If you are in the process of simultaneously selling a home and buying a home, you could be in for a very stressful experience. Selling and buying at the same time has sometimes been compared to experiencing a divorce, bankruptcy, becoming a parent for the first time, or even planning a wedding!
It is not easy, but staying calm will help you to plan for and complete your upcoming home sale and purchase, and make the process easier. So how can you minimize and/or avoid the stress? Here are three strategies that will keep you stay calm, no matter what happens along the way.
Have a Well Thought Out Plan A & Plan B in Place…
Much of the stress that you can experience is often the result of poor planning or no planning. You may feel stress if you do not have enough time to move, or if you have to pay mortgages on two homes because your current home is not selling fast enough.
Before you get too far into the home selling and buying processes, talk with an experienced Real Estate | REALTOR®, and ensure that you have a well thought out Plan A and Plan B in place for how you will manage selling and buying at the same time. Build in adequate time and expense considerations for unexpected complications – even if nothing goes wrong, it is still nice to know you have some room to work with and a well thought out fallback plan if things do go wrong.
Be Ready to Improvise if Things Go Sideways
There are a number of reasons that selling and buying at the same time can result in complications. You might need to move out before you have a home to move into, or you might not have the money for your new home if your current home has not sold. Be prepared to do a short-term seller leaseback, rent a hotel room, take out a short-term loan, or move your belongings into storage, if things do not go according to plan.
Talk Out Your Problems with Loved Ones
In times of stress, it is helpful to turn to friends and family for a helping hand. Studies have shown that having a strong social support network can mitigate the effects of stress. The Mayo Clinic suggests reaching out to loved ones when you begin to feel overwhelmed. Do not be afraid to ask your family and/or friends for emotional support, and whenever you have an opportunity to socialize, take it – you will find it easier to handle stress after a fun night out with family and/or friends.
Selling and buying a home at the same time can be a stressful experience, however an experienced Real Estate Advisor | REALTOR® can help you consider all the possibilities so you can put together a Plan A and Plan B, and help you maximize your return-on-investment while helping you minimize your stress.
If you are thinking about selling and buying, and want help, fill out the GET IN TOUCH form on this page, or just call us at 469-262-5411, and a Real Estate Advisor | REALTOR®, from Martin Real Estate Advisors, a United Real Estate Company, will get back with you right away.