Buying a home is no easy task. It takes a lot of time, money, and energy to find the perfect property for your needs. Selling your current home can be equally as difficult – especially if you’re trying to do it while buying another home at the same time.
Here are some tips on how to manage this process more efficiently and effectively so that you’ll be able to buy and sell with ease.
1. Make a plan of action
One of the first tips we give to our homeowners is a plan of action. Whether you need more money for a transition fund or dual mortgages, make sure your budget is accounted for.
One thing you can do is to meet with a professional to figure out the best time of year to enter the market. Put your home on sale when there are more buyers out looking, and get more coverage for selling it.
2. Update your home
Next, we recommend updating your home and getting ready to stage it. This may include adding a fresh coat of paint to your home to make it “Sale Ready.”
3. Rent the home out until it sells
If your home is sitting on the market idly, you can always rent it out for short-term rentals. This way, you can cover your mortgage payments without having to come up with extra cash. Note that some communities have restrictions on short-term rentals, such as AirBnBs. Renting in the short to medium term until your home sells is much less likely to land you in hot water. If you have doubts, ask your Realtor or give a call to the city hall.
4. Bridge loans
A common concern when taking on both a mortgage and selling your home is having enough funding to make it all work. A bridge loan can help alleviate this problem. A bridge loan is short-term financing used until a person or company secures permanent financing or removes an existing obligation.
If you are considering going this route, make sure to plan ahead and consult with your bank before starting the process. There is always a lot of work that goes into preparing documents. Give the banker the time necessary to prepare everything.
Are you thinking about selling your current property and starting the process of finding a new one? Fill out our contact form today to get started – https://quaresmagroup.com/contact-us/ or call me today at 613-929-4913.