Selling your old home and buying a new house at the same time can be a challenging task. However, it is not an uncommon scenario at all!
Many homeowners put their house on sale before buying their new abode. However, simultaneously buying and selling a residential property takes careful planning, perfect timing, and even a bit of luck.
Are you considering purchasing a new home and selling your old one? Read further to learn how to sell and buy a house at the same time.
Evaluate the real estate market
One of the most crucial steps while purchasing or selling a house is researching the local housing market. Evaluating the market will help you find out the market prices and give you an idea of the time it takes to sell and buy a house. Also, choose an experienced real estate agent who can help you navigate the market well.
Additional Read: How to Calculate the Resale Value of Your House
Keep your documents in place
While home buying is an extensive process, preparing the necessary documents and paperwork in advance can help you get loan approval faster. Hence, it is vital to have all your documents in place to make the experience smoother. Make a file for all the necessary documents and keep it ready to speed up the process.
Have a temporary place to live
While it is ideal to buy a new house before selling your old one, you must be prepared for the opposite scenario. Arranging a temporary place to live before you sell your property will make it easier for you to move out. This could mean living with a family member, a friend or even finding an economical hotel where you can rent a room for a few weeks.
Secure a loan
So, you come across your dream home that checks all the boxes, and your old house hasn’t sold yet. Unless you have enough savings, it might be tough to arrange the down payment without selling your old home. Thus, taking a home loan is the smartest way to finance your dream abode. Pick a trusted financial institution that offers favourable repayment terms and affordable home loan interest ratesto finance your new home.
Additional Read: Want to Own a Home? Find Out How
The Bottom Line
While simultaneously buying and selling a house can be a bit daunting, you can follow these points to make the process easier. After all, having perfect timing when it comes to buying and selling real estate isn’t always possible.
If you are ready to shift to a new abode but require financial assistance, Tata Capital is at your service! We offer attractive home loan rates and flexible repayment terms to help you move into your desired home. Visit our website to learn more about our offerings and use the home loan EMI calculator before applying for housing finance.