Make the Call...(330) 364-6648
1110 Tuscarawas Avenue NW, New Philadelphia, Ohio 44663
Whether a current homeowner is looking to upgrade or downsize, move out to the country or get back in the city, the first question they often wrestle with is, “Should we buy our new home or sell our current one first?”
If you already own a home, both strategies have their pros and cons. While there isn’t one easy answer that fits every home shopper, here are some things to keep in mind:
Reasons to sell your current home first:
Overall, selling your current home first is the only option for some people. If you’re unable to qualify for two mortgage payments, your options get narrower. You can make an offer on a new house contingent on the sale of your current home, meaning that the agreement to buy the new home only goes into effect when your current one sells. While this seems like a big upside for buyers, and it is, in a competitive market, where a seller might expect to receive other offers on their house, they likely won’t even consider an offer with that contingency. Of course, if you do sell your home first, there can be a lot of pressure on your shoulders when you have to vacate the house within 60 days. If you have no other choice than to sell first, you might consider asking for 90 days to vacate the house, or even finding a temporary rental until you locate the perfect new home.
Reasons to buy a new home first:
If you’re in the financial position to swing it comfortably, buying your new house first is certainly the less stressful option. On the other hand, even if your bank gives its approval, if you can’t comfortably make two house payments for several months, it can become very stressful very quickly. If you do decide to go this route, make sure to discuss it with your real estate professional. They can help insure that the price you hope to get from your current home won’t leave it languishing on the market for longer than you can afford.
Either way, as long as you take a careful look at your financial situation, make a plan to handle the challenges and discuss your options with a qualified real estate professional, there’s no reason to let the buy or sell first question keep you from owning your dream home.
Photo by Raymond Bryson
Photo by njaminjami
1110 Tuscarawas Avenue NW
New Philadelphia, Ohio 44663
Phone: (330) 364-6648
Fax: (330) 364-2355