How to Buy a New Home and Sell Your Current Home: Tips for Baby Boomers and Seniors

Buying a new home can be a challenge! It can also be exciting and fun for you and spouse, as well as your family.  Selling your current home can prove to be nostalgic too, particularly when memories of the past begin to surface, as they do with baby boomers and seniors. Perhaps you do not want to part with your current home and yet you know that for different reasons, selling it is probably the wisest thing to do.

How does one go about selling a current home and buying another, without it being a juggling act? “Should we sell first or buy first?”

There is no easy answer to this question, as it largely depends upon your circumstances at that time. 

Weigh the pros and cons.

Weighing the pros and cons of selling your current home and buying a new one is important. There may be good reasons why you do not want to move. It is like trying to part with an old pair of socks. You are comfortable wearing them. At the same time, you need new ones, but it means time and effort on your part and a period of adjustment. See this as something that you can do!

Can you afford two homes?

Most people cannot carry two mortgages or afford to travel back and forth, so it is financially unrealistic to have two homes at the same time. Selling one and buying another is the most realistic solution to that kind of a dilemma. At times, there has to be a period of transition, as you sell one and buy another.

Make a decision.

Remember that making a decision about selling your current home and purchasing a new one is not always easy. Trying to see everything in a positive light will help you, your spouse and your family to make the right decision about selling and buying.

Your spouse and family may appear enthusiastic about buying a new home, but at the same time, be reluctant, offer resistance and argue, “All of our friends are here.” You can counter that with “It will not be long until you make new friends.”

Part of the decision making process includes being realistic, knowing and understanding why you are moving or have to move. Personally, you may have to wrestle with the thought of moving, too. Making a firm decision helps to resolve that dilemma.

Ask yourself, why you are contemplating moving.

For example, perhaps you are retiring or the company you work for has just moved to another city. In order to continue your employment with them, you must move, too. You know that financially, you cannot survive without employment.

Have you explored the employment possibilities if you do not move and begun to realize that moving with your company is for the best? Make certain that you have a guarantee of employment before making the decision to move.

Once you have made the decision to sell and buy, be prepared to stick to it. Maintain a good attitude, as well as a positive outlook with respect to your decision to move.

Start looking immediately.

It is important to begin to search for your new home immediately, as time is of the essence. That is when you are the most enthusiastic and energetic. Your spouse and family will begin to get excited about moving, when you make it into a challenge for them, too.

What kind of an area do you, your spouse and your family want to live in? Everyone in your family will have suggestions. You likely have a basic idea of what you are looking for in a new home. Your spouse and family may enjoy participating in the new house search, so find out what they want, too. You may need to make some compromises.

Pay a visit to the city where you are planning to live and work.

Make certain that you know the location of your company and spend some time with your employer. He or she may offer realistic solutions with respect to purchasing a new home there.  

Begin to look at residential areas that are relatively close to your new place of employment, areas where you, your spouse and your family think you might like to live. Weigh the pros and cons of living in different parts of the city, or in the immediate vicinity.

Contact a realtor.

You might know a realtor or be able to find a trustworthy, reliable and dependable realtor online. You could contact several realtors in the area where you are planning to move.

Do comparative shopping in terms of different residential areas near your place of employment and then pinpoint a tentative, more specific location. Are there good quality homes or suitable retirement homes for sale in the area of your choice? Are they affordable? Is the area suitable for children and teenagers? Will you be able to find what you, your spouse and your family need in that area?  How far will you have to drive or commute?

You might engage your realtor in this house search, by letting him or her know exactly what you are looking for, as well as your tentative price range. He or she can do a lot of research or legwork for you and save you a lot of time and energy.   

Have your current home evaluated by a realtor.

Make certain that your current home shows well, before you contact your realtor regarding its sale. If necessary, do some basic repairs ahead of time, or get some realistic quotes on essential repairs. Do not attempt to cover them up.

Having your current home evaluated by a realtor will give you a realistic, listing price. You will know approximately how much actual dollar value you have in your current home, as well as how much you have to work with in terms of purchasing your new home.

List your home with your realtor, or consider selling it privately.

If the realtor you choose lists it, then he or she will help to take care of many of the details with respect to showing it to tentative buyers and selling it for you. You will have to pay a realtor fee unless you sell it privately.

Arrange the financing on your new home.

Once you have found an area where you would like to live and a tentative new home in that area, you will need to put in an offer to purchase. This will require a deposit. You will also have to contact a mortgage company or a bank, (ideally in the area where you plan to move), in order to make the necessary financial arrangements. Your realtor will probably be able to advise you in this respect.

You have a buyer!

When you have a potential buyer, begin to arrange the sale of your current home and start to make the financial arrangements to purchase your new home. Note that these may need to be contingent on the sale of your current home. Not all offers are necessarily accepted. You may have to submit a counter offer on your new home. 

Make certain that your selling date for your current home and your purchase date for your new home are time-compatible, so that you, your spouse and your family do not need to find temporary accommodations because of your closing dates.

You may also need extra time to arrange financing or a down payment on your new home. Check for legal fees, as there will be a lawyer or lawyers, who handle your sales transactions on both homes. You may want to contact your insurance agency to be certain both homes have appropriate insurance coverage, during your transition period.

Recheck all the sale and purchase agreement details carefully with your lawyer, before signing anything.

Congratulations, as now you have now sold your current home and have purchased a new one.

Prepare to move and arrange for the movers. Get several estimates.

Make certain you know the starting date for your employment, so you have enough time to move into your new home. You may want to spend some quality with your spouse and family to put your new home in order and to help your them become familiar with your new home and the area where you will be living.

Yes, a celebration is in order as you now have two successful transactions. You, your spouse and your family may need time to adjust to your new surroundings, but you will probably be very happy.