If you’re considering the leap from first-time homebuyer to repeat buyer, you’re probably wondering what to do first. Is it better to sell your current home before buying a new one? What about buying first and then selling? Is it possible to do both at the same time? The answers to these questions depend on your personal finances, risk tolerance, and local housing market. There are many factors to consider. Here are some pros and cons to help you weigh your options.
Tip: Find an apartment that you like and are comfortable in so you won’t feel rushed in your new home search. Plus, if you can get an apartment with a garage, you may be able to save money by not having to rent a storage unit.
Tip: Be realistic about what you can afford. Keep in mind that if your home doesn’t sell quickly, you may be paying two mortgages.
Tip: Have a plan B. Should your buyers have a change of heart, or financial or inspection issues stall the process, have a hotel or an apartment lined up.
No matter what route you choose, Premier Mortgage Resources can help you figure out how much you can afford and get you pre-approved for a loan. Learn more about how a Fastrac approval can help set you apart from other, less-prepared buyers or get started the pre-approved process with Premier Mortgage.