I am glad to hear that you are making some investment in your current property so as to make it more desireable to purchase. Also, pricing it properly will be very important as the co-op market is not the greatest at present. However, if it is in good condition and priced well for the location it is in, it shuold sell relatively quickly. Have you contracted with a Realtor yet to help you plan well, and guide you through this interesting tight rope. With the proper assistance, you should be able to sail along with relative ease.
Once you have a buyer with a pre-approved mortgage (not a pre-qualified mortgage), and you enter into the contract phase of the transaction, it might be safe to start looking at new properties. You might want to consider getting an appraisal of your own done ahead of time so you can price it correctly from day one. The appraisal will pretty accurately let you know What to price it at so that the prospective buyer will find it easier to get the necessary funding for the purchase.Sellers, buyers and realtors think they determine the selling price of a property. Actually, it is the bank appraiser that finally determines the selling price, if the others were wrong in setting the price in the first place.
They usually cost around $450, I can get it done for $150. I hope this information has been helpful, contact me if you would like to talk further on the subject.
Unless you have special circumstances, it is fairly risky to buy first, sell later.
Do not worry about "loosing" a property you liked, there would be more to come. True, there are questions about selling first and being without a home but a competent and experienced Agent will help you achieve your goal without hassle. I have done quite a few "synchronized sale" with smooth transitions. Thank you.
Jacques Ambron CRB CBR SFR
Madeleine Realty Ltd
108-23 Ascan Ave
Forest Hills, N.Y. 11375