Upgrading your home is exciting, but it can also be stressful to think about buying a new home and selling your current home at the same time. This is especially true for those who are buying brand-new homes because it can take up to a year for the new home to be built.
This can lead you to feel like you’re in limbo. You’re trying to get the current home ready to sell, and you don’t know exactly when to put your home on the market.
Don’t fret. We’ve put together some ideas that can make your life a little easier.
Consider Quick Possession Homes
Being able to pick out every little detail of your home sounds nice in theory, but it's not for everyone. It also takes time for your home to be built. If you want a new home without the stress, consider purchasing a quick possession home.
These are homes that the builder starts on spec, using some of the more popular floor plans and upgrades. In some cases, you could purchase a home that’s move-in ready.
Other times, the home is simply started, and you still have time to make some of the design decisions, even if you don’t make all of them. Buying a quick possession home significantly shortens the amount of time it takes before you can move into your new home.
Save More than You Think
You know that you need to have money for the down payment and closing costs. You’re probably planning on using some of the equity in your current home for that.
However, you may not be thinking about how much you’ll have to pay for installment payments at different stages of construction on the new home while still paying the mortgage on the old home.
You may not be prepared to continue to pay on the old home after you’ve moved into the new place if you can’t sell it as quickly as you thought. You have forgotten to factor in the cost of a moving company. If you have plenty of money in your savings account, you won’t be put under pressure when these unexpected expenses crop up.
Work With a Quality Real Estate Agent
Your situation is a bit more complex when you’re building a new home, so you need a real estate agent who truly understands the market.
You need them to give you an accurate estimate of how much you’ll be able to sell your home for based on the data, especially if you’re counting on selling it for that price and having enough equity to invest into your new home.
A good agent can also help you learn more about what you need to fix to get the house ready for selling and when the best time to list your home will be, considering the date when you should be moving into the new place. This person will be a big help to you.
Rent a Pod
To sell your current home, you’ll want it to look great. Often, this means getting rid of some of the things that are already in your home. Taking away some furniture, for instance, can make it feel more spacious.
And many real estate agents recommend putting personal things like family photos away because potential buyers want to be able to picture their own family in the space.
The easiest way to do this is with a pod. You load the things you don’t need into the container, then the company hauls it away and puts it in storage until you are ready to move to your new place. Then they deposit your things at the new place. It’s convenient and affordable.
Be Smart About Home Design
It’s exciting to think about getting everything that you want in a home, but it’s also a good idea to think about the distant future. Are you going to want to downsize once the kids move out?
Many people design homes with their retirement in mind. For instance, rather than purchasing a 2,500+ square foot home, people are finding that it makes more sense to choose a home with less square footage, then finish the basement for some extra space.
After the kids leave, you may not need the extra space in the basement, and the main living area of your home won’t feel so cavernous.
As you shop for your next home, don’t make extra stress for yourself. Think about all of the ways you can make your life easier as you transition into a new home, and make decisions that work best for your family.