In a perfect scenario, you’d be able to coordinate the closings on your current home and new home in one seamless day. However, in reality things rarely work out that way. The obvious fear in selling your home first, is that you’ll be homeless. But in reality, this is your best option.
Consider the alternative: if you buy a home before your current one has sold, you could be stuck with two mortgages. Plus, one of the major advantages is having the cash to purchase your new home.
If you’re worried about being stuck with no home, you do have options:
Rent out your current home – while you may be in a rush to get out of your place, you can still be smart about the process. Take your time if need be, and don’t stress about your current home. You can continue to collect income on the property and build equity while you make the appropriate moves towards finding a new home.
Stay with loved ones – chances are you likely have friends or relatives who would be happy to help you out with a place to stay during a transition period.
Do you have questions about the transition period, or how long you can expect to wait before your home sells? Feel free to contact us, or find us on Twitter: @Len_T_Wong.
And check out Len Wong speak on this issue: VIDEO: 60-Second Real Estate: Buy or Sell First?
