What should you do if you have to buy and sell a home at the same time? Here’s what we recommend.
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If you’re in the market to sell a home and buy a new one, how should you go about balancing the two transactions? Here’s what I recommend:
I’m a huge advocate of acquiring wealth through real estate, and I think owning rental properties is a fantastic way to do this. If you're financially able to do so, I recommend that renting out your property instead of selling it. This way, you can have someone else pay your mortgage as you acquire another property that will build future wealth.
Obviously, this isn’t an option for everyone. The house may not be a good rental property, you may not be the best fit as a landlord, or you might not be able to afford two mortgages at once.
If you're not planning on keeping your property as a rental, plan b is to sell it. But should you do it before or after buying your new home? This is another conversation that would be best for us to have in person, but here are some things to think about.
First, what is your risk tolerance level? Buying and then selling is ideal because you’ll have time to move in and prepare your old home property for the market. The reality is that, like I mentioned before, not everyone can afford two mortgages at once.
The conservative method is to sell your home first so you know how much you have to work with, and then go find the new home after that. We can help you find temporary housing or negotiate a rent back from the homebuyer.
However, every situation is different. If you have any questions about your situation or anything else relating to buying or selling a home, don’t hesitate to reach out and give me a call or send me an email. I look forward to hearing from you.
I’m a huge advocate of acquiring wealth through real estate, and I think owning rental properties is a fantastic way to do this. If you're financially able to do so, I recommend that renting out your property instead of selling it. This way, you can have someone else pay your mortgage as you acquire another property that will build future wealth.
Obviously, this isn’t an option for everyone. The house may not be a good rental property, you may not be the best fit as a landlord, or you might not be able to afford two mortgages at once.
My first recommendation is to rent out your current home after you buy a new one.
First, what is your risk tolerance level? Buying and then selling is ideal because you’ll have time to move in and prepare your old home property for the market. The reality is that, like I mentioned before, not everyone can afford two mortgages at once.
The conservative method is to sell your home first so you know how much you have to work with, and then go find the new home after that. We can help you find temporary housing or negotiate a rent back from the homebuyer.
However, every situation is different. If you have any questions about your situation or anything else relating to buying or selling a home, don’t hesitate to reach out and give me a call or send me an email. I look forward to hearing from you.
