The buying and selling your home ‘tango’ can often be a tricky one, especially if when you receive or don’t receive an offer before you’re ready to move out. The reality is that there is nothing that will guarantee that selling your home will work out perfectly, but you can always prepare for the unforeseeable. In the end, know about the available options that will help you keep your cool and sell your house with minimal hassle.
What if You Sell Your House Before You Purchase a New One?
First off, according to Realtor.com, you’re in the best possible situation. You crossed the finish line because you’re successfully selling your home! Can you say goodbye double mortgage!
Unfortunately, your new future will include, packing and temporarily downsizing until you find your next home to purchase. You’ll probably also need storage, which is handy that Zippy Shell will deliver the storage unit to your driveway.
NEGOTIATE BEFORE YOU SIGN. One thing to keep in mind is determining a move-out date with the home buyers before anyone signs the contract. If there are any compromises or negotiations you want to make with the new homebuyers, do it before the contracts, so you don’t get stuck with an unrealistic timeframe.
What if you buy a house before you sell?
If you don’t want to deal with the hassle of downsizing to a smaller apartment, then you can opt to buy another house while you still own the property you’re trying to sell. Owning two homes is risky, especially with the financial burden of two mortgages. Although, there are advantages. You could rent out your other home for extra money until you’re ready to sell officially.
What if the market is risky?
The most common misperception that new home buyers run into is that the fluctuating housing market won’t apply to you. Even if you have a high-end, profitable home….think again. A shaky market can affect anyone and even for you to sell your house for less than it’s worth. If the market is unstable, don’t rush into buying a home, because while owning a home is the ‘American Dream’, it’s also a financial investment.
While there are countless scenarios that can happen in the process of purchasing a home, it’s important to be aware of the housing market in your area. Prepare for the unforeseen occurrences and most importantly, don’t rush into anything!