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Buying a Home Before Selling Your Current One: How to Know What to Do

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Finances

It is important to understand the cost of each property. You will be responsible for two mortgage payments if you purchase a house before you sell your current home. This is why it’s so important to plan financially.

Think about how long your family will remain in the current house before you move into a new one. Are you going to be living in your current home while remodeling the new one? Divide that time by the monthly mortgage payments to calculate a minimum savings plan.

You must also consider the time it takes to sell your old home. Are you in a strong market? If it is not, plan for the long term and allow yourself to make adjustments if necessary. More information about the 2018 Orlando housing market.

You may not be able to save enough money to buy a house before you sell. It is always better to save more than you don’t have. We encourage anyone considering buying or making an offer on a home to discuss the market expectations with their realtor in Orlando, FL (r).

Living Situation

Next, consider your current living situation. Most people live in “in-between” housing when they sell their home and move on to a new property. It’s not fun to move between homes with friends and family or short-term rentals.

It is possible to feel disoriented and out of touch with normalcy. You may feel more at ease if you live in your home and you are able to transition easily into your new home.

It’s generally true that renting is less expensive than buying. A small, one-bedroom, 1 bathroom Air BnB in Orlando costs more than $3500 for 60 days. This will go up if you have children or a large household.

Consider this: If you can afford two mortgages, compared to one mortgage and rent, both options must be coordinated with your lender in order to ensure your financial viability.

Do it!

The benefits of purchasing a home before you sell your existing one are often obvious. Saving money and doing your research will pay off in the long-term.

When buying a home, it is important to consider remodeling before you sell your existing one. Remodels typically take between two and six months to complete.

You have many financial options to help you reach your goals, such as personal loans and borrowing from your 401k. We will guide you in the right direction, so do what you feel is best.

Contact us to learn more about your options.

A blog is also available that focuses on the selling and buying of homes. We would love to talk with you about your options and answer any questions that you may have.

 

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