Lido Key is a narrow-barrier island off the coast of Sarasota, Florida. The key is connected to the renowned St. Armands Circle and the expansive Longboat Key. The island community is an upscale residential area with resorts and beaches. Though small, the island has a large park and excellent recreation.
When you own a home on Lido Key but are looking for a better property to suit your needs, you will likely have to buy a new home and sell your current home simultaneously. It can sound challenging, but many people find themselves in this position, and there are ways to stay organized and on track. Learn how about buying and selling a home at the same time:
Separate your goals
When you buy and sell a home simultaneously, keep your goals separate. While your end goal may be to secure a new property and sell your old one, it is essential to approach each step strategically. This means clearly understanding your budget, timing, and priorities for each transaction. By segmenting your buying and selling objectives, you can avoid confusion, stress, and miscommunication throughout the process.
Consider your timeline for buying and selling
With two investments on the line, planning your timeline and orchestrating each transaction carefully is important. Consider whether you want to sell your current home before buying a new one or if you want to buy first and then sell. Each option has pros and cons, ultimately depending on your unique situation. Coordinating two transactions can take time, so having a realistic timeline for each step is crucial. While some people can prefer to take care of one transaction and then the other, many individuals want to streamline the processes by handling them at the same time. In this case, designing a timeline that accounts for all your tasks is critical, such as preparing your home for sale and finding a location for your new home.
Find an expert local agent to handle all your needs
One of the most stress-free ways to navigate buying and selling a home simultaneously is finding an expert local agent to handle all your needs.
An experienced agent can provide guidance, support, and expertise in coordinating both transactions. They can help you determine your budget, find potential homes, and handle negotiations. They can also assist in pricing and staging your current home for sale, marketing it effectively, and attracting the right buyers.
As you search for a real estate professional, ask about their current capacity to ensure they have adequate time to assist you in multiple transactions. Using separate agents for your sale and purchase may also be an option, but it can create more stress trying to communicate with multiple professionals. Finding one realtor with experience in buying and selling Lido Key homes can make the process easier and more successful.
Ask your realtor about contingencies to make your transactions align
Working with a realtor can be incredibly useful in navigating buying and selling a home. One important aspect to discuss with your agent is contingencies. These clauses can be added to your contracts to protect you if something goes wrong with either transaction. Contingencies may include, for example, allowing you to delay your current home sale if you cannot find a new home to purchase or backing out of a new purchase if your existing home fails to sell.
When selling:
Get your home ready before listing
Getting your current home ready for sale should be a top priority. Preparing your home for sale will help you sell promptly and for a better price. You can start by getting an appraisal to determine your home’s current market value. With an appraisal, you can decide the best ways to get your home ready for buyers. For example, if you are happy with your home value, you may forgo renovations and focus on staging, but if you want to get a higher sale price, you can plan for home improvement projects.
If you update your home, you can work with your agent and contractor to select projects that add value and appeal to target buyers. For instance, your home may be modern on the inside and lack the outside space to compete with other homes in the area. In that case, you should focus your efforts on creating a resort-style backyard.
Staging is another critical aspect of selling a home because it makes your home look complete. An unstaged home cannot showcase the functionality and potential of a space. In contrast, if you have elegant furniture, buyers feel the space looks more desirable and practical for their needs.
Use marketing tools to target qualified buyers
One effective way to attract qualified buyers is by using professional photography and video tours of your home. This can create an online presence for your home and turn viewership into action. Other marketing strategies such as pricing, open houses, signs, and an MLS listing can promote your home.
When buying:
Don’t start your home search too early
One important tip to keep in mind when buying and selling a home at the same time is to avoid starting your home search too early. This can create unnecessary stress if it takes longer than anticipated to sell your current home or if you need time to prepare it for buyers. If you start your home search too early, you could fall in love with a home that isn’t available when you are ready to buy. Working with your agent to determine the best time to start your search based on your unique situation and timeline is essential.
Pinpoint your optimal location
Pinpointing your ideal location ahead of time can help you streamline your search and make the process more efficient. Your agent can help you identify neighborhoods that are right for you based on your desired lifestyle, budget, and commute. Once you have a better idea of where you want to live, you can optimize your search.
Get more information from a local agent
Judy Kepecz-Hays is a Sarasota real estate agent who can help you list your home for sale in Lido Key and purchase a new home in the area. Judy is a top-producing agent specializing in luxury waterfront homes and
island communities like Lido and Longboat Key. Make your buying and selling journey stress-free with Judy’s expertise.
