As someone who enjoys purchasing luxury real estate, you may find yourself periodically buying and purchasing a property at the same time. After all, unless you are willing to move into a rental as you try to finalize payment on a new home, buying and selling properties at the same time may be necessary if you only own one home.
While buying and selling at the same time may seem like the logical path to take, completing both transactions at the same time can be stressful. Fortunately, you can help to alleviate the stress of buying and selling a home at the same time if you keep a few simple strategies in mind.
Strategy #1: Make a Plan
When it comes down to it, buying and selling property is a business transaction. As with all aspects of business, having a solid plan in place is an essential part of ensuring a smooth process. As part of the planning process, you need to be sure to give yourself enough time to move your belongings from one property to the next. Failure to give yourself enough time will leave you feeling anxious as you hurry to move from one place to the other.
Strategy #2: Investigate Your Finances
Generally speaking, buying and selling a home at the same time results in paying a mortgage on two homes at the same time. Depending on how long it takes for you to sell your old home, you may find yourself paying mortgages on two homes for several months. Of course, this is a risk that you have to take if you want to ensure your dream property does not slip away. If you do not have a personal financial advisor, talk to a trusted mortgage professional to ensure your finances are in the proper order to handle paying on both mortgages at the same time. Be sure to leave an expense buffer to accommodate unexpected complications.
Strategy #3: Prepare for the Unexpected
Even with a solid plan in place, unexpected problems can occur. Therefore, it is essential to be prepared for the issues that may arise. For example, if the house isn’t ready for you to move into when you expected, you need to have a back up plan in place. This may include paying for a hotel, staying with friends, or temporarily moving into your second home if you have one. In each of these scenarios, you may find yourself needing to put some or all of your belongings in storage until the new house is available. If it takes longer than expected to sell your first home, it might also be in your best interest to take out a short term loan in order to keep your money flowing as you cover the cost of paying on two homes.
Strategy #4: Make Time for You
While buying and selling a house at the same time can be stressful, thereby making you feel as though you have to dedicate all of your time to the process, it is important to find time for yourself during the process. Spending time with friends and family can help alleviate the stress, while also helping you remember why you are purchasing a new luxury home to begin with.
Strategy #5: Hire a Competent Real Estate Agent
Of course, hiring a competent and experienced real estate agent who is familiar with buying and selling luxury properties will also help ensure the process goes as smoothly as possible. If you need help with the buying or selling process, our team of real estate experts can guide you. They specialize in luxury home real estate located in Los Angeles or surrounding areas. Contact our team to learn more about how we can help you.
Whether you’re selling, or just looking for your dream home, look to these properties below priced from $3 Million to $9 Million.
$3,275,000 : 3141 GILMERTON Avenue, Los Angeles5 beds, 5 baths
$3,695,000 : 4103 ROMA Court, Los Angeles3 beds, 4 baths
$3,395,000 : 1282 CASIANO Road, Los Angeles4 beds, 5 baths
$3,300,000 : 437 N BONHILL Road, Los Angeles5 beds, 4 baths
$5,400,000 : 3710 GLENDON Avenue, Los Angeles0 beds, 0 bath
See all City of Los Angeles Luxury Homes For Sale.
(all data current as of 7/24/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.