Can I buy a home and sell a home at the same time?
There are two ways you can complete that transaction. First, you can put your home on the market, sell it, and then purchase a home. Or you can wait to list, purchase a home, own two homes, and then sell your old home. There are pros and cons to each decision and it’s important to find out which is the best way for you.
If you decide you’re comfortable owning two homes, you can wait to put your home on the market until you find the perfect property. Once you settle in, then you can sell your home. There is less stress and pressure to find a property with this method. However, there is some increased financial pressure that comes with owning both homes.
Conversely, if you decide to sell your home first, you won’t have to own two properties at once. That eliminates the financial burden, but you are under more pressure to make a quick decision on a property. You might wind up rushing the decision and finding a property that doesn’t work out, or you will have to find temporary housing while you find the right home. While you can rent a house until you find the next property, that does place an added burden of moving twice in a short period of time.
If you’re not sure which option is right for you, contact a Realtor and a local mortgage lender. The Realtor will conduct a market analysis on your home to see how much equity you have in your current property, and the lender will let you know what kind of mortgage you qualify for. That way, you know which option you can afford.
If you have any questions, give me a call or send me an email. I would be happy to help you!
