Oftentimes, house hunting is a stressful role to be in. On top of that, selling your current home is a task itself. So, which is easier and safer to do: Buy a new home and then sell the one you’re in, or sell your home and then buy a new one? In the world we live in today, it’s a realistic thought to think you must sell your home in order to purchase your dream home. However, there are benefits to committing to a new home before selling your current home. It all depends on the amount of risk you are willing to take and which process you are most comfortable with.
Paying two monthly housing payments at the same time does not sound like the ideal situation for any homeowner. When you buy first and then sell, you will likely find yourself in this predicament. This is one of the main concerns among homeowners who are not willing to purchase their new home until their old one has sold. There is no way to determine how long it will take for your home to sell. If your income allows you to be content with paying two payments each month, securing a sale on your dream home might be a great idea even if you have not sold your current living space yet. Nevertheless, selling your home and then purchasing can easily take some weight off your shoulders. You will also be seen as a serious buyer when looking to purchase.
Looking to move out as soon as possible? Committing to a home before selling your current one might be the best idea. By purchasing a home while still living in your current one, your options could be maximized. You will have more time to find exactly what you need/want. In addition, you won’t feel rushed. By waiting to sell, you could also have more time to complete small renovations. These renovations have the ability to raise the price of your soon to be sold home.
When it comes down to it, it truly depends on which process you feel is right for you. Weigh all options or talk to a loan officer about payment options to see which is a better fit for your financial situation.