Are you a homeowner in Raleigh or elsewhere in the Triangle area who is thinking about upgrading to a newer or larger home? If so, you’re likely going to want to sell your current house and that introduces the potential for a bit of a gap between buying and selling. In today’s blog post we’ll share a few strategies which can help you determine how to bridge the gap between buying a new home and selling your current one.
Devising a Transition Plan
If you’re still in the early stages and have yet to purchase your new home, it’s best to begin this process with a plan. Selling your current home will take some time – how long is dependent on your property, its condition, your asking price, the local Raleigh real estate market at the time of the sale and more. If you are aiming to buy when the market is ‘cooler’ to try to save a bit on the purchase, you’ll be faced with trying to sell your home under the same circumstances.
If you’re having some difficulty trying to figure out when to begin and how to manage your home purchase and your sale at the same time, give our offices a call and we can share some advice on the best time to make a move.
Transitioning for Few Months or More? Consider Renting
As the Raleigh area is a popular destination with tourists and business travelers, if your previous home is going to sit idle for a number of months you have the option of renting it out on a short-term basis. While there is a process involved with preparing your home and listing it on HomeAway and other websites, this can be a very lucrative short-term option – especially if your home is fully furnished. Browse through vacation home rental websites and check out the listings here in Raleigh to determine what the competition is like and whether or not you feel it’s worth it. Note that being a landlord is rarely a perfect process, so expect the occasional speed bump if you decide to rent your home out.
If Necessary, Consider Bridge Financing
Depending on your financial situation and whether or not you’re already juggling a mortgage, you may want to consider taking out a bridge loan to cover your costs until your home is sold. Bridge financing is common and your bank will have a good understanding of why such funds are necessary. If you feel that this might be an option, it’s best to speak with your banker early on in the process so that there are no surprises.
Are you ready to sell your home in Raleigh or elsewhere in the Triangle area? The real estate sales experts here at Raleigh Cary Realty are ready to help. Contact us at (919) 439-0965 or by email on our contact form and we’ll share how our unique approach to the Raleigh real estate marketing will ensure that your home is sold as quickly as possible. Thanks for visiting our blog, and we look forward to working with you!