Buying A New SWFL Home While Selling The Old One
Surely you remember the stress of buying your first home: finding the right house, securing financing, getting an appraisal, and finally moving in. Now it’s time to do it all again – while selling your current house! Both of these processes are difficult enough on their own, but when you’re juggling both at the same time, it can seem like an overwhelming nightmare.
It really doesn’t have to be that bad, though. A certain amount of stress is inevitable, but with careful planning and some help from a qualified realtor, you’ll find the buying and selling process much easier than you thought.
Buy First, Or Sell First?
This is the first question to answer: Should you buy your new home and then sell the old one, or sell before buying?
The easiest way to do it is to buy a house, move in, and then put the old one on the market, but since this would involve paying two mortgages for a while, it’s just not realistic for most of us. However, there is the option of bridge financing, which means taking out a short-term loan to “bridge” the period between buying and selling in order to make a down payment on the new house. This is an option that’s worth discussing with your lender and realtor.
The other way to go about it is to put your house on the market, then make the purchase of your new home contingent on the sale of the old one. This can be risky, depending on the current housing market, because of the possibility that your current house will sell before you’ve found a new one to buy. Also, you would have to request plenty of time before the closing date to find a new home and put an offer on it, which the buyers may not like. On the other hand, you won’t have to worry about complicated financing, which makes this method a popular option.
In any case, the first step is to research the market thoroughly. Find out whether it’s currently favorable toward buyers or sellers, since this will affect your experience. As well, decide what you want in your new home to eliminate some of the guesswork in advance. Go to open houses, scour the real estate listings, and get a good idea of what area you’d like to buy in and what features you’d like your new home to include. This will save time and effort down the road.
Call On The Link Team’s Expertise
Buying a new home and selling your current one at the same time probably seems like an overwhelming process, but you don’t have to go it alone! The Link Team will advise you on current market conditions and use their vast experience in the Naples, Estero, Fort Myers, and Bonita Springs real estate markets to help you decide how to handle the buying and selling process. We’re happy to answer any questions you may have! Just send a message through our website or call us at (239) 357-5058.