When Should You Buy a House - Before Selling the One You Have Now?
Moving up to a new house can be a tricky thing.
Should you buy a house first then sell the one you have now? Should you sell the house first then buy the house you want after? Should you do both at the same time? There's really no definite answer for this.
The answer will really depend on your current situation (both personal and financial) as well as the situation of the real estate market both in your current area and in the area where you want to move in.
The timing during these times can be quite sensitive because if make a mistake in it, you could end up not having a house to live in or spending too much money and time renting a temporary place to live in.
Here's a few things you can consider when you are on this kind of situation: 1.
If you're currently looking at a seller's market - This could be a great time to sell your house and get a good price for it and then snap up a house you want to buy before the price climbs higher.
Ideally, you should set a contingency in the purchase contract saying that you will only push through with the purchase if you can sell your original house, but you should be prepared for the fact that sellers typically won't agree to this contingency during a seller's market.
It would be a different story in a buyer's market, but in a seller's market, that's usually the way it is.
The question you need to ask yourself is whether you have the means to maintain two houses at the same time, at least until you are able to sell your first house? 2.
You got a great deal that's hard to pass up - Let's say for example that you've been meaning to move up but you haven't really found The Right House to commit to yet.
Then while shopping around for Yardley homes for sale you find a Yardley real estate property that is everything you want it to be, and the price is too attractive to pass up.
Regardless of whether it's a buyer's market or a seller's market, this is something that's really tempting.
However, before you consider buying another house before you are able to sell your own house, still consider the question of whether you can maintain both houses and get down to figure out the numbers.
How long can you keep it up? Can you keep up payments for two houses for several months, in case you run into difficulties selling your current house? 3.
You are confident that you can sell your current house at the price you want to sell it for - It's very risky to assume that you can sell your house at a certain price and plan to buy a house based on this assumption about the future.
If you're absolutely sure that the buyer of your house will push through with the promise to buy your house a few months before you purchase the house of your dreams, a few month's difference would probably be something you can deal with.
Again, this is something quite risky to do, and you could be virtually stuck with two houses to maintain for a long time, which is quite a financial burden if you're not prepared for it.
Should you buy a house first then sell the one you have now? Should you sell the house first then buy the house you want after? Should you do both at the same time? There's really no definite answer for this.
The answer will really depend on your current situation (both personal and financial) as well as the situation of the real estate market both in your current area and in the area where you want to move in.
The timing during these times can be quite sensitive because if make a mistake in it, you could end up not having a house to live in or spending too much money and time renting a temporary place to live in.
Here's a few things you can consider when you are on this kind of situation: 1.
If you're currently looking at a seller's market - This could be a great time to sell your house and get a good price for it and then snap up a house you want to buy before the price climbs higher.
Ideally, you should set a contingency in the purchase contract saying that you will only push through with the purchase if you can sell your original house, but you should be prepared for the fact that sellers typically won't agree to this contingency during a seller's market.
It would be a different story in a buyer's market, but in a seller's market, that's usually the way it is.
The question you need to ask yourself is whether you have the means to maintain two houses at the same time, at least until you are able to sell your first house? 2.
You got a great deal that's hard to pass up - Let's say for example that you've been meaning to move up but you haven't really found The Right House to commit to yet.
Then while shopping around for Yardley homes for sale you find a Yardley real estate property that is everything you want it to be, and the price is too attractive to pass up.
Regardless of whether it's a buyer's market or a seller's market, this is something that's really tempting.
However, before you consider buying another house before you are able to sell your own house, still consider the question of whether you can maintain both houses and get down to figure out the numbers.
How long can you keep it up? Can you keep up payments for two houses for several months, in case you run into difficulties selling your current house? 3.
You are confident that you can sell your current house at the price you want to sell it for - It's very risky to assume that you can sell your house at a certain price and plan to buy a house based on this assumption about the future.
If you're absolutely sure that the buyer of your house will push through with the promise to buy your house a few months before you purchase the house of your dreams, a few month's difference would probably be something you can deal with.
Again, this is something quite risky to do, and you could be virtually stuck with two houses to maintain for a long time, which is quite a financial burden if you're not prepared for it.
