Buying and selling a home can feel like a complicated process, especially when you’re trying to coordinate the timing of both transactions. After all, what if you have nowhere to go after you sell your home? This fear often keeps people in their current homes long after they realize the space isn’t a good fit anymore. If you have considered making a move but aren’t sure exactly how to make it work, here are a few options that can help you get into a new home faster than you might have imagined (with a little less stress)- and one option I wouldn’t count on in this market:
- Buy Before You Sell – One of the smoothest ways to make the transition is to find the home you want to move into before you sell your current home. This way, you don’t feel rushed to find a new home, nor do you have to move twice, or have a specific deadline to adhere to. However, to make this work, you’ll need the financial resources to cover both mortgages and any other expenses associated with owning two homes. So, it may not be a feasible option for everyone.
- Request a Leaseback/Temporary Occupancy – If you can’t afford to own two homes simultaneously, you can put your current home on the market and request temporary occupancy from any potential buyer. This means that you can stay in your current home for a period after the sale closes while you search for your new home. If your buyer is getting a loan, you can stay up to 59 days after the sale in the state of Georgia. There are no restrictions for cash transactions. The strategy can give you a little bit of breathing room to find a new home without having the rush to sell your current one.
- Find Somewhere to Stay (Temporarily) – If you can’t request temporary occupancy, or your occupancy stay comes to an end and you haven’t found your home yet, you’ll need somewhere to stay in between. It might be time to consider a stay with family or friends or finding a short-term rental. A short stay with family may not be ideal (or even possible) in some situations, but it can be the most cost-effective and flexible. You just might be tight on space for a while. Short-term rentals tend to be the most expensive option as you’ll pay the most for month-to-month rent, in addition to moving fees, and storage but it can give you the most time to find your dream home.
- Try to Time It Perfectly – If you want to wait until you’ve found your next home before you put your current home on the market, but can’t afford the temporary cost of two homes, we can work to time both transactions so that they close at the same time. We’ll get your home completely show-ready, take pictures, and have everything set to hit the market the moment you go under contract with your new home. This strategy certainly isn’t without risk either, as we’ll need to strategize to ensure your current home goes under contract quickly (and stays under contract).
- Don’t Count on: A Contingency on Sale – This option is last for a reason. The contingency on the sale of your property means that you don’t have to buy your new home before your old one sells. While theoretically the most ideal, in the current (very competitive) local seller’s market, it likely isn’t feasible. If there are multiple offers on a property, this contingency will almost certainly put your offer at the bottom of the list as it asks the seller to take on additional risk. So, in a seller’s market, it’s best not to rely on this option as it could cause you to miss out on your dream home.
Yes, it can feel really overwhelming to try to transition to a new home, particularly when you have one you need to sell first. But, with the right strategy, we can get you there. Everyone’s situation is unique, so it’s best to sit down, discuss your options, and formulate a plan up front. After going through this process personally, I fully understand what it takes and would be honored to help you do the same!
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