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5 Tips for Buying and Selling a Home at the Same Time

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Tags: Home Buying & Selling

Buying a home can be seriously stressful. Selling your home, as well as buying a new one, is enough to give you nightmares. Forty percent of Americans saying buying a new property is the most stressful event in modern life, while 44 percent feel nervous during the home-buying process. It doesn't have to be this way. Not only does Wyndham make the process less stressful with a convenient at-home process, but we've also made this helpful guide to provide you with five tips for buying and selling your home without any of the hassles. 

#1 Buy a New Home Before Selling Your Old One

Most articles on the internet concentrate on buying a new home or selling your current one. Few websites talk about doing both. Should you sell your home first? Buy a home first? What about selling and buying a home at the same time? 

 

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Selling your home after you buy one is risky, but it can provide you with lots of advantages. First, you could make more profit on your home the later you sell it, especially in areas of the country where property prices are rising fast. You can also stay in your home if something goes wrong with the home-buying process — if you change your mind, for example. 

 

Finally, it's a seller's market:

 

"Homes generally sell within days of hitting the market when inventory is reduced because there are many buyers, so there's less risk involved with buying first and selling second," says The Balance.

 

This isn't always the case, though. Work with a reputable real estate agent who understands the market well and provides you with the best advice on buying a home before selling based on your budget and circumstances.

 

#2 Work Out Your Finances

Most homes don't sell because the buyer is unable to secure his or her finances — home loans, mortgages, and other financial products they need. Don't be one of these buyers. You need to work out your finances before you even think about looking at properties.

 

Budget carefully and have realistic expectations. Love that million-dollar mansion on the other side of town but only make $30,000 a year? It's probably not going to happen. Not yet, anyway. 

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Work out your income and expenditure and start talking to banks and financial institutions about how much you can afford. As you are selling your own home, you might need less capital than a first-time buyer, but you will likely still require some kind of credit if you are moving. 

 

The home-buying process can move quickly, and real estate agents no longer work the conventional 9-5. That's why mortgage companies and lenders like Wyndham Capital provide 24-hour assistance. 

 

If you struggle with your finances, mobile apps like Mint let you budget more effectively and control your incomings and outgoings from your smartphone. 

 

#3 Get Help From a Direct Lender

Using a direct lender can help you finance your big move, but you need to choose the right one. Remember, not all mortgage lenders are the same. You need to find a reputable company that offers competitive down payments and low interest rates. Don't forget about good customer service, either — the best lenders will.communicate with you during the home selling and buying process and provide you with all the help you need.

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"Finding a mortgage lender involves more than just getting a good interest rate; you want to work with the best mortgage companies, staffed by professionals who will guide you through the process," says NerdWallet.

 

Working with a direct lender instead of a broker will provide you with numerous benefits. You could end up paying lower fees and reduce the time it takes to secure a home loan.

 

#4 Don't Stress

As previously mentioned, many Americans think that buying a home is life's most stressful event — trumping marriages, divorces, and deaths. However, once you've found a great mortgage deal and located your perfect property, the rest should be pretty straightforward. You might only hear about the horror stories but, the truth is, most people buy and sell a home without any huge problems. 

 

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Still, it's important to keep a calm head during the moving process. Remember, this is a transition in life — and it's a positive one. There's no need to worry. 

 

If you're still feeling anxious, however, here are some tips for relaxation:

 

  • Take some time off work. It's difficult to juggle a move with a full-time job, so you might want to ask your boss if you can spend a couple of days at home while you sort out everything. 

 

  • Use mindfulness apps to destress.

 

  • Exercise more. This can improve well-being.

 

  • Communicate with your real estate agent.

 

#5 Visit the Neighborhood

One of the biggest problems people making when selling and buying a home is not doing enough research. They might have their finances sorted but, when it comes to scouting out the local area, they completely forget.

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Checking out the local neighborhood where you plan to move is important for various reasons. You can find out the best public transport links if you commute to work, for example. You can familiarize yourself with local stores, restaurants, and other amenities. You can integrate with the community. This is going to be your home, after all. 

 

Using an app like HomeScout will help. It has access to the full, licensed MLS database for homes — the database real estate agents use — and provides you with valuable insights into the local area you plan to move to. Just enter your desired ZIP code! As well as searching for homes, you can find information about local schools, hospitals, shops, and other amenities. Click here to find out more!

 

Takeaway

Moving houses doesn't have to as stressful as you think. Follow the above five tips for buying and selling a home and you can save money, get the help you need, and you'll be on your way.

 

Want to experience a less-stressful mortgage process? Featuring automated pre-approvals, online document uploading, virtual closing days and much more. You'll see why Wyndham's entirely-digital process is a game-changer for the mortgage industry. Get started to start saving yourself money and from stress.

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