If you need to buy a home and sell another, buying first offers you the most freedom. It isn’t without its drawbacks, though.
There are a variety of opportunities in the Central Pennsylvania real estate market for both buyers and sellers.
If you're a prospective buyer click here for a full home search, or if you're considering placing your home on the market, get a free home value report, right here.
If you're a prospective buyer click here for a full home search, or if you're considering placing your home on the market, get a free home value report, right here.
I’m picking up where I left off last time to explain to you what you have to gain and lose by buying a home before you sell your current home.
What are the benefits?
1. The process of house hunting can be more relaxed and enjoyable
2. You only have to move once, so you won’t have to face expensive storage fees or doubled moving costs
3. You’re less likely to have regrets from rushing into buying a house in a hurry
4. You'll have a place to go right away before you even let go of your current house
5. You have a cushion in case something goes wrong with the purchase of the home
What are the benefits?
1. The process of house hunting can be more relaxed and enjoyable
2. You only have to move once, so you won’t have to face expensive storage fees or doubled moving costs
3. You’re less likely to have regrets from rushing into buying a house in a hurry
4. You'll have a place to go right away before you even let go of your current house
5. You have a cushion in case something goes wrong with the purchase of the home
Every situation is unique.
What are the disadvantages?
1. If your cash is tied up in your current home, you may not have as much freedom to make a larger down payment
2. You might feel pressured to accept a lower offer if you’re in a rush to sell
3. You might end up having two mortgages
4. You’ll be responsible for two sets of taxes and two sets of utilities
5. You may not qualify for two mortgages at once
Every situation is unique. Talk to your agent about the different possibilities before you make a decision. Sometimes buying first is the way to go. You could buy first with a new loan or with savings, but you could also consider a home equity line of credit. It allows you to borrow against the equity in your current home until it sells.
The complex processes of buying and selling a home can have a major impact on your financial health for years to come. It’s important to weigh the pros and cons and assess the circumstances before making a final decision.
If you have any questions for us in the meantime or need help in making your decision, don’t hesitate to give us a call at (717) 695-3177, or send us an email to info@joydaniels.com. We look forward to hearing from you soon.
