Whether or not to sell your current home before buying a new one is a decision that depends on your personal situation and goals.
One advantage of selling your current home before buying a new one is that you will have the proceeds from the sale available to use as a down payment on your new home, which can help to reduce your mortgage loan and the amount of interest you will pay over the life of the loan. Additionally, selling your current home first can also help to ensure that you have a clear financial picture of your assets and liabilities and can better plan for the purchase of a new home.
Another advantage of selling your current home before buying a new one is that you will not have to worry about carrying two mortgages at the same time, which can be a significant financial burden.
However, selling your current home before buying a new one can also have its downsides. For example, if you sell your current home before buying a new one, you may have to move into temporary housing, such as a rental or with family members, while you search for a new home. Additionally, if you sell your current home before buying a new one, you may also have to deal with the added stress and uncertainty of finding a new home before your current home is sold.
On the other hand, buying a new home first and then selling your current home can provide you with a “safety net” and give you more time to find the right home without feeling rushed. This strategy also allows you to move into your new home right away and not have to worry about temporary housing. However, this approach can also be financially risky and it’s important to have a solid plan in place in case you are unable to sell your current home quickly.
It’s always a good idea to consult with a real estate agent and a financial advisor to understand your options and to make the best decision for your situation.
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