3 Ways To Sell Your Current Home And Buy A New Home
We're here to discuss an important topic that many homeowners face—selling their current home and purchasing a new one. In today's blog post, we will cover the three different approaches you can take to successfully accomplish this transition. While we will provide a brief overview, please feel free to reach out for a more in-depth discussion. Let's dive right in!
First Right of Refusal Offer: The first method involves making a first right of refusal offer. This option allows you to purchase a new home while contingent upon the sale of your current home. However, it's important to note that in recent years, this approach has become less favorable due to the market dynamics. Sellers often prefer non-contingent buyers, making it challenging for this type of offer to succeed. While it's not impossible, be aware that it may not be the most viable option.
Sell First, Then Buy: If you are unable to purchase a new home without selling your current one, or if you simply prefer to sell first, this method might be suitable for you. Begin by listing your home for sale and securing a buyer. Once you have a contract in place, you can start searching for your next home. The advantage of this approach is that you won't own two homes simultaneously. However, keep in mind that you'll be under a timeline to find and close on your new home, typically within 30 to 90 days. In case of any delays, you may need temporary accommodation arrangements.
Buy First, Then Sell: For those who have the financial capability and are comfortable with the risks involved, buying your new home before selling your current one might be an option worth considering. With this approach, you can identify and secure your desired home, even going through the inspection process, before selling your current property. The benefit here is that you won't find yourself without a home since you already have a new one lined up. However, it's crucial to note that owning two homes concurrently can be financially burdensome and may not be suitable for everyone. That being said, in a seller's market like the one we're currently experiencing, the risk of owning two homes for an extended period is significantly reduced.
Conclusion: In summary, there are three primary ways to navigate the process of selling your current home and purchasing your next one. Whether you choose to make a first right of refusal offer, sell your home first and then buy, or buy first and then sell, each approach comes with its own advantages and considerations. It's essential to carefully evaluate your financial situation, market conditions, and personal preferences to determine the best option for you. Remember, if you have any specific questions or need further guidance, don't hesitate to reach out. Thank you for joining us, and we look forward to seeing you next week!