What Happens If You Sell Your House Before Buying One?

by Admin 17. May 2019 15:00

In a perfect world, your house sells the same day you close on a new home. You have plenty of money and time to make the move. When real estate daydreams and realities collide, be prepared with smart options that include short term storage here in Edison Park, IL.

Why Would You Sell First?

Motivation matters when you're selling a house. You may have fallen in love with a dream home or a location that's perfect for work. You might want to downsize for retirement. Sometimes the timing just doesn’t work out.

Your plans depend on cashing in on your home's equity. If you're positioned in a seller's market, a quick closing makes the transition from old to new much easier.

Can You Speed Up the Buying Process?

Perhaps you're not in the market for a dream home. You want to make your move before closing the sale on your current home. These options can speed up the hunt for a new address.

  • Limit your search to houses within a 15-mile radius.
  • Keep an eye out for home foreclosures and auctions.
  • Ask your realtor about properties that are ready for move-in.

Speed shopping isn't for everyone. You might want to slow down, move belongings to a nearby storage unit, and consider an easier relocation strategy.

What Are the Pros and Cons?

If you can plan ahead, you can actually benefit from selling a home before buying a new one. When you sell first, you're free from the obligations of dealing with two loans. Closing on the old house keeps you from overextending as a buyer. You know exactly what you can spend on a new home.

With that financial security, you can afford a short lease on living space and short-term storage for holding things until you make your final move. The downside of this plan is packing and unpacking twice.

On the upside, taking your time offsets the work of a double move. You don't feel pressured to make quick decisions. You can relax and shop with confidence. When you finally settle in a new home, keep your storage unit. Everyone can use extra space on a long-term basis.

Self Storage Will Keep You Ready

Regardless of when the house sells, you can be confident thanks to the safety net of self storage.  Safeguard Self Storage keeps you ready for the move with short-term and long-term storage units in Edison Park, IL and all across Chicagoland. You can count on us to help make your real estate daydreams come true.

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