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Thinking about selling before buying your next home? Start with a plan for your budget and moving dates.
“What if my house sells—and I still have nowhere to move?”
You want to move, but you don’t want to rush into the wrong home or move twice.
You can begin planning before you find your next home. Start with one important question:
Do you need the money from your current home’s sale to buy your next one?
That answer helps determine which path to consider.
Selling Before Buying: Three Ways to Plan Your Move
1. Buy your next home before selling your current one.
This gives you somewhere to move before your sale is complete. But you may need to cover expenses for both homes.
Ask your lender whether you qualify for the financing and what you could afford if your current home takes longer to sell.
2. Sell your current home before buying the next one.
This helps clarify how much money you have available for your purchase. However, you may need temporary housing, storage, and two moves.
Include those expenses in your plan before listing.
3. Coordinate the sale and purchase.
We can work toward closing dates that fit together. However, either transaction could be delayed, so you still need a backup place to stay.
Can You Negotiate More Time?
There are two different conversations to consider.
With the buyer of your current home: you may request a later closing or permission to stay briefly after closing, often called a rent-back.
The buyer must agree. Your attorney should review written terms covering payment, the move-out date, and responsibilities. Lender and insurance requirements also need to be checked.
With the seller of your next home: you may propose making your purchase dependent on selling your current home. This is called a home-sale contingency.
The owner of the home you want to buy must accept that condition. It is an option to discuss, not something you can assume will be available.
Start With Three Answers
Before putting your home on the market, determine:
- Whether you need the sale proceeds for your next purchase.
- What you can afford if the two homes’ expenses overlap.
- Where you could stay if the closing dates do not align.
Your lender helps evaluate financing. I help connect your selling plan with your next-home search, including pricing, estimated proceeds, negotiations, and timing.
The first step is a workable plan for both homes.
Thinking about selling in Skokie, Morton Grove, Niles, Evanston, or Wilmette? Contact me with your property address and where you hope to move. I’ll help you compare your options and plan your next steps.
Natalie Novikova
Illinois Licensed Real Estate Broker
CENTURY 21 Circle
General information, not legal, tax, or lending advice. Estimates and timelines are preliminary, not guarantees. Consult your attorney and lender about financing, contract terms, and post-closing occupancy.
Supporting resource: NAR Consumer Guide: Real Estate Sales Contract Contingencies
Read next:
Selling Your Home: What Could It Sell For—and How Much Would You Keep?
