If you’re thinking of buying a new house or piece of real estate in Lexington you might be wondering how you’ll manage things if your current home doesn’t sell before you close on your new one. In this blog post we’ll share a few tips for managing the gap between purchasing your new home and selling your current one.
In Real Estate, Timing is Everything
The shortest gap between buying and selling is ‘no gap’, which means that you’ll want to sell your home as quickly as possible. The Lexington real estate market moves a bit faster in the spring and gets hot in the summer, so if you’re selling around this time you’ll tend to close quicker than if your home is listed in the middle of winter. Choosing the right time to make your move will shorten your transition period.
Extra Staging Time is a Blessing in Disguise
Having to wait a few weeks or longer to get your old home sold after moving out may seem like a bit of a pain, but it can actually be a blessing in disguise – especially if your home hasn’t sold yet. Think of this gap period as extra time to complete upgrades or renovations that will increase your home’s appeal to buyers, such as refinishing the bathrooms or giving the kitchen a complete makeover. You may find that the extra couple of weeks you spend touching up your home’s appeal helps to move the sale along.
Check in with Your Bank Regarding Bridge Financing
Trying to manage two homes can be a challenge to your finances. If you’re able to, you’ll want to set aside a ‘transition fund’ to cover your costs until your old home is sold and you receive the payment from the buyer. If necessary, talk to your bank about bridge financing to cover any shortfalls. If you have a mortgage on both the old home and the new one, figure out a plan for managing both of the payments to ensure that nothing gets missed. The last thing you need while trying to sell your home is some additional stress put on your plate.
Out for a Few Months? Consider Renting
If you feel that your transition gap might last a few months, you may want to consider renting your old home out on a short-term or medium-term basis to generate a bit of extra income. Whether you manage it as a vacation home and rent to tourists visiting Lexington or as a part-time accommodations for a family here in the city, renting is one way to prevent having your old home drain out your bank account while waiting for the sale to close.
There’s little doubt that the best way to avoid a lengthy transition between buying and selling is to work with a real estate sales team that can market and sell your home quickly. When you’re ready to sell your home in Lexington, Chevy Chase or the surrounding area, give the Nick Ratliff Realty Team a call at (859) 351-9796 or contact us by email using our quick email form.