing a new property before selling, you know you have a residence regardless of the sales process. You’ll also enjoy:
- Less stress
- No rental expenses
- Ample time to sell for the right price
- Moving in at your own pace
However, you’ll pay both mortgages until you sell your old home. Speaking of mortgages, you might struggle to find financing options with an existing loan in your name.
Selling First
Understanding how to buy and sell a house at the same time means exploring all possible avenues, including a sell-first approach. When you prioritize selling, you only deal with one mortgage payment. You might receive mortgage approval faster because you are no longer responsible for the previous mortgage.
You can also use the sale profits to finance your new home. However, you might face pitfalls, such as:
- Renting in between residences.
- More stringent moving deadlines.
- Pressure to purchase sooner.
How To Buy and Sell a House at the Same Time
What can you do to navigate the real estate market in a manner that serves your goals? Your approach depends on what you want out of the sale. Creating a strategy in advance can significantly quicken the process.
Handle Renovations
Putting your home on the market requires a budget if you don’t want to sell your home as is. Set aside money to cover:
- Home staging
- Exterior and landscaping services
- Interior and cosmetic upgrades
Though expensive, these endeavors raise the property value and make it more appealing.
Research the Market and Strategize
Home sales in the U.S. are expected to rise within the next two years. Begin contingency planning well in advance of putting the property up for sale. This minimizes stress and paperwork later.
Consider Cash Buyers
Property sales still come with hitches, obstacles, and other complicated processes. Perhaps you prefer to minimize the work a seller must do. You may also want to move sooner that a traditional selling process may allow. A cash buyer can simplify the process while paying a fair price for your property.
Simplify the Process With My Tennessee Home Solution
Learning how to buy and sell a house at the same time without excessive preparation begins with My Tennessee Home Solution. Avoid staging a house and sell your property as-is to our team. Contact us at (615) 933-5431 or online to initiate the process.