When it comes to buying a new home at the same time you sell your current home, planning is key, and timing is critical. Everything must fall into place at the right time so you will not have to worry about double mortgage payments or end up without a place to live for a few days or longer.
1. Make the necessary repairs or improvements to prepare your current home for
the market.
2. List your home with an experienced Real Estate Agent who will help protect
your interest and make the process go smoother.
3. Determine how you will fund the down payment, such as drawing from your
current HELOC, retirement funds, savings, or line of credit.
4. Get pre-approved for a new mortgage so it’s already in place when you find a
home.
5. Have a contingency plan in case you can’t find a new home before the sale of
your current home closes (e.g., live with family or friends, rent back from new
owner, or rent temporary housing).
6. If possible, coordinate the timing of the closings of both houses to avoid extra
cost such as bridge financing, storage, etc. If strategically chosen, the date of
your closing can make buying and selling at the same time seamless.
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