Many people find themselves wanting more space at home or needing to change their address for whatever reason. In this situation, homeowners are trying to sell their current home while they look to buy a move-up home. Timing is everything, and it’s important to know what your options are before making any final decisions.
The first, and most important thing to do, is to get your current home in tip-top shape for the market. It is difficult to get qualified for two mortgages – even more so in a slow market. By carrying two mortgages, you will be able to buy a second property before you have sold your first home. The more common situation is to sell your current home and rent for a short period until you find your new home.
Whether you qualify for two mortgages or not, your current home needs to be ready to sell. Meet with a REALTOR® and get a current value on your home. It is also a good idea to have the condition of the home checked by a professional and make any needed improvements or renovations.
The transition of selling one home and buying another can be overwhelming, and it is important to contact a lender immediately when you are ready to move forward. If you don’t have a lender, contact your REALTOR® for suggestions and recommendations.