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How to Buy and Sell a Home at the Same Time

Buying a home is often a stressful situation on its own. Add in having to sell an existing home and the stress typically doubles. At least if you’re looking at homes in Chesterfield VA, you will find a variety of excellent homes in fantastic communities from which to choose if you go with LifeStyle Home Builders. No matter the market, they’re bound to have a dream home for you.

Still, it does pay to have an idea of what kind of market you’re looking at, both as a buyer and a seller. You may want to have multiple homes in mind for purchase should a deal fall through or a house be snapped up before you can make an offer. You also need to be realistic about the value of your own home. You may want more, but have your home properly appraised and inspected before hand so that you have a true sense of the value and any repairs that may need to be done or that could affect the final price.

As for whether you should sell or buy first, it really can go both ways and depends on your financial situation. Selling first is better financially all around usually, because this means you don’t have to pay two mortgages and you’ll find it easier to get a mortgage for your new home. However, if you sell before you are able to close and move in to a new home, then you do have to face the need to find a rental property that is flexible while you wait to move into your new home. Sometimes, the buyer of your existing home will allow you to pay rent or cut the final asking price to let you stay in the home for typically 60-90 days until you’re ready to move. It’s always worth asking.

Ideally, you will manage to sell and buy at roughly the same time. However, there can be delays such as the buyer taking longer than expected to get a mortgage, or inspectors finding problems with your home that can cause delays. If you’re purchasing a brand new construction home, you also have to make sure your new home is finished in time for you to move. While there’s not much you can do, it’s still a good idea to seriously plan out your options for either situation and make sure you are financially able to deal with any issues that may arise.

If you’re worried about the financials, a bridge loan may be an option. These loans are helpful if you planned to use the proceeds of the sale of your first home to buy the second. It is a short-term loan, repaid upon the sale of your original house.

Ultimately, try not to let fear overtake you. Don’t take the first house available if it’s really not right, even if it means renting briefly because your home has already sold. In addition, don’t take a bid that you really feel is too low if you can manage to hold out. You have to have a clear understanding of your finances and what you can manage and for how long. Hopefully, at the end of it all, you’ll just have the one mortgage on one of the beautiful homes in Chesterfield VA built by LifeStyle Home Builders.

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Working with the Lifestyle team was a wonderful experience from the day we singed our contract to the day we moved unto our new home. I can’t begin to tell you how pleased we are with out new home! It’s a quality product. - Walter and Melanie
The process of working with everyone on the LifeStyle team has been seamless and easy! I have very much appreciated everyone’s attention to detail (especially Devin and Tara!), which has helped make my transition to first-time homeownership enjoyable and rewarding. I love my new home and the welcoming feeling of the community LifeStyle is building! - Tasha Adams
My husband and I looked at several builders and walked through dozens of model homes before choosing Lifestyle! Their customer service is top notch and the whole team treats you like family. Chris C. has gone above and beyond to ensure us we were in good hands. He’s been super responsive at all times and upfront and honest through the whole process making our design appointment so easy and fun! Lori and Harleigh were absolutely amazing and helped us pick out each detail to customize our dream home. Thank you Lifestyle for your outstanding hard work, I would recommend anyone to choose them as their builder! - Brittany
LifeStyle provided us with the perfect home!! They were great to work with and very trustworthy. As first-time homebuyers, LifeStyle made sure we were informed and understood the process every step of the way. I would absolutely recommend LifeStyle Builders to anyone looking to buy or build their dream home! - Matthew and Kaitlyn

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