Buy A New Home or Sell the Old Home First?

Sibcy Cline Blog

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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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