Let's say you're driving in this neighborhood that you really like and, just like that, you fell in love with one of the houses that's "coincidentally" for sale. The problem is, you're still paying for your current house. You haven't put it out for sale yet, or it has already, but it has yet to reach a closing. You then ask yourself this question: "Should I buy a home before selling the one that I have?"
Although it's not for everybody, let's weigh in the pros and cons of Buying A Home Before Selling Your Existing House.
The Benefits
Even though this might not be for every buyer, it is understandable why most people consider the idea. You probably fell in love with this home because it has all the features you want, whereas to your existing house which you maybe just close the deal halfheartedly.
Believe it or not, you can even benefit from having two homes, as you can enjoy living in your dream home while have other people rent out the other one and have them pay off the mortgage.
Another benefit in buying another home when you're still selling your existing one is that you can quickly empty your existing home and move all your stuff to your new one. This can quickly sell your existing home as you can easily make improvements. This also gives buyers a blank canvass for them to imagine if they moved in to your home which could hasten the closing process.
The Risks
One of the most obvious things to look-out here when you're Buying A Home Before Selling Your Existing House is financing. Can you afford two mortgages at an uncertain time period? That's something the bank needs to know as well and you should be confidently certain before you jump right in.
Plus, home selling is unpredictable. This could take a few days to several years. So, Buying A Home Before Selling Your Existing House could either be easy because your house was sold in a few days or way terrible because years has passed and it still hasn't been sold and you're paying two mortgages.
If you don't think you can finance it, then Buying A Home Before Selling Your Existing House might not be a good idea for you but there're some people who pulled this off so it's definitely worth it give contact us with the information below for further information and you may be one of the few people who could!
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