Tuesday, 10 December 2013 17:22

How to Buy a Home When You Have a Home to Sell

How to buy a home before selling yours

Moving to a new home while selling your previous one sounds simple on paper. As you learn the details it gets messy. Depending on the road taken it causes you more stress, confusion and money. Through it all it’s very possible to complete the task, but prepare yourself for reality to set in.

Although many people try, it’s impossible to do both at the same time. It's even less likely that the transition will be timed to perfection (you buy a home and sell the previous one at the same time). The more likely scenario is for one to happen faster than the other. Being strategic, organized and patient will prove virtuous.

 

If the home is purchased first, the stigma is that you will pay two mortgages. Current mortgage payment homeowners will have to pay two of everything: their new home and the home for sale. The insurance company must be informed that you're moving room the old residence. On the bright side, the financial sale of the old residence can be used as a down payment or to pay off the new residence. The problem is you won't know how much you’re going to get from the sale. Look at other options--bridge financing, borrowing money from loved ones, and home equity line of credit.

If the home is sold first, the stigma is that you won't have anywhere to live. That's not entirely true; you're staying in a hotel or with friends while your things are in storage. However, the arrangement is temporary. Grabbing the first home on the market just to live somewhere isn't the best answer. On the bright side, the old residence provided financial income to pay down, pay off or pay a mortgage payment along with new home buying expenses. You'll have an idea of the kind of home you can afford. The solution is to take your time and ignore pressure from yourself and everyone else to find a home now.

A smooth ride is all everyone wants during this time of change. It's not going to be easy since our attention span is divided between buying and selling but it will be worth it. Check the real estate market trends, learn how the market works, and hire a realtor for best results. For more information on buying and selling a home, contact us.

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