To buy and sell a home in a few words: It’s all about PLANNING!
One of the biggest questions I get is: Do I sell or buy first? The thought of it can be so overwhelming to customers. But worry no more. Here are things you need to determine when planning the move. Planning will take the unknown factor out of the equation and help you prepare to start the move.
First, determine if you want to buy a resale home or a brand new home.
If you buy a resale home, you most likely have to sell before you buy because there are so many buyers and such a low inventory. Sellers get to pick the best offer out of the bunch, and having a contingency to sell will not work for most sellers.
If you want to own a brand new home, you can make an offer before you sell your house. However, The builders want the house to be under contract (have secured a willing and able buyer) before the offer.
Second, figure out where you will stay after the sale of your house.
Buying a resale home in Central Florida can take 30 to 45 days to close. It is possible to have a simultaneous closing where you sell your current home in the morning and close on your new home in the afternoon. When buying a brand new or resale home, expect and prepare for delays.
Now, if your new home doesn’t close on time, make a plan as to where you will stay in the interim.
When buying a brand new home, you must find a place to stay while your home is being built. In Florida new construction homes take 8 to 11 months to build.
You have several options; you can get a short-term rental, the good thing about a short-term rental is that it comes fully furnished. The not-so-great part is the rental rate is higher than a long-term rental.
You can rent long-term, but you may be penalized for breaking the lease early.
Ideally, you want to rent a place month to month; however, this is not common in the rental market. You could look for a rent by owner that allows a month-to-month lease.
Third, let’s talk about storage; look for a storage unit close to your new home, so it’s easier to move in. Figure out what you will keep, what you will donate, and what you are going to though out. This will help you minimize the cost of the storage unit.
I will leave you with this, preparing to buy and sell simultaneously takes preparation, knowledge, experience, and action. With the right guide, you will have a smooth process; you will know the steps ahead and what to do when unexpected things arise.