Are you in the market for a new home in Charleston or the surrounding area? If you already own a home here, one of the items on your mind might be just how you’re going to juggle buying a new house while selling your old one, and what to do if those two events don’t line up. Let’s take a look at a few quick tips on how to manage – and minimize – the time between moving in to your new home and selling your old one.
How Long is Your Transition?
Real estate transactions can be major life events, and in this situation you’re making two of them around the same time so it’s important to begin with a plan. When do you want to make a move? If you have an idea of where you want to live, it may be time to list your home on the market so that you can get the selling process started. Remember that the local real estate market tends to cool off in the autumn and winter, so if you buy and move then it might take a bit longer to sell your old home than usual.
Ask Your Buyers About Their Intentions
If you’ve already listed your old home or if you’re about to, be sure to ask potential buyers about their intentions when you meet them. Find out if they have financing lined up, or if they are just taking a look around the Charleston area to see the types of homes on the market. Weeding out the less-serious buyers and focusing on those who are looking to make a move quickly is important, but be sure to keep in touch with every prospect as they may end up signing faster than you had expected.
Renting Your Home is a Possibility
If you feel that your transition may be more than a couple of weeks you may want to consider renting your old home out for some additional income, especially if it is still furnished. Charleston has a steady stream of visitors that are interested in home accommodations, and with a bit of careful screening you can find tenants that will leave the home looking as good as when they set foot in the door. Note that managing a rental property isn’t for everyone, so give this some thought or perhaps leave it as a last resort.
Consider Bank Financing to Tide You Over
Finally, if all else fails you can speak with your bank to determine if some sort of bridge financing is in order to ensure that you don’t fall short during your home transition period. Homeowners make these requests on a regular basis, so the bank will be aware of your situation and can advise on how to best manage your finances until your old home is sold.
Don’t forget that the best way to ensure that you have no gap between buying a new home and selling your old one is to get your sale complete as fast as possible. Working with an experienced real estate marketing team like The Cassina Group ensures that your listing will be exposed to hundreds of potential buyers. Contact us today by email or by phone at 843.628.0008 and we can get right to work!