How to Handle Building and Selling a Home at the Same Time
Edmonton has one of Canada’s most vibrant and dynamic housing markets. With a strong economy and an ever-growing population, real estate in Edmonton offers excellent opportunities for buyers and sellers.
Many people find themselves simultaneously building a new home while selling their old one, which can be fraught with stress and pitfalls if not handled correctly. A reputable custom home builder has the expertise to guide their clients through the process of simultaneously building a new custom home while also trying to sell their current home.
Understanding the Process of Building and Selling a Home at the Same Time
Simultaneously building and selling a home can involve many different factors. Understanding the various steps involved is essential to make the process as seamless and stress-free as possible. Some factors include:
- Understanding the timelines for your custom home build
- Knowing when to prepare your current home for sale
- Knowing what to expect with the buying and selling process
You can navigate the process efficiently and confidently by being well-informed and prepared. Working closely with your new home builder is a must. They will provide you with accurate construction timelines and set a clear expectation of when your new home will be ready.
Understanding timelines is crucial to ensure you have the information needed to list and sell your current home. An open line of communication with your custom home builder is essential!
Preparing for an Offer on Your Current Home While Also Building a New Property
In most cases, anyone building a custom home already owns a property. One goal you should consider is minimizing the ownership overlap of your current home and your completed new custom build. Avoiding a lengthy period of time while carrying two mortgages is a clear financial benefit.
In order to minimize ownership overlap, you must maintain an open line of communication with your builder and real estate agent. Both parties will be able to provide you with the following information, which will assist you in your timelines and decision-making.
Your Builder:
- Provide you with frequent construction updates
- Inform you of potential delays
- Keep you updated with an estimated project completed date
Your Real Estate Agent:
- Find a realtor that is very familiar with your current neighbourhood
- Help you understand realistic timelines for selling your property
Navigating Potential Challenges and Hurdles Throughout the Process
When you are simultaneously building and selling a home, there may be some potential challenges and hurdles that you will need to navigate. These can include scheduling showings, coordinating inspections between buyers and sellers, or dealing with unexpected construction delays or issues.
One of the most important things you can do to prepare for potential challenges and hurdles is to stay organized throughout the process. Examples include keeping a detailed calendar of all scheduled construction timelines, showings, inspections, and other important events.
Another key factor in navigating potential challenges and hurdles during the buying and selling process is staying calm and focused, even in the face of unexpected challenges or delays. Suppose you encounter any issues along the way. In that case, you must keep a positive attitude and take steps to address them as quickly and effectively as possible.
Final Thoughts
Building and selling a home simultaneously can be a complex process that requires careful planning and organization. You can successfully navigate any challenges or hurdles by being prepared, staying focused, and constantly communicating openly and honestly with your builder and real estate agent throughout both transactions.
With the right approach, you can navigate the buying and selling process quickly and confidently, so you can get into your new home as soon as possible. If you are considering building a custom home and have questions about how to navigate the process, contact the Timber Haus team today!