Selling your home and buying a new at the same time is an endeavour that is very hard to balance. It can be extremely difficult if you are expecting to use your home’s sale money into buying a new one. In one way or the other, the timing does not align perfectly. Nonetheless, with a little planning and working with the right agent, you can run both transactions smoothly.
If you want to buy a new house while selling your current home, you should check out the apartments for sale in Dubai. This is because it is an exclusive neighbourhood where you can get a good deal. Also, you can choose the wide variety of off plan property in Dubai or property types in Dubai Hills Estate. Furthermore, you can opt for Madinat Jumeirah Living located close to Burj Al Arab Hotel.
Tips to help you sell and buy a home at the same time:
1. Understand the market
The first thing you should do when faced with this situation is to research and get a better understanding of the market you are interested in. This will help you not to miss out on your favourite home because you waited too long to put an offer. For instance, in a seller’s market, there are fewer homes than the number of buyers. Also you would like to know how much homes are selling in the neighbourhood.
2. Understand your finances
After understanding the condition of the market, you should consult your mortgage provider to know about your finances. Knowing about your finances will help you set realistic expectations and know whether you should sell or buy first.
Should you first sell or buy? If you decide to sell first, you will not have a burden of paying two mortgages. However, you will have to find temporary accommodation before you get the appropriate home to buy. On the other hand, if you decide to buy first, you should put sale contingency in the agreement. This will mean that your offer to buy the new house will depend on the sale of your house.
3. Make a plan
Now that you have laid down the basics, it is time to create a plan. Regardless of the decision you make, be prepared for the unexpected. For instance, you might be required to carry two mortgages at the same time, rent a storage space for your item or even get temporary accommodation. Remember that your plan will be highly influenced by the seller or buyer at the other end of the transaction