“What if I get stuck with two mortgages at the same time?”
If you can’t afford to carry both mortgages, then selling before you buy may be best. (See Tip #3.) But if you have flexibility in your budget for some overlap, it is possible to manage a home sale and purchase simultaneously. Here are some steps to help streamline the process:
4: As you get ready to sell, simplify.
You can condense your sales timeline if you only focus on the renovations and tasks that matter most. We can advise you on the repairs and upgrades that are worth your time and investment.
5: Prep your paperwork.
If you’ll need a mortgage for your next home purchase, get pre-approved in advance. And start pulling together relevant records for your current home, such as appliance warranties and renovation permits. That way, you’ll be ready to provide quick answers to buyers’ questions should they arise.
6: Ask about other contingencies that can be included in your contracts.
For example, it’s possible to add a clause to your purchase offer that lets you cancel the contract if you haven’t sold your previous home. This tactic could backfire, though, if you’re competing with other buyers. We can discuss the pros and cons of contingencies and what’s realistic given current market dynamics.