Right from the start, we can tell you that buying and selling a house at the same time won’t be a walk through the park. At best, you’ll have to juggle for a bit until everything gets settled. People know it’ll be tricky, and they still get into it, so should you do it? Well, the idea today is to help you figure it out for yourself.
Of course, in the perfect world, you’d hit that timing without any issues, and the thing would go smoothly. However, in reality, the chances are that you’ll have to deal with some overlap. To learn what kind of challenges you can expect and if you should get into this whole ordeal, keep on reading.
You’ll get to read about some alternative routes that might work even better, and we’ll give you a few tips on navigating through the hot real estate market of Las Vegas. Let’s dive right in.
Challenges of selling and buying at the same time
It’s not a secret that this scenario has a kind of a bad reputation. But, why this is? Here are some examples of struggles that people often have to go through when they go down this path.
If you don’t have a lot of money burning a hole in your pocket, you’ll probably have a rough time trying to collect enough cash for a down payment while you still own the old place. You could take a refinancing on your current home, but this option doesn’t always work. And if you don’t have any investments you could sell, there might not be anything you can do.
Risk of a non-contingent offer taking you out
To minimize your risk, you’ll probably decide to make an offer on a new home that depends on the sale of your current house. It’s a valid way to do it, but if a non-contingent offer comes up, your game plan will likely have to change. You’ll get the choice of either removing your contingency or getting out of the deal.
Even if everything goes to plan, there will still be plenty of things you’ll have to think about. And the biggest problem is that they all hit you at the same time. You must figure out when exactly you’ll sell, buy, pack your things, and move. Of course, it must work out for the people you’re buying from and selling to, as well. So there are lots of variables that you need to take into account.
Luckily, getting a good real estate agent and hiring a reliable residential moving company in Las Vegas can be of great help here. Choose to rely on specialists, and you’ll enjoy a much smoother process. Just make sure to book them as early as possible to ensure you get the lowest price possible.
What if you buy first?
Now that you’re familiar with all the challenges of buying and selling a house at the same time — let’s see what you can do if you find your dream home before you sell the old one. Maybe you can get away with pursuing that unique property you like so much.
Decide if you can take it financially
An easy way to figure this one out is to look at your cash reserves and monthly income. Here are a few key questions you should ask yourself:
- Can you realistically handle both mortgages?
- If you can, for how long can you keep it up?
- Do you have enough money to make a down payment?
- Can you still afford a down payment if you don’t sell a house in the ”x” number of months?
Talk to a good agent and a trusted lender
In this scenario, you want people with lots of experience to take a look at your case. A good real estate agent will talk to a lender, and together, they’ll be able to figure out if this move makes sense or not. If the market is stable, and your old home is in a good location, it shouldn’t be a problem. On the other hand, if your situation isn’t ideal, they’ll tell you what your options are.
What if you sell first?
If being on the hook for two mortgages doesn’t sound fun to you, so you opt to wait, we don’t blame you. Financially, this is a safer route, but that doesn’t mean it doesn’t come with any stress.
There will still be many things you can’t control. Thus, focus on the ones you can. Make your Las Vegas house shiny and prepare it to sell quickly. Here’s how to do that.
Clean, declutter, and repair
According to WGPM, you should start by going through all the rooms in your home and purging anything you don’t need. If you didn’t use something in more than a year, it’s probably time to throw it away or find it a new home. After you make your house clutter-free, move on to cleaning.
Wipe down your windows and floors, clean the carpets, and make your kitchen and bathroom sparkling. Be sure to pay attention to all the overlooked areas like light switches and ceiling fans, and keep the place in that pristine shape.
If you can, get an inspection to find out the problem points in the home. Fix and upgrade everything you can to expedite the selling process and get yourself a better deal.
Find a good real estate agent and price your home right
A good agent that knows a lot about the history and growth of Las Vegas will be of great help throughout the process. They’ll know how to market your home, who to market it to, and what you need to sort out to get the top dollar for it.
With that said, you’ll have to be careful how you price the place you’re selling. If you set your price too low, you’ll sell it fast, but you’ll miss out on the money. Contrary, if you price it too high, you might discourage potential buyers from even looking at it. It’s a delicate dance, and you must dance it perfectly.
Should you do it?
So, buying and selling a house at the same time — is it the right thing for you? That’s a question only you can answer. Don’t get ahead of yourself and weigh all your options before you commit to one. Listen to what the experts have to say, don’t do things on your own, and you’ll be just fine.