Many people find themselves wanting more space at home or needing to change their address for whatever reason. In this situation, homeowners are trying to sell their current home while they look to buy a move-up home. Timing is everything, and it’s important to know what your options are before making any final decisions.

This process can work several ways:

• Sell your existing property and rent for a short period while locating your next home.
• Buy your next home and carry the mortgage on both properties while you wait for your first home to sell.
• Simultaneously sell your existing property and purchase your next home.

Each of these scenarios has its own challenges. The first means two separate moves for your family and makes your transition entirely dependent on selling your home. The second scenario may seem simple, but it can be difficult to qualify for two mortgages, especially in a slow market. Additionally, you’ll be responsible for two mortgages, which can be a hardship on many families. The last scenario is the most preferable to many buyers, but requires a great level of skill on the part of your agent. If you choose this route, it can be incredibly beneficial to work with one agent to list your home and act as your buyer’s agent for the move-up property. A skilled Realtor® like Lee Tessier can successfully negotiate a contract with a sale contingency, allowing you to place an offer on another home, contingent on the sale of your existing home.

Regardless of which option you choose, the most important thing to do is to ensure your current home is in great shape for the market. Meet with Lee Tessier and get a current value on your home. It is also a good idea to have the condition of the home checked by a professional and make any needed improvements or renovations prior to putting it on the market.

The transition of selling one home and buying another can be overwhelming, and it is important to contact a lender immediately when you are ready to move forward. If you don’t have a lender, contact Lee Tessier for suggestions and recommendations.