While it’s a great problem to have, one challenge that many homeowners face when upgrading or buying a new home is how to manage the time gap between the two transactions. If you’re facing a transition period between moving in to a new home and selling your old one, you may find these tips helpful.
Assess Your Financial Situation First
If you haven’t yet purchased your new home, assess your finances first to ensure you can weather a few months between buying and selling if you need to. Do you have a mortgage on your old home? If so you may end up juggling two mortgage payments until the sale completes. Are renovations required? Factor those costs in as well. While we’re on the topic of renovations…
Take the Time to Complete Renovations and Upgrades
If you have already moved out of your old home but it hasn’t sold, this is an opportune time to renovate or complete upgrades that can increase the home’s appeal to buyers. Look for high-impact fixtures and touches like new countertops and appliances in the kitchen and new faucets or a bath-to-shower conversion for the bathroom. Don’t forget to focus on your ‘curb appeal’ – a new front door, a coat of paint and some landscaping can go a long way in helping get your home sold quickly.
Short or Medium-Term Rentals Are an Option
Although it’s probably not your preferred course of action, if you envision a lengthy gap between buying and selling you could rent your old home on a short- or medium-term basis to bring in some additional income. Whether you have a townhome in Westerville or a large five-bedroom detached home in New Albany, there is almost always someone looking to rent a quality home at the right price. If you do decide to rent your home out, don’t forget to inform your potential tenants that the home is for sale and that they may be required to move out on short notice.
Selling at the Right Time is Key
You’ve likely heard the phrase “timing is everything” and in this case it most certainly holds true. If you decide to move when the market is cooling off you may find that your transition period is quite a bit longer than if you had sold during an upswing. Generally speaking, the market here in Franklin and Delaware County moves a bit faster in the spring and summer than in the fall and winter. Of course, there are buyers around every day of the year so if your home draws interest it could be sold within days.
When you’re ready to sell your piece of Central Ohio real estate, The Raines Group is the team you’ll want to work with. Our professional real estate team will assist with your home’s valuation, devise a marketing plan to ensure you attract quick buyer interest, and work with you to get your sale closed promptly. Contact us at your convenience at (614) 855-8700 or by email on our quick contact form by clicking here. Thanks for visiting!
