(Closed) Buying a 2nd Home so Much more Stressful

posted 7 years ago in Home
Post # 3
Member
2548 posts
Sugar bee
  • Wedding: October 2011

We were going to do the same thing, sell our first home, and buy a second, but it ended up being a crappy time, financially so we didn’t. Just wanted to say goodluck though!

Post # 4
Member
6572 posts
Bee Keeper
  • Wedding: February 2010

We also own our townhouse and are buying our next home. We can’t sell it yet though b/c we would lose to much money, so we’re going to rent it out.

Post # 5
Member
14494 posts
Honey Beekeeper
  • Wedding: June 2011

omg, we got our house last year and that was enough of a pain on its own.  I remember saying, if it took us this long to just FIND a house we like, how does anyone time it right to sell a house AND buy one.  And like what happens between the transactions?  Do you close and sign for your new house on the same day?? Do you just have one day to move??  Do you have to find somewhere to stay in between??  I dont know how people do it. 

Sorry… No words of wisdom here, just want to wish you good luck!

Post # 6
Member
2233 posts
Buzzing bee
  • Wedding: September 2012

I work for a Realtor so while I haven’t done this myself most of my clients are in this situation. 

You’re right to sell first and then buy, there’s always plenty of houses up for sale but if for some reason yours doesn’t sell fast then you may have a problem. You can also purchase with the condition that it is a firm purchase only upon the sale of your home but this isn’t really recommended, it puts you and the sellers in an awkward position if it doesn’t sell, plus most people won’t agree to it. 

How fast your home sells depends on price and location. Just make sure your home shows well and your realtor should help you get the rest of the stuff right and sold as fast as possible!

Good luck!

Post # 7
Member
4159 posts
Honey bee
  • Wedding: October 2011

We put our townhouse up for sale, went on vacation and got an offer 5 days later while we were away.  We didn’t have to do any renos (except paint the orange bathroom that FI’s ex painted) and as soon as we found out it was sold, we started looking for a new place.  FI was lucky to make over $90,000 on the townhouse because he bought it before the market went crazy in Calgary.  I think we had just over 3 weeks to find a new place.  Luckily Future Mother-In-Law found us a house on welist and it was the first one we looked it.  We looked at more after, but came back to this one.

Hopefully you make everything back you put into it and find your dream home!!  Good luck!

Post # 8
Hostess
18643 posts
Honey Beekeeper
  • Wedding: June 2009

Honestly, is the renovation worth it?  You aren’t going to get those dollars back in the price of the home so is it worth putting that money into a home you are about to sell?  Yes, it might make people more willing to buy the house but you could just end up losing money you could have used for a downpayment on a new home.

We haven’t sold our house but I’m not looking forward to it at all!

Post # 9
Member
1679 posts
Bumble bee
  • Wedding: June 2012

I feel your pain!

 

There are so many websites geared towards walking first time buyers through the home buying process.  No one seems interested in the condo to home or townhouse to home buyer.  I’m in a condo and am hoping to sell next year.  Aside from the standard staging info (I’m a design blogger…my place will show well), I wish someone addressed us and our financial situation.

Post # 10
Member
2233 posts
Buzzing bee
  • Wedding: September 2012

@Jeannine @ Small Chic: I think the reason why most people focus on first time buyers is because they assume that you will just know what to do the next time around. This isn’t true obviously since if you already own a home you will need to figure out how to go about selling your home for the first time… so information for (first time)home sellers would be useful? Whether you’re selling your first or your 15th home it’s the same idea usually.

 

 

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