You own a home and want to buy another – should you buy or sell first? Will you end up owning two homes or none at all? Here are some pros and cons to consider:
Buy A Home First
- Pros: Buying a home before you sell lets you find the right home for your needs without the stress of a closing date looming.
- Pros: You can make contingencies when you make an offer to purchase a home such as obtaining financing and the sale of your existing home within a certain time period.
- Cons: In buying a home, you could find yourself owning two homes at one time if your old home does not sell quick enough. Will you be able to secure a mortgage for the new home without selling and can you afford two mortgages?
- Cons: A contingency of selling a home before purchasing looks less attractive than…
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