Sell Before I Buy or Buy Before I Sell in Lake County?

Should I sell before I buy or should I buy before I sell? This is a common question for current homeowners who would like to move. Sellers are nervous to sell first and then not be able to find a new home that meets their needs. They are also nervous about finding the home of their dreams and purchasing it before they sell and then having two mortgage payments until their first home sells.  Let’s explore the advantages of buying a new home prior to selling your existing home.

Time to Move

One of the advantages of buying a new home in Fairport Harbor prior to selling your existing home is that you will have plenty of time to get the new home ready to move into with updates such as painting and new flooring prior to actually having to move in. This is a nice option rather than having to do the updates while living in the home. Also, you will have time to pack your current residence and move into the new home and can even do it over time if you choose.

Move Only Once

By purchasing a new home in Mentor-on-the-Lake, you will avoid the need to possibly have to move twice. If you sold your home first but had no place to move, you might need to put your belongings into storage and move into temporary housing until you find your new home and close on it. You will likely incur rental charges both with a storage unit and housing. Purchasing a new home first will avoid the hassle of having to move twice.

Disadvantage

In spite of the good things this option offers, the biggest disadvantage of buying before selling is the possibility of paying two mortgages at the same time. This will be the case if you have already bought a new home in Timberlake Village but are unable to find a buyer quickly for your existing home. If there is only a month or two overlap, that might be a better option than moving twice and incurring rental charges. If the timeframe is longer than two months, it may not be worth buying before selling.

Summary

You can buy a new home prior to selling your existing home. There are advantages and disadvantages to this option. There are also ways to minimize the risk of buying before selling. A competent real estate agent deals with this situation often and can provide options such as contracts with contingency clauses, rent back options, etc. Contact a Realtor today to help you buy a new home prior to selling your existing home!

You May Also Like…

ABOUT US

Joseph A. Zingales is a Broker in the State of Ohio, a Broker in the State of Florida, the Principal of The Zingales Team and has been a licensed Real Estate Agent since January 1998.

Licensed/Certified: Broker, Realtor®, Appraiser, and Home Stager

©2022 BHH Affiliates, LLC. An independently owned and operated franchisee of BHH Affiliates, LLC. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc. ® Equal Housing Opportunity.

Address: 7466 Auburn Road Suite 201, Concord, Ohio 44077

Email: info@ohiohomeservices.net

Office: 440-296-5006

FOLLOW US

Terms of Use | Privacy Policy | Fair HousingAccessibility
© 2022 Zingales Real Estate Enterprises LLC