Buying and selling a home at the same time can be hectic, especially when you aren’t sure if you should sell your old home before buying a new one or buy a new home before selling your current one. Here are some tips that can help you make a well-informed decision.
Pay Attention to the Local Market
Chances are you can sell your home quickly and at a good price if it’s a seller’s market. However, be sure you have a storage facility lined up and a short-term rental option in case it takes time to find the home you want at a price you can afford.
Conversely, in a buyer’s market, buying a home right away can enable you to get a good deal. This option is particularly ideal if you’ve already paid off the mortgage on the home you are selling but it’s also viable if you need to take on a second mortgage. Mortgage companies are familiar with this scenario, so talk to a mortgage lender in Clarksville to see if you can get a bridge loan to tide you over until your old home is sold.
Consider Your Personal Situation
Consider your personal situation to make a decision that won’t put you under undue stress. Some factors to take into account are:
- How much debt you will be taking on if you buy a home before selling your old one
- The possibility that you won’t get as much for your old home as you are asking for. This can affect your payment plan for your new mortgage.
- The cost of storing personal items
- Your options for renting a convenient, affordable place short-term if you need more time to find a new home or move into it
- The hassle and cost of moving from your old home to a temporary rental and transferring your stuff to a storage place, only to move again in a few weeks or months.
If you need to buy and sell a home at the same time, talk to an MIG loan officer in Clarksville to find out more about your options. MIG offers well over a dozen home loan options to make it easy for you to get the funding you need to sell an old home and buy a new one with ease.