Sell and buy
Selling one home,
buying the next.
Moving up, downsizing or relocating within Central Florida? How to time two transactions, protect your homestead savings and move only once.
The short answer
Should you sell first or buy first?
It depends on your finances and how much risk you can carry. Selling first gives you certainty about your budget but may mean a temporary move. Buying first avoids a double move but can mean carrying two homes for a while.
Most sellers land in between: they prepare and price the current home first, line up financing for the next one, and use contract terms to bring the two closings together.
Options
What are the ways to line up two closings?
- Sell first, then buy. Your proceeds and timeline are known before you make an offer. A rent-back or short-term rental can bridge the gap.
- Buy with a sale contingency. Your purchase depends on selling your current home. Some sellers accept it, but it makes your offer less competitive.
- Buy first. Possible with enough savings or a lender’s bridge option. Talk to your lender before you shop.
- Rent-back after closing. The buyer lets you stay for an agreed period after your sale closes, so you can move once.
Ana coordinates both contracts so inspection, financing and closing dates work together.
Homestead
Can you keep your Save Our Homes savings?
If you are moving from one Florida homestead to another, portability lets you transfer up to $500,000 of your Save Our Homes assessment difference to the new home.
The new homestead must be established by January 1 within three tax years after you leave the old one, and you apply with the property appraiser in the county of the new home. Downsizers often benefit most, because part of the benefit transfers even to a less expensive home.
Taxes
Will you owe tax on the sale of your home?
Many homeowners do not. Federal law lets you exclude up to $250,000 of gain, or $500,000 for married couples filing jointly, on the sale of a main home you owned and lived in for at least two of the last five years.
Florida has no state income tax. Rules have exceptions, so confirm your situation with a tax advisor before you list.
Downsizing & moving up
What changes when you downsize or move up?
Downsizers often sell a family home they have owned for years. Preparation, decluttering and the timing of the move matter more than any single repair, and the homestead portability benefit can be significant.
Move-up buyers usually need the equity from the current home. A realistic net proceeds estimate early on sets the budget for the next purchase and the right financing.
For costs and disclosures on the sale side, see the guide to selling in Central Florida.
Two moves, one plan
Sell and buy FAQ
Should I sell first or buy first in Florida?
Selling first gives certainty about your budget; buying first avoids a double move. The right choice depends on your savings, financing and the market for each home. Ana and your lender can map both scenarios.
What is a sale contingency?
A clause that makes your purchase depend on selling your current home. It protects you but makes your offer weaker, so it works best when sellers have few offers.
Can I stay in my home after it sells?
Yes, with a rent-back or post-closing occupancy agreement negotiated in the contract. It lets you close your sale and move once.
How do I transfer my Save Our Homes benefit?
Establish the new homestead within the portability deadline and apply with the property appraiser of the county where your new home is. Up to $500,000 of the assessment difference can transfer.
Your next chapter starts here
Let’s make a plan
for your home.
Tell Ana a little about your property and your timing. She replies personally, usually within one business day.
Florida Connexion Properties
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