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Leah TenBieg

Selling your home and purchasing a new one

Thursday, June 8, 2017 - Article by: Leah TenBieg - Prospect Home Finance - Message

It's time-consuming enough trying to find a new home, but now try adding in the factor of selling your home. For any homeowner looking to move, this is a stressful situation. It's important to know which route you will take regarding selling and purchasing. Is it more strategic to sell your home before you purchase a new living space, or is it safer to secure the sale on your future home before selling your current one?

Buying a new home first

If you find your dream home early on, sometimes buying it before you sell your current living space is the best route to take. If you decide to not sell your current home while house hunting, you will have plenty of time to find the right home without having to worry about rushing. You will not have to worry about having a place to stay if your home sells quickly. You will also be able to complete small renovations to your home that is on the market. These renovations can boost the selling price greatly.

Selling your home first

The weight of two mortgages at once is enough to make a homeowner want to sell before purchasing. By selling your home before you sign the papers for a new one, you are perfectly aware of how much income you have after selling. This limits your options for a new home, but by narrowing your search, your house hunting process could be streamlined.

Map out all of the pros and cons, speak with a loan officer, and keep your options open. By following these tips, your buying and selling process will be one that you are confident in.

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