Should I sell my home before I buy a new one?
There is no straight forward answer here. This all depends on you, your financial situation and your ability to handle the unknown.
Do you need the money from the sale of your current home to buy your new home? Well then the answer is simple: get your house on the market, start looking online for houses and locations you like (but don’t fall in love with anything yet!), start searching for homes once you have a purchase agreement and then enter into a purchase agreement with the sellers of your new home. Sounds simple but this route has a lot of unknowns and can be very stressful, but if you are prepared for all the hurdles you face, it can be done. We help buyers/sellers do this every day!
Pros of selling before buying:
* You will have the money you require to purchase your new house
* You will not get yourself in the situation of having to pay for two mortgages
Cons of selling before buying:
* If you get a motivated buyer, you could potentially have to be out of your house in 30 days…not nearly enough time to find a new house, write an offer, have the inspection and get everything done regarding financing in time. There is a chance you will have to find a friends couch to crash on or an apartment to rent for a month or two while you wait for your new house to close. Don’t hesitate to ask about a rent-back option though if you find yourself in this situation!
What if you don’t need to sell your current house first? Then you have options!
Pros of buying before selling:
* You can wait for your dream home. You don’t have a specific timeline and don’t need to settle for something just to have something in time.
* You don’t have to deal with the stress of not having a place to live once your old house sells
Cons of buying before selling:
* The market is unpredictable and no matter how great you think your house is, it may not sell in a timely manner. Are you prepared to face the possibility of having to make mortgage payments on two houses if your home doesn’t sell quickly? Keep in mind you can always try to rent out your house if the market won’t support the price you want to get for your house or if you just cannot sell it quickly enough.
No matter how you look at it, this is a choice you and your lender need to make together. Either way, prepare to make some big decisions!
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