3 Reasons to Sell Your House First Before Buying Another One
Moving to a different house is something a lot of people do at some point, but it often involves selling the house you have and then moving. Some people try to do this at the same time, but it can be better to sell first and then buy a different house. In fact, here are three good reasons you should consider selling your house first before you look for a second home to buy.
You will have less going on at one time
Trying to sell a house is a huge event, and trying to buy one is also a huge event. If you decide to do these both at the same time, you are likely to feel overwhelmed and anxious, and you might even settle for buying a house that is not exactly what you want simply to be done with it. If you can just focus on one of these events at a time, you will not feel nearly as overwhelmed with what is going on. This will help you make better choices, and it might even help you get a better offer for your house.
You will have money on hand to use to buy a different home
Secondly, if you can sell your house first, you will be able to close on your current house and have some cash on hand. This cash will be highly useful for the down payment you need to buy a second house. Without it, you may have trouble getting a loan.
You will qualify for a loan much easier
The third reason is simply that you will have an easier time qualifying for a loan to buy a house if you do not currently own one already. If you already own a house and try to purchase a second one, you could end up getting denied for a loan. If you sell your house first, though, and have the money you need for a down payment, your lender would likely approve your loan without any problems.
The downside to selling first is that you may need to move somewhere temporarily. While this can be a hassle, the benefits of selling first will far outweigh this problem in the long run.
If you are ready to move to a different house, start the process by listing your home for sale with a real estate agent. You can do this by contacting an agency in your city.