When you want to move to a new house, you might think about selling your existing home and buying a new home on the same day. However, this is not the wisest thing that you can do. Here are some reasons that prove why you should not buy and sell a home on the same day.
- There can be delays
It is not a practical idea to close your purchase and do the sale transaction on the same day. You are going through two complex transactions, which are impacted by numerous reasons. Hence, there can be delays. Even if you plan to get both things done on the same day, it might not be possible to overcome such delays. Hence, you will probably end up with stress.
- You might have to pay more to the seller
In case if you are not capable of closing the property purchase in a timely manner, you will be vulnerable for all claims that the seller would raise requesting additional money. In fact, sellers usually ask for extra money in order to compensate the delay that they have to face, such as additional moving costs, mortgage interest charges, and extra legal fees. This might even lead you to a lawsuit.
- You will have to spend more money out of your pocket
When you fail to close the purchase transaction on time, you will have to deal with many other expenses. For example, you will be asked to pay a premium fee for the movers as you have to ask them to come on off-working hours or on a different day. You will have to pay for extra storage fees s well.
If you don’t want to deal with these problems, make sure that you be more realistic about your transactions. Then you can stay away from stress.