If you’re looking for a new house, you need to get the timing right. Of course, you want to purchase a house when the interest rates are low; however, you also need to think about your current house. Do you need to sell your current house before you purchase a new one? Not necessarily, but you need to assess your current situation. What do you need to know about buying a home?
The Benefits of Buying a New House Now
If you do not have to wait to sell your current house, you may have an easier time finding a new property. It is not unusual for people to purchase a house with the condition that their current one sells. If you include this condition in your offer letter, you may get turned down by the seller because they don’t want to wait for your current house to sell. As a result, you’ll have an easier time buying a new home if you don’t have to wait to sell your current one, allowing you to strike when the market is right.
The Benefits of Waiting Until You Sell Your Current House
On the other hand, you don’t want to end up with two mortgage payments. If you’re having a difficult time selling your current house and going ahead and buying a new one, you might end up making two monthly payments. Ultimately, you could put yourself underwater financially. If you decide to buy a new house before selling your current one, you have to make sure you can afford two mortgage payments.
You should carefully assess your individual situation to see whether you can afford two monthly payments. If so, then it might be OK to go ahead and buy a new house.
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