May 5, 2011
Q&A: How do I go about selling my current home to buy another?
Zoocasa’s Ask the Pros section is where Zoocasa Users can post their real estate queries in a moderated forum and get replies from real estate professionals. The weekly Q&A is taken from the section and the featured response is a post that was provided by real estate agents and professionals using the forum. For more answers to the question from other agents, please visit the original post via the link below.
Question of the Week: How do I go about selling my current home to buy another?
Featured Response: If you plan to sell your home and buy another, which should you do first? If you sell first, you’ll be under time constraints to find another house quickly and may end up settling for less than you wanted; overpaying or stuffing yourself and all your possessions into a hotel room until you can buy a new place.
But, if you buy first, you’ll have to scramble to sell your old house – a particular problem if you need to get top dollar on your old house in order to make the down payment on the new one. And owning two houses at once is no treat either, even if it’s for a short time. You’ll have to worry about two mortgages, twice the maintenance and the security issues around leaving one house empty.
There are many things to consider so speaking with a professional can help guide you through the process and answer any questions you may have.