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Is It A Good Idea To Buy A New Home Before You Sell Your Old One?
Is It A Good Idea To Buy A New Home Before You Sell Your Old One?
Whether selling your home before buying a new one is a good idea or not is largely dependent upon current market conditions, and how quickly homes are being sold and purchased. The risk factors involved in this scenario also depend upon personal circumstances, primarily when it comes to finances, mortgages, and preferences.
 Personal Finances And Mortgages
Often the question of whether you should buy a new piece of real estate before selling your home is this: Can you afford two mortgages? If the answer is yes, this should be reflected in the ability to get another mortgage through your lender. If you can get approved for a second mortgage to purchase a new home without the necessity of selling your old one first, then the option is yours. But for security measures, and in the event that it takes longer than expected to get your first home rented out, you should ensure that you can afford to pay both mortgages for at least two to three months.
 Buying Before Selling In A Slow Market
In a slow market, it is typically not a good idea ... more

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