Sometimes, when moving out, you could be tempted to sell your home at the same time. This can be a great idea, as it can help you out financially with your upcoming move. However, buying and selling at the same time can get very complicated, as it needs a lot of planning ahead and timing. And, there is always a chance that something could go wrong with every step of the process. So, to help you out, we have decided to put together a guide on selling your California home and buying one in Colorado. We hope you find it helpful.
Hire a professional
Buying a home comes with a lot of paperwork, as does selling a home. As such, it is a smart move to hire a professional who can guide you through the entire process. You should look for an experienced and reliable real estate agent. They can help you figure out your home’s current equity and give you valuable advice on pricing your current home. In addition, they can help you find a new home which is perfect for you and your family quickly. Finally, a good real estate agent will be able to help you out with any paperwork related to buying and selling homes. This will allow you to focus on the move itself so you can make your relocation from California to Colorado a breeze. Also, if your state requires it, you will also have to find a reliable real estate attorney.
Consider your finances carefully
A pretty big part of selling your California home and buying one in Colorado will be your finances. In an ideal situation, you would sell your old home in the morning and close on the new one later that day. However, there is no guarantee that’s how it will work out. So, you need to be very careful and make sure you have enough money to close on your new home just in case the sale of your old home falls through. The last thing you want is to lose your new home or, even worse, juggle two mortgages at the same time. If you don’t have the money to buy your old home, then be sure to leave a contingency. That way, you can bail on purchasing the new home. Experts from mod-movers.com also note that you should always consider moving costs when planning your finances.
Think about the housing market
One pretty big factor you need to consider carefully are the housing markets in Colorado and California. This could dictate everything about your move. Because, if you’re in a buyer’s market, selling your old home could take a while. Because of this, you need to wait until you have a solid offer before making an offer for your new home. On the other hand, if you’re in a seller’s market, you will have much less flexibilities when it comes to contingencies and closing dates. However, you will have space when picking out offers, so you can chose ones with less contingencies. You will also have to do all of this while preparing for your move and doing things such as decluttering before the move. Remember, of course, that all of this also applies to the housing market of the city you are intending to move to.
Negotiate timelines as well as money
A huge part of selling your California home and buying one in Colorado is the timeline of your move. It is very important to get the best price possible on your old home, and make sure you’re not overpaying the new one. However, you should also consider the closing process in your plans. Your goal is to make sure both the seller of your new home and buyer of your old home agree to adjacent closing dates, or any needed contingencies. This is needed in order to make sure you can simply move to your new home as soon as you close on it. The journey from California to Colorado, so you will also want to hire movers for that exact date. Experienced and reliable movers will make sure you have the best possible experience with your move. But, remember to start your search early, to guarantee the perfect timing.
Make a backup plan
It doesn’t matter how carefully you plan your transactions, there is a chance something will go wrong. Either can fall through at any point. Because of this, it is incredibly important to have a plan ready in case this happens. In case the purchase of your new home falls through, consider making a rent-back agreement with the buyers of your new home. Or find a different short-term rental closer to your new home until you can move. If you have a lot of belongings, consider using portable self-storage as well. If it’s the sale of your old home that falls through, then consider renting out your old home to offset costs until you can sell it. Alternatively, you will need a home equity line of credit or a bridge loan. However, keep in mind that a bridge loan will need payments whether or not you sell your old home.
Selling your California home and buying one in Colorado – conclusion
Trying to sell your old home while buying a new one can get fairly complicated. As such, proper planning and preparation is incredibly important throughout the entire process. In addition, planning ahead for something going wrong is a very smart choice. The process is long and complicated, but with the plans you can pull it off without any issues. We hope you found this guide to selling your California home and buying one in Colorado, and we wish you luck with the entire process.
