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Larry, Other/Just Looking in Pennsylvania Furnace,...

s it better to buy your next home first or sell your existing before you buy?

Asked by Larry, Pennsylvania Furnace, PA Tue Apr 3, 2012

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5
Can you afford more than one home? Do you want to have one home vacant that can be vandalized? Most homes show better furnished. Good luck,
0 votes Thank Flag Link Tue Apr 3, 2012
My recommendation would to be sell before you buy your next home. Since your first home has been your primary residence, the 2nd home will be considered an investment property and you will have to pay a higher interest rate. In addition to this, if two buyers put in an offer, the buyer who has "nothing to sell" most of the time appears to be the better choice as he can close more quickly.
0 votes Thank Flag Link Tue Apr 3, 2012
I always recommend to my clients to sell your house first before you buy your next home unless you are in a financial position to carry both homes if you need to.
0 votes Thank Flag Link Tue Apr 3, 2012
That isn't an easy question to answer as everyone has a different situation. Obviously the most important issue is economics. Could you even afford to buy your next home without selling the one you owe now? Would you qualify for a mortgage and do you want to face the possibility of carrying two mortgages at once?

For some homeowners who can afford to buy without first selling the answer is yes they should and the reason is often that with them in the home it shows poorly for one reason or another, or it needs a lot of work to get it ready for the market and they wimply don't want the aggravation of living in it while the work is being done.

Most homewoners can't really afford to buy without selling so the question is less relevant.
0 votes Thank Flag Link Tue Apr 3, 2012
this would be my first house so buy
0 votes Thank Flag Link Tue Apr 3, 2012
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