Buy a New Home First or Sell Your Current Home First?
You’ve decided the time has come to move out of your current home. Whether you’ve finally found that dream home you’ve always wanted or simply feel a need for more space or a better neighborhood, your decision to sell leads you to your next (and possibly more difficult) decision. Should you sell your home first, then buy your next home -- or buy first and then try to sell your home? Each option has important (and potentially costly) implications you need to consider.
Should I Buy My New Home First?
You found THE house. It’s perfect in every way. You made an offer and it’s been accepted. Congratulations! Sort of… You haven’t sold your current home yet, so be prepared for what comes next if you own two homes at the same time:
•Double utility bills
That’s a lot of financial stress, especially on top of home buying and home selling expenses.
Should I Sell My Home First?
If you decide to avoid the financial stress of overlapping ownership of two homes, you’ll face a different set of challenges:
•Losing out on THAT dream home you had your eye on. It was gone long before you had the cash in hand to buy it.
•NO place to call home, forcing you to move in with family, friends, or quite possibly the expense of renting temporary housing.
•The possibility of settling for a home you don’t really love.
This “Catch-22” situation turns what should be an exciting time in your life into a stressful dilemma, leaving you scratching your head on what to do first -- buy or sell?