Are you a San Diego homeowner who is looking to make an upgrade to a larger, more luxurious home? Or perhaps it’s simply time to move from your current neighborhood to one that is closer to the beach? If you’re facing the prospect of buying a new home while selling your current one, you might be wondering what happens if those two transactions aren’t very close together. In today’s blog post we’ll share a few tips for how to bridge the gap between buying a new San Diego home and selling your old one.
Get a Head Start by Planning and Saving
If you have yet to make a move it’s a good idea to begin with a plan for how you might deal with a lengthy transition period between homes. If you’re going to be juggling two mortgage payments, you may want to begin setting aside a ‘transition fund’ which can help ensure that your costs are covered. You’ll also want to make a move at the right time, as the real estate market here in San Diego has its warmer and cooler periods and trying to sell your home at the wrong time can present issues.
We’re happy to share some guidance on the best time to make your move to a new home, so please feel free to contact our offices at your convenience.
Renovate, Upgrade and Stage Your Home Quickly
Depending on the state of your current home and how ‘sale ready’ it is, you might actually see a bit of a transition period as a blessing in disguise. Renovating your home to increase its curb appeal and staging it for buyer walkthroughs and open houses are far easier if all of your furniture has been moved to your new home. Be sure to move on your renovations and staging quickly so you can get your home listed and get the selling process moving at full steam.
Home Idle for Months? Consider Renting It out
If your old home is going to be idle for a few months, you can always rent it out on a short-term basis. San Diego and La Jolla are year-round tourist destinations, and many families and business travelers prefer home accommodations over staying in a hotel.
Don’t Forget, Your Bank is There to Help
Finally, don’t forget that if all else fails you may be able to lean on your bank for bridge financing until your old home is sold. Bridge loans are quite common and your bank will understand your circumstances and why you need some coverage. If you have or have had a mortgage with them in the past they will be familiar with your financial strength as well. Be sure to approach the bank early on in order to give them enough time to prepare everything.
When you’re ready to sell your home in San Diego or the surrounding area, the real estate professionals here at Whissel Realty are here to help. Contact us through our quick contact form or by phone at (619) 618-7997 and let’s get started.