When you’re trying to sell your house while buying another in New York, things may get complicated and frustrating if it takes longer to sell or purchase a house or the closings don’t align as you anticipated.
Selling and buying homes at the same time can be stressful, most particularly if you need money from the sale of your current house to buy another one. However, a little planning and hiring a savvy real estate agent can help you make both transactions run smoothly.
Below are some of the ways to sell your house and buy another one in New York:
Evaluate The Market For Your Prospective And Current Home
If you want to sell a house fast, it’s easy with cash home buyers. But, if you prefer to get a better price for your home, it would be best to evaluate the market first.
There are some factors that may affect the housing market. Even other cities may have hyper-local housing markets. For instance, when it comes to the seller’s market, you have to ensure that your home is market-ready and staged. You also want to ensure that your finances are in order so that you can make an offer on homes to buy.
But, if your current home is staged well and priced right, it’ll sell faster. You can also be selective about which offers to consider and limit the options to those who have fewer contingencies.
Prepare Your Home To Sell
As mentioned above, if you want a quick home sale, you should know the importance of staging your home and decluttering it.
Whether you’re planning a spring clean or a fresh coat of paint, ensure that your house sells itself by looking the best it could.
List Your Current Home With The Best Real Estate Agent
Once you list your home with the best real estate agent, you’ll have somebody to answer your questions and figure out your situation. First and foremost, he can help in home staging and deciding the best possible changes to make. He can also help you find an experienced staging expert or photographer, so your home will look better on images.
Real estate agents are also responsible for finding buyers, showing the house when you’re not around, and listing the open house. Plus, they can network with some agents to market your house.
Hiring real estate agents who are knowledgeable about the market and neighborhood can price your home appropriately, so it isn’t sitting unnoticed for weeks. This can save you from headaches and wasting time.
Your hired real estate agent can help show your house to your potential buyers. This can help them make judgments, feel more comfortable, imagine your property as their house, and discuss everything freely. They can also ask about any issues with or flaws on the property. However, if you’re happy to show your potential buyers around your house, you’ll likely answer all questions more fully than real estate agents who don’t know the property’s history or the work you’ve done throughout the years.
Start Searching For Your New Home
You can use the same real estate agent to both sell your home and buy another in New York. The best agent understands your needs and can help you find the right housing that will suit your personal taste and budget.
The right agent also knows what type of neighborhood and house you’re searching for. However, if you want to move easily and start a new life, make sure to list what your preferred neighborhood and house is. It’ll help your agent filter the options for you. In addition, it’ll be much easier for you to purchase a new home.
Start Applying For Financing
The majority of homeowners can’t afford to purchase a house without selling their current home first or simultaneously. If you purchase a house before getting your current home sold, you’ll struggle to come up with a down payment. So, ensure that you know your financial options before you begin the financing process.
One way to get cash is through applying for a HELOC or home equity line of credit which uses your home’s value as the collateral for your loan. Once you decide to get a HELOC, you may use the funds as your down payment to buy another home. After that, once you sell your home, you’ll repay HELOC with the proceeds.
A bridge loan, on the other hand, can help bridge the gap between today and when your house is sold. This kind of personal loan can be repaid once you close your old house.
Depending on your preferences, you can choose any financing option you want. If you’re confused with the options available to you, it’s wise to ask for recommendations or suggestions from the experts or other people who experienced selling and buying houses at the same time.
Make Sure To Establish A Backup Plan
Regardless of how careful you are in planning your transactions, parts of them might not happen on your desired schedule. As a matter of fact, your plans could fall through completely. If there are contingencies in your contract, you must reschedule the closings accordingly or incur lesser financial pain.
If not, it’s essential to have a backup plan. Below are some of your options:
Cover the costs of your next house with savings, a bridge loan, or a home equity line of credit over the short-term. When you decide to go with a bridge loan, note that you’re the one responsible to make payments on it regardless of when or whether your house sells.
Ask buyers to provide a rent-back agreement that lets you remain in your current house after closing for the meantime and pay rent to your buyer until you move to New York.
Look for a short-term rental property if you’re selling your current house and still haven’t found another place. In this case, you need to factor in the extra expense of renting a storage unit if you have many things that won’t fit into your rental.
Trying to sell your home and buying a new place in New York simultaneously can be a challenge amid family and work obligations. Working with experienced real estate agents can help ease the transition and guarantee consistent communication with everybody involved. Just make sure to keep close tabs on your credit and finances before and during the process so that you can take action quickly once you find another home.