There comes a time when Nashville homeowners will want to buy a new residence, be it within the area or somewhere further. Whichever of the two it is, deciding whether to sell the original home first and buy a new one after -- or vice versa -- can be a tough decision to make.
If an individual were to follow the “sell-buy pattern”, then that individual could face the risk of ending up without a dwelling for a couple of months or so. This may also force him into seeking a temporary abode while in search of a new one, which in turn could further deplete his cash on hand.
On the other hand, a person who chooses to follow the “buy-sell pattern” will be subjected to the possibility of having to shoulder two mortgages while in search of someone to buy his original dwelling.
That being said, which of the two patterns above would be the best choice for a homeowner looking to buy a new residence? To determine the answer, an interested homebuyer needs to assess his current circumstances.
The person looking to buy his second home also needs to take into careful consideration the risk he’s willing to take. In a general sense, buyers of second homes shall either be subjected to the danger of paying for two houses, or having none at all.
Expert Nashville realtors say there’s generally less pressure when it comes to selling first and buying a new dwelling later, but this isn’t always the case. People have to consider several possible issues that may arise while deciding, such as being forced out before the new dwelling is available.
In this scenario, a homeowner has to ask himself questions such as where he’ll live, where his children will go to school, and how much he can spend for his temporary dwelling.
Another issue is the hassle of having to move twice – although it’s possible to save tons of cash by temporarily moving in with friends or family, the burden of moving all furniture plus appliances can be tiresome. Moreover, not all of the belongings will be able to fit in the temporary abode, so it’s important for the homebuyer to find out where exactly he can store such goods.
Lastly, it’s vital for any homebuyer to determine how long will he be staying in the short-term dwelling. Alternatively, choosing to eliminate these potential issues by buying first and selling after -- so long as the individual has the capacity to shoulder both mortgages simultaneously – is a costlier yet more convenient option.
The Ashton Real Estate Group of RE/MAX Advantage
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