Ask yourself these questions:
Should I buy first or sell first? Can I afford to finance two homes? Am I feeling squeezed? How do I know when to sell? What if I sell and can't find a new home?
Are any of these keeping you up at night ?
Buying and selling at the same time is stressful. Which is why we help our clients follow these easy strategies to not only be in a strong negotiating position, but also help minimize their stress levels while transitioning your family to your new home...which is stressful enough.
Good news! The Cox Home Team has some successful and simple strategies to help you get from house A to house B with ease. We help clients walk through this process daily.
What would keep you up at night?
Temporarily owning two homes or temporarily owning none? Asking yourself this question will help you decide whether or not you should BUY first or SELL first!
If you buy first you must be ok with temporarily owning two homes. This option allows you to take your time, find a house that you really want, and then put your house on the market. Choosing this means that you’ll be buying your next home whether your current home is sold or not, so you need to be comfortable with that risk. The trick here is to negotiate a long enough possession day on your PURCHASE to give yourself time to sell!
If you sell first, you must be ok with potentially owning no property. However because your home has sold, you'll know exactly how much you can spend, which will help speed the process up as your search will be very price specific. This option also puts you under some pressure to find a home as you'll have a firm closing date set for when you have to move out of your current home. The trick here is to negotiate a long enough possession day on your SALE to give yourself plenty of time to find a home you really want to move into!
Talk to your lender
Meet with your lender or financial advisor at the earliest possible time to get ahead of the questions that leave you lying awake at night. Your lender can tell you if you have the financial capacity to temporarily finance two properties, detail the potential expenses involved and under what terms and for how long. Your situation will be unique. Talk to your lender and create a plan that makes sense for your family. Understanding all your financing options will put you in the strongest position possible when the time comes to negotiate the best price and terms on your purchase or your sale.
Have a Plan B
Whether you decided to buy first or sell first, it's important to discuss your Plan B option in case the "what if" scenario occurs. These scenarios are few and far between, but addressing the "what if" will provide you with the needed peace of mind to move forward with confidence.
Sell first Plan B: Where will you move to IF you haven’t found another home you want to buy and it’s time to move out of your current home?
Buy First Plan B: What to do with your current home IF it is not sold by the time you move into your new home?
Just knowing you’ve got a Plan B means you’ll sleep like a baby whatever happens!
Showings can be a constant disruption to your family's schedule, so why not try and get creative to ease that annoyance! Create a game with them about getting their room ready for showings, and plan on a mini vacation when there are lots of showings over the weekend and remind yourself and your kids how exciting it will be to move into a new house! Best yet, make your Plan B a trip down to the Bahamas! A new house and great family memories!
Follow these strategies and you'll not only be in a strong negotiating position, your family will transition to your next home with a lot less stress.
Not sure if you should sell or buy first?
Contact us for more information to help determine the best course of action!