Juggling Two Homes: Should You Buy or Sell in Natick First?

If you are in the middle of planning a relocation, you have probably wondered if it is better to sell your home or buy a new home first. This is a common question for buyers and sellers in the Natick real estate market, and one that doesn’t necessarily have one right answer.

Analyze Your Financial Situation

If you are able to afford the mortgage for your new home in addition to your current mortgage, you may be able to buy a new home before you sell the home you live in. If you don’t have a mortgage now, you will also have more financial flexibility as you buy a new home.

On the other hand, if you aren’t able to afford two mortgages, you may qualify for a home-equity line of credit on your current home, which could make it possible for you to move into that dream home faster.

Some people choose to rent their home so they can move into a new home before they sell their old home. This solution is a great way to keep your current property, with a renter helping you pay for the mortgage, or it can be a good temporary solution until you are able to find a buyer.

Determine Your Level of Flexibility

Selling your home before you find and purchase a new home requires some flexibility. You may need to find temporary housing until you close on your new home, which may or may not be easy. Living with family members or renting a property are two good ways to deal with this “in-between” period.

In some cases, you may be able to come to an agreement with your buyer that you will continue to rent the home for a certain period of time, so you can have more time to buy a new home. With the right buyer and circumstances, this can be a win-win solution.

Consider Timing

When you are looking for a new home, you want to be sure to give yourself plenty of time to see your options, look at different homes and get your finances in order. If selling your home before you buy a new one rushes this process, you may want to reconsider your approach.

Whether you decide to sell your home or buy a new one first, make sure you allow for time to find the right fit for your family, secure financing and complete the closing process.

Consider the Effort

Most of the time, selling your home before you buy a new one means you will have to move twice. You will have to move into your temporary living arrangement and then move again, into your new home. Some homebuyers are okay with this, and would rather sell their home and work around the moves than worry about two mortgages.

Deciding how much effort you are willing to put into buying and moving into your new home is a personal decision. You are the only one that can decide what is best for your situation and your family.

Many homebuyers and sellers want to know if it is better to sell their home or buy a new one first, but the answer depends on your personal needs and preferences. Both routes can prove beneficial and both can help you start life in your dream home.

To find out more about buying and selling homes at the same time, visit the Christine Norcross & Partners website. An experienced real estate agent can help you work through the process in the best way possible. For assistance buying or selling a home in the Natick, MA real estate market, contact Christine Norcross at 781-929-4994.