Moving is a big change, but so is leaving behind your home – even if you have outgrown it. The process of selling your home while shopping for a new one can be complicated and hinges on getting the timing right.
For many people, buying a new house with cash is out of reach and taking out a second mortgage is out of reach. If you buy a second home without selling the first, you could end up paying two mortgages at the same time. However, upgrading to a bigger house or a house in a new area is common as people grow up and figure out what they want. According to The Close, 60% of home buyers under 30 expect to sell within 10 years.
If you need to use the equity built up in your home to help you purchase a new house, you will need to sell first, so you can turn that equity into liquid funds. The sale of your home provides the down payment that allows you to get a new mortgage, or buy a new house outright.
If you have enough money to buy a second home, you don’t need to sell your house if you don’t want to. You could choose to rent it out for a monthly income, which might defray your new mortgage costs.
Buying a new home while selling your old one can be a tricky process that a good realtor can help you with. There are homes for sale in Asheville NC and across the US. Your new home is out there.