By Garrett Lund
With the housing market continuing its upward trend, now may be the perfect time to translate your current home's equity into the dream house you've always wanted. You might live in a beautiful home, but perhaps it is too small or doesn’t have the open layout you need for entertaining guests.
When simple upgrades just won’t cut it, it may be time to sell your sell your home a put a larger down payment on your true dream home. Here are some different tactics you can use to make your dream a reality.
Selling or Buying First?
While you can go out and begin looking at properties to your heart's content, you should also be crafting a gameplan for your financing options. If you find the perfect home without the house sale to back it up, you may lose it to another buyer while you wait for your home to sell. Deciding on which option is best for you ahead of time will set up your home transition for success.
Contingent Offer: You can place a contingency clause on your selling terms, which means that your home is not officially sold until you have found the home you want to purchase. This gives you the room to look for your new home without being rushed by a quickly approaching move-out date.
Special Financing: There are financing options available for special circumstances. Bridge loan financing, for example, makes it possible for your home purchase and/or renovations before your current home has sold. A bridge loan is short-term and this is typically a benefit for homeowners only looking to bridge the gap between their purchase and sale dates.
Interim Housing: More adventurous home buyers will simply sell their house and move into a rental proerty until they find their perfect dream home. Close friends or family may offer you free accommodations until you pick out your home and finalize the details.
Whichever of these options works best for you, now is the time to get your house prepped to sell. Basic upkeep, landscaping and staging can increase the sale price of your home and help pique potential buyers’ interest. Don’t wait for the market to change – act today and find your dream home tomorrow!