Buying a new home and selling an existing property at the same time can have its own set of challenges. But with planning you can ensure everything goes smoothly.
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Before putting your current home on the market or committing to buying a new one, you should consider the prices of properties in the areas in which you will be both buying and selling. You will need a realistic idea of sales prices for comparable properties so that you can assess both your buying and selling position.
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What happens if you are unable to perfectly time the sale of one property with the purchase of another? You may find yourself in a temporary situation of not owning a property at all for a period of time, in which case you will need to find a temporary place to live. In this situation you will need to consider short-term housing possibilities, which could include staying with family and friends, or in a rental property. You may also need to look at how to store furniture and other wares.
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Alternatively, you may find yourself owning two properties at once, whereby you may need to look at financing options that allow you to pay a deposit on your new purchase before you have access to the funds required to pay for the property in full, which will become available once your previous property has successfully sold.
