Timing the Triangle: How to sell your home while building a new one

For many people looking to sell a home and buy a new one, one of the most stressful parts of the process is navigating the timing. An ideal scenario is a streamlined sale and purchase that lined up, allowing you to move from your old home to the new one without paying two mortgages. One of the easiest ways to ensure you do this is to sell your home while building a new construction home.

New construction can help you be strategic about building so you can list your home at a smart time that ensures it sells fast. Here’s what to think about to help you time your home sale in the Triangle.

Several types of options for new construction homes can benefit your timeline. For example, if you want to build from the ground up, you can plan your timeline based on when you want to move. It can take anywhere from six months to more than a year to build a new home. Yet because you won’t have competition from a purchasing standpoint, you have a significant amount of control when it comes to selling. As your home nears completion, you can list your home based on when your builder expects the home to be completed. You can also plan your entire build around the best time to sell in the Triangle.

There are other new construction homes you can purchase that can free up your timeline, too. For example, many builders have move-in-ready homes available for purchase. They may be a spec home — one a builder constructs with the most appealing amenities today’s buyers are looking for — or a model home that is available when a community closes. Some builders may have standing inventory you can purchase, too. With these homes, you can write in contingencies that the purchase will be finalized upon the sale of your current home. No matter the option you choose, new construction gives you the flexibility to sell and move into your new home at your convenience.

There are smart alignment strategies you can use when you’re ready to sell your home. First of all, if you are risk-averse, have a tight budget, or are uncertain about your construction timelines, you may want to consider selling first and then building. In this scenario, you may need to consider a short-term rental to gain more control over your timeline. Keep in mind that this may put you into a scenario where you need to find housing and storage to bridge the gap between homes.

You can also consider building first, then selling, which may require exploring specific financing tools. For example, with new construction, you don’t need a standard mortgage immediately. Taking out a construction loan, which covers the costs of building without taking on a full mortgage, allows you to build first and then sell without paying two mortgages.

If you want to sell your home while building, one of the hangups that can add stress to the timeline is when delays occur. Delays are common in new construction thanks to such issues as permitting, inspections, material issues, bad weather, and punch lists. Fortunately, there are ways you can reduce risk if delays happen.

For starters, make sure you work with a real estate agent who is experienced in new construction. One of the benefits of working with an agent who understands new construction is that they keep the build on schedule and will ensure the build meets your timeline needs. Your agent is there to navigate the process on your behalf and help you determine if you need to create buffers for your needs. It’s good to keep in mind that new construction timelines are not guaranteed. Plan for variance and work closely with your agent to ensure the right outcome for your needs.

A trusted real estate agent will do more than help you navigate your new build. They can also help you determine the right time to sell. In the final 90 to 120 days before the expected completion of your new construction home, you’ll need to meet with your agent and builder. At this time, confirm the stage of the build and request an expected closing date, along with a worst-case delay that can provide a buffer for your move.

Your agent will know the Triangle market well enough to help you list your home at the appropriate time. Two months before your expected completion date, your agent will work with you to determine the right pricing strategy. They will also help you determine what needs to be done before listing, and they will organize photography, video walk-throughs, and staging needs for your home. Your agent can also help you negotiate the terms that best match your closing window. Your agent is there to guide you, so make sure you have an agent who understands your scenario and can help you find the best outcome, ensuring you sell your home while building with ease.

As you consider building new construction before you sell your home, keep a few things in mind to set yourself up for success. Be sure not to set your closing date based on a builder’s best-case scenario. Remember that you may need to budget for overlapping costs like storage and temporary housing backups.

If you prepare wisely and go into your sale and purchase with an open mind and the right team on your side, selling your home while building a new one can be stress-free.