The traditional home buying process is not the most customer friendly way to make one of the biggest financial purchases and emotional decisions people make in their lifetime. Many homeowners feel a lot of pressure to get their current home sold before buying their next one in order to cover the down payment.
This requirement usually results in a stressful, uncertain and inconvenient experience. It is possible to avoid the stress of a short timeline and rushed decision like that when you’re ready to move by buying before you sell. Detailed below is everything you need to know about how to buy a new house before selling your current house.
Get In the Right Mindset
Deciding to move in the first place isn’t easy. Consider what you want out of your new house. You and your family should sit down and have a thorough discussion about this. What’s non-negotiable? How many bedrooms and bathrooms would allow you and your family to live comfortably? Do you need a large yard for children and pets? Do you need access to public transit or certain highways for an easy commute? Create a list of must-haves vs. nice-to-haves and base your home search on that.
Even if you make wise choices to be able to buy a house before selling your current one, moving is hard work. Packing itself can be taxing if you don’t take the time to plan it right.
Do Plenty of Research
There are a lot of details to consider when buying or selling a home. If you’re overwhelmed, you’re not alone. For example, most Americans don’t understand the mortgage process.
That’s why it’s crucial that you do your homework before making a major decision. You don’t want to end up with extra fees or a high interest rate because you weren’t aware of your options.
Plus, there’s more to choosing a house than just the number of rooms. If you have young children, it’s a good idea to check the school districts of neighborhoods you find appealing. At the end of the day, it’s important you do all of the research you can before making such a big decision.
You should research the areas you want to move to. What are the crime rates like? Is the surrounding community close-knit and safe enough for children to play outside?
Stage Your Current Home To Get the Best Price
Staging your home prior to putting it on the market can increase your sale price and help you sell the home faster. If you move into your new home before you list your old one, then staging it is much easier. You can stage your old home by decorating it with simple, sophisticated furniture. Then, schedule and advertise plenty of open houses. You can also work with areal estate agent to help.
Make sure you leave the old home in awesome condition, too. Take the time to fix any chipped paint or basic maintenance concerns. Investing in the aesthetic of your old home will go a long way toward ensuring it makes a good impression on buyers.
How To Buy a House Before Selling Your Current House
One of the reasons most people stress over the process of buying a new house is the down payment. Your down payment is the largest cash outlay associated with moving. Not everyone has enough cash saved to cover their down payment. Many need to sell their current home first, and tap their existing home equity.
That’s why there are services available to take care of that down payment for you. Consider how Homeward works for families like you, for example. Upon approval, you can get the cash you need for your new home before selling your current house.
Don’t Be Afraid To Ask for Advice
There’s nothing wrong with asking for a little bit of help now and then. It’s likely that you know friends or family members who have bought or sold real estate before.
This is important, in particular, for young families who have never gone through this process before. If you work up the courage to ask someone for advice, you might be surprised at what you learn. Don’t underestimate the value of experienced knowledge within such a vast real estate industry.
Start the Process of Buying Your New Home Today
Gone are the days when you need to rush these decisions. Instead, you and your family can relax and know that you’re making the best decision and making the most of your hard earned money and home equity.
After all, you deserve the peace of mind that comes from knowing your real estate investments are worthwhile. That’s why services like Homeward exist.
We’re here to help you every step of the way when buying and selling houses. We encourage you to get approved for the home of your dreams with an all-cash offer today.
Experience a calmer, more convenient way to buy
Take less than 10 minutes to get approved.