Are you thinking of buying a new home before you sell your current one? This is a big decision that can have a lot of consequences. Here are some things to consider:
1. Are you prepared to take on two mortgages at once?
If you’re not comfortable with the idea of having two mortgages at the same time, then buying a new home before selling your current one may not be the right decision for you. You’ll need to be prepared to make two mortgage payments each month until your current home is sold.
2. Are you sure that the market will rebound by the time you sell your old home?
The housing market is constantly changing, so it’s impossible to predict with 100% accuracy what the market will be like when you’re ready to sell. However, if you’re confident that the market will rebound by the time you sell your old home, then buying a new home before selling your current one may be a good option for you.
3. What if you can’t find a buyer for your old home in the meantime?
If you’re not able to find a buyer for your old home within a reasonable amount of time, then you may end up having to carry two mortgages for an extended period of time. This could put a lot of financial strain on you and your family, so it’s something to consider carefully before making a decision.
4. How will this decision impact your family’s lifestyle?
Buying a new home before selling your current one will likely have a big impact on your family’s lifestyle. You’ll need to be prepared for the possibility of living in two homes at once and dealing with the logistics that come along with that. Are you up for the challenge?
5. Are you prepared to pay two sets of property taxes and insurance premiums?
When you own two homes, you’ll be responsible for paying two sets of property taxes and insurance premiums. This can add up quickly, so be sure to factor that into your budget before making a decision.
6. How will this decision impact your retirement plans?
Buying a new home before selling your current one will likely have an impact on your retirement plans. Are you comfortable with the idea of using your retirement savings to pay for two homes?
7. Are you prepared to deal with the stress of owning two homes at once?
Owning two homes can be very stressful, so be sure you’re prepared to deal with the added stress before making a decision. Are you up for the challenge?
If you’re thinking of buying a new home before selling your current one, there are a lot of things to consider. Renting may be another option to consider as a temporary solution. Be sure to weigh all of your options carefully before making a decision. Family Florida Realty can help you through the process and answer any questions you may have. We believe that buying or selling a home should be a stress-free experience, so let us help you make your next move. Contact us today to get started!