It's time to buy a new home. How do you get started? There are pros and cons to both buying or selling first. Let's take a look at the three things you should consider.
- Are you willing and able to make two mortgage payments for a short amount of time? If you decide to buy first, you will need to make a payment on both homes until your old one is sold.
If you aren't able or don't want to make two mortgage payments, it's best to sell first. This doesn't give you as much time to find a home, but we can normally negotiate you a little extra time once your home is sold to find another. - Do you need the funds from the sale to put a down payment on your new home? If you need the funds or want to transfer the equity, you must sell first.
- Are you outgrowing your home? Sometimes if you have too much stuff in your current home or if it is difficult to maintain while showing, it may be best to buy first and then sell the house empty. Homes sell best when they are removed from clutter and look exceptionally clean.
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