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Buying While Selling A House-4 Options



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If you are thinking about 
buying a home while selling your current home, you may be asking yourself, “Which one should I do first?” 

In this crazy market we’re in right now, chances are you’ll sell your current home more quickly than you anticipated. You might feel a bit pressured to find your new home and worried about making double house payments. 

So how can you make a smooth transition from current house to new? Today, I'’m going to give you 4 options to choose from... 

Hi, I’m Lisa Kelly Lakeland Homes and Lifestyles with Premier Realty. 

Let’s dive right in and talk about 4 choices you have when trying to transition from your current house to the new home with the least about of stress. 

Option 1: 

Convert Your Current Home into Rental Property 

Some homeowners choose to keep their current home and convert it to a rental property.  

If you are fortunate enough to have your down payment and closing costs for the new in the bank, this would be a great option. Before making the decision to rent your home, you should ask yourself: 

  • Would I make a good landlord? (important question!) 

  • Does renting the home make financial sense? Meaning you’ll end up in a positive cash flow situation. 

  • Are there any tax consequences when it comes to renting vs. selling? 

  • For example, if you lived in this home as your primary residence for two of the last five years, then you may qualify for up to a $250,000 tax-free gain ($500,000) for married couples. 

 

My advice would be to sit down with a Tax professional before making this choice. If converting your current home into rental property makes financial sense for your family, contact a seasoned Realtor to discuss all your individual circumstances.  

Option 2 

Buy Your New Home First and Then Sell 

This is the very best scenario..IF you have the income for 2 homes..Temporarily. It certainly would take the pressure off of having to move within a specific time frame.  

You could take your time moving from one home to the other. And once you’ve transitioned to the new home, it would just be a matter of selling the old house. Which again, in this hot sellers market, is a lot easier to do than find your new home in the sparce inventory we have right now. 

Another great perk of choosing to buy your new home before selling your current home, is you will be in a position to make a stronger offer on your new home., because you will not have any contingencies. This definitely strengthens your offer, especially in this competitive market. 

Option 3 

Sell and Buy Concurrently 

Most  buyers need the proceeds from the sale of their current home in order to close on the new home. 

 This is possible, but the situation must be carefully orchestrated.  

The two most common options to achieve this are: 

1) Sell contingent upon finding your new home – meaning, you only sell your home once you actually purchased your new home. 

2) Sell and rent back while finding your replacement home – you have to have the new buyers cooperation in this scenario.  You sell your home but rent it back from the new homeowners while you find your new home. 

In both of these scenarios, you can sell and buy while moving only one time. 

These are the two most common options when Selling and Buying at the same time. 

For more about selling and buying simultaneously , you’ll want to watch my video where I talk in great detail about several other options that may work beautifully for your family. 

Option 4 

Sell First, Then Rent 

Some sellers choose to sell their home first and then rent temporarily or move in with family to save more for a down payment while looking for their new home. 

The drawback with this choice is you have to move twice and may having storage costs. 

 The advantage is, you’d be able to make an offer on your home with no contingencies and can be flexible with time line terms. 

 

 

 If your family has outgrown your current house, is relocating, or is simply looking to make a change, sit down with a Real Estate professional to review your unique situation.  

Transitioning from your current home to the new doesn’t have to be stressful, just planned and carefully orchestrated. 

I’m Lisa Kelly with Premier Realty. Below in the description you’ll find a links to my updated sellers and buyers guides. I included everything you need to know to make smart decisions when buying and/or selling a house. 

Thank you for taking the time to be with me today!  

 

 

 

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What my clients are saying  

My experience while purchasing my first home was the best experience I've ever experienced. With Lisa's guidance it was a stress free experience. She made sure I was comfortable and understood every step. She gave her opinion from the heart. You can tell she genuinely wanted you to have the home you desired. She is very personable and that's great when you are purchasing a large investment. I am forever grateful of her help. So if you are looking to have a wonderful experience while purchasing or selling any property Lisa Kelly Realtor is the way to go.

 

~ Candace Engram

I had such a positive experience working with Lisa. Not only is she a complete professional, but such a compassionate human being. Her knowledge guiding me through the Florida real estate process was so helpful as a first-time Florida homebuyer. She was always prompt and responsive while going above and beyond. She attended all key inspections in person and kept me informed throughout the entire process. If you are looking for a great real estate experience, look no further. Lisa is your gal to get the job done. I will definitely be working with her again in the future.

 

~ DJ Bradley

I had such a positive experience working with Lisa. Not only is she a complete professional, but such a compassionate human being. Her knowledge guiding me through the Florida real estate process was so helpful as a first-time Florida homebuyer. She was always prompt and responsive while going above and beyond. She attended all key inspections in person and kept me informed throughout the entire process. If you are looking for a great real estate experience, look no further. Lisa is your gal to get the job done. I will definitely be working with her again in the future.

 

~ DJ Bradley

We can’t say enough good things about Lisa Kelly! From the moment she stepped through our front door, she demonstrated all the characteristics you want in your realtor: integrity, friendliness, optimism, thorough knowledge of her field, state-of-the-art technical savvy, unflagging energy and sensitivity to all our own needs and feelings. Our house sold in four days and we are certain this success was largely due to Lisa’s skill and hard work. We highly recommend Lisa Kelly to anyone looking for a top notch realtor!

 

~ Tom and Kim Manske

We can’t say enough good things about Lisa Kelly! From the moment she stepped through our front door, she demonstrated all the characteristics you want in your realtor: integrity, friendliness, optimism, thorough knowledge of her field, state-of-the-art technical savvy, unflagging energy and sensitivity to all our own needs and feelings. Our house sold in four days and we are certain this success was largely due to Lisa’s skill and hard work. We highly recommend Lisa Kelly to anyone looking for a top notch realtor!

 

~ Kim Manske

Sidney Wyland Lisa Kelly was our realtor that helped us with our move from Utah to Lakeland. She is a very good resource for us in Lakeland and helped us buy our new home. We found Lisa on the internet. She has helped us with all the contacts and scheduling to insure all things here went smoothly. The closing on our home was completed on time which was very important as we had are household goods being delivered from two different states. She also continues to be there for us for any referrals or help we may need here locally. I would highly recommend her to anyone buying a home.

 

~ Rick and Sidney Wyland

Just wanted to thank Lisa for a job well done. I worked with Lisa on 2 of our homes this past year. We sold one in June and another late in the year. Everything went smooth and all details were handled in a very professional manor. Thanks again Lisa; nice working with you. Lee Brown

 

~ Lee and Frankie Brown

We had been looking for a new home for about three months. We changed Realtors and began working with Lisa. She showed us a couple of places. We talked about limits on price and location. We looked again on a couple. We did not care for those. She emailed us about a home that was being restored for a flip. We met her at our current home. We liked the location and made an offer which was accepted. She did a great job getting the seller to accept and a wonderful job from there. The closing took about fifteen minutes. We have been very happy from that day on. Patricia and Bill Crabb

 

~ Bill and Patricia Crabb

We had been looking for a new home for about three months. We changed Realtors and began working with Lisa. She showed us a couple of places. We talked about limits on price and location. We looked again on a couple. We did not care for those. She emailed us about a home that was being restored for a flip. We met her at our current home. We liked the location and made an offer which was accepted. She did a great job getting the seller to accept and a wonderful job from there. The closing took about fifteen minutes. We have been very happy from that day on. Patricia and Bill Crabb

 

~ Bill & Patricia Crabb

Just wanted to thank Lisa for a job well done. I worked with Lisa on 2 of our homes this past year. We sold one in June and another late in the year. Everything went smooth and all details were handled in a very professional manor. Thanks again Lisa; nice working with you. Lee Brown

 

~ Lee & Frankie Brown

01/03/2017 - shunter317 Bought a Single Family home in 2016 for approximately $175K in Lakeland, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: Lisa is an exceptional agent as she knows real estate law and the local market. She communicates and is extremely responsive to her clients questions and needs. She walked us through a complicated contract. We consider Lisa a new friend.

 

~ What Others Had to say

Highly likely to recommend 08/09/2016 - HappyBuyerNEOH Bought a Single Family home in 2016 for approximately $225K in Lakeland, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: I highly recommend Lisa Kelly! She was awesome to work with through the whole process. Her communication and promptness went above and beyond my expectations. Working in the mortgage industry, I see all types of realtors, if you want a genuine, awesome, go getter- she is your girl!

 

~ What Others had to say

Highly likely to recommend 10/27/2014 - jessbparker Bought a Single Family home in 2014 for approximately $75K in Auburndale, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: I cannot say enough about Lisa Kelly. She helped my husband and I buy our first home when we had limited funds and difficult circumstances. She is extremely knowledgeable about homes, market, taxes- anything you could want to know. She is also an excellent advocate for her clients during negotiations, which really came in handy when you're a nervous first-time home buyer.Less

 

~ What others had to say

Highly likely to recommend 02/22/2014 - par167 Bought a home in 2014. Local knowledge: Process expertise: Responsiveness: Negotiation skills: Lisa Kelly is the hardest working woman I know! If you are in the market to buy or sell take it from my personal experience she delivers results!In Polk County or anywhere else for that matter you will be hard pressed to ever get better service. Paul Renner.....

 

~ What others had to say

Highly likely to recommend 02/25/2012 - user027478 Bought and sold a Single Family home in 2011 for approximately $275K in Lakeland, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: Lisa is the most professional realtor I've ever worked with... she's direct, honest, highly-knowledgable, very responsive and a consummate professional. She played fundamentally important roles in helping us to sell our house in a tough market. She's a hard worker and also gave us great advice and we were able to sell after listing for about 30 days. She then helped us find and close on our dream home. Her persistance and negotiating savvy helped us buy a house that was not a very convential listing. If we'd had an average realtor, we'd have been a lot less successful with both our deals. I'd recommend Lisa to anyone who wants to work with a genuine professional. She could write a book on what it takes to be an outstanding service provider.

 

~ What others had to say

02/09/2012 - Alyson7707 Bought a Single Family home in 2009 for approximately $125K in Bartow, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: We absolutely loved our experience with Lisa.. She is incredibly knowledgeable and dedicated to finding the home of your dreams. We couldn't be happier with the home she found us or the time we spent with her--she made the experience exciting and easy. We do not hesitate to recommend her to friends and family and will absolutely work with her in the future. Thanks again Lisa! -Michael & Alyson Elrod

 

~ what others had to say

Highly likely to recommend 02/08/2012 - AimeeWeed Bought a Single Family home in 2010 for approximately $100K in Auburndale, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: Lisa was always quick to respond to my questions. I honestly think that my family and I would not be in this wonderful house without her hard work. She is honest, not afraid to give her opinion in a helpful way, and she is very knowledgeable in all aspects of her job.

 

~ what others had to say

Wonderful wonderful experience. Lisa is what I call a dream maker. I had the dream, and she made it a reality.Lisa's hard work, her quick response, her compassion in knowing I was a single mom purchasing my first house, has earned my loyalty in using her as my realtor for life.

 

~ what others had to say

Highly likely to recommend 03/09/2011 - reedswife11 Bought and sold a Single Family home in 2011 for approximately $75K in Lakeland, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: This woman is amazing, we have run into every road block imaginable and she has negotiated our problems quickly and effectivly everytime. Always available and Always puts her clients first

 

~ what others had to say

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