Guide 101: How To Buy a Second Home Without Selling the First

Miniature model of a house displayed on a desk

Do you want to buy a second home? That sounds exciting! It can also be very complicated though if you plan to keep your first home. There are several strategies that you can follow to make this process smoother. If you’d like to know the tricks, keep on reading this blog!

What Are the Advantages of Buying a Home Before Selling the First One?

More Freedom and Flexibility

Buying your new home before selling your old one with homes 2 move you gives you a lot more freedom. You don’t have to rush to sell your current place or worry about finding a new home right away. This means less stress and more time to find the perfect house for you.

Skip the Temporary Housing Hassle

Another great thing about buying first is that you won’t need to find a temporary place to stay, like a rental. You can move straight into your new home without all the extra packing and unpacking.

Better Timing

Buying your new home before selling your old one can also be smart if you’re trying to time the market. If you find a great deal on a new house, you can grab it without waiting for the best time to sell your current place.

What are the Drawbacks of Buying a Second Home Without Selling the First One?

  • Paying two mortgages can really hurt your wallet. You need to make sure you can handle the extra cost.
  • What if it doesn’t sell? If your old house doesn’t sell quickly, you’ll be stuck paying for two places at once. That can be stressful and expensive.
  • Getting a mortgage for a second home can be tougher than the first. Banks are picky about who they lend to, so you might need better credit or a bigger down payment.

How to Buy a Second Home Without Selling the First?

Before you start looking for that dream home, make sure you can actually get a loan for it. Check with a bank to see if you qualify for a second mortgage.

When you make an offer on a new house, you can say that you need to sell your old place first. This is called a “sales contingency.” It protects you if your old house doesn’t sell right away.

If you need money to buy a new house before you sell the old one, you can get a special kind of loan called a “bridge loan.” It’s like a short-term loan to help you bridge the gap.

If you have a lot of savings, you could use some of that money for a new house. Just make sure you keep some money in case of emergencies.

You can also ask to wait a bit before you actually own the new house. This gives you more time to sell your old place.

Realtor Tom Gilliam at Homes 2 Move You Can Help You!

Do you need help figuring out your home situation? Look no further than realtor Tom Gilliam at Homes2 Move You. Our amazing team will guide, and answer your questions in detail. To book a consultation, call us now!