How to Buy and Sell Homes in Encinitas Simultaneously

Sell First

The "safest" method may be to sell your Encinitas home first and then look to buy. Like anything else there are several advantages and disadvantages to this method, however. 

Advantages
You will know exactly how much you will be able to spend on a new home if you have already sold your home before you seriously begin exploring new options in the market. As there will be less pressure for you to sell to ensure that you have the money you need to buy your next home, you may be able to wait until you have secured the best price for your home. 

Disadvantages
You will likely have to move your belongings into storage and find a temporary solution for housing. Especially in today's competitive market it may take a while for you to get the home you want at the price that is right for you and it may be disruptive to be without a home for an extended period of time. 

Buy First

Like selling first, there are advantages and disadvantages to pursuing this method, but depending on your needs and expectations it may be your best option. 

Advantages
You will be limiting disruption significantly. You will be able to move into your new home at your leisure and not have to worry about simultaneously moving out of your new home while you prepare your home for sale. You may also be able to make some additional money by renting out your home for those looking for temporary housing. 

Disadvantages
You may potentially have to shoulder the burden of two mortgages while you wait for your home to sell. Additionally, you will be responsible for making sure that the house you are looking to sell is secure and maintained. 

If you choose to rent out, you will have to endure the stresses and headaches of being a landlord, which may be seen as a significant disadvantage for some. 

Buy and Sell at the Same Time

For many this is the only truly viable option, but it is important to be prepared for all possible scenarios as you attempt to act as a buyer and a seller in the market. 

It is usually advisable that you apply for what is known as a Home Equity Line of Credit before you enter into this process on your current home, which will then be repaid when you sell your home. 

Try as best as you can to schedule the closing date for your new home after the closing date for your old home. 

The best thing that you can do is consult with an Encinitas real estate agent to help you figure out which one of these methods is right for you and how you can best approach each scenario. Having someone who can guide you through the process will help to reduce some of the stresses of buying and selling and provide you with security knowing that a trained professional is there to help you.