Whether or not you should sell your current home before buying a new one depends on your individual circumstances and financial situation. Here are a few factors to consider:
- Can you afford to carry two mortgages? If you are planning on buying a new home before selling your current one, you will need to be able to afford the mortgage payments on both properties until your current home sells.
- Do you need the equity from your current home to purchase a new one? If you need the equity from your current home to put towards a down payment on a new home, then you will need to sell your current home before buying a new one.
- Are you comfortable with the risks involved? Buying a new home before selling your current one comes with some risks. For example, if your current home doesn’t sell quickly, you could end up with two mortgages for an extended period of time.
- Can you handle the logistics? If you choose to buy a new home before selling your current one, you will need to be prepared to manage the logistics of moving and potentially managing two properties at once.
Ultimately, the decision to sell your current home before buying a new one will depend on your individual situation. It’s important to speak with a trusted real estate agent and financial advisor to weigh the pros and cons and make an informed decision.