Should You Buy First or Sell First?

Should you buy your new home before your sell the current home? In a sellers market this might be a worthwhile risk to get the home you love. The downside is that if your home is not marketed properly or may require money to bring it up to date, you could run the risk of owning two homes for a particular period of time. One way to make this happen would be to take out a home equity line of credit on your first house and then go ahead and buy your new home. Once you sell your old home you can pay off your loans.

Or, should you buy the new home and rent out the former home for a temporary period of time. The rent checks will help to cover the mortgage payment until the homes gets sold.

Another option would be to sell your house first and rent it back from the new owners. This would allow you to be very selective when buying your new home. Many home buyers would not consider this to be an ideal situation for them but you never know until you ask!

Finally, you can sell your house first and rent a house until you can find the right home. In a slow real estate market this may be an interesting option to provide you adequate time to determine the best time to buy at the bottom of the market.

Whether your market is Naperville Luxury Real Estate, Oak Brook Luxury Real Estate, Hinsdale Luxury Real Estate or Chicago West Subruban Real Estate or even relocating to Naperville or relocating to Chicago suburb, Home Field Realtors has the right plan to achieve your goals.  Contact us at info@homefieldrealtors.com to learn all about our competitive real estate commission rates and programs for Buyers and Sellers.