Thinking it might be time to buy a new house but you don't want to have to sell your current home first and find a place to rent? Who wants move twice anyway - not me!
Here are 3 ways it might work for you. Reach out to me to discuss your specific situation. Then I'll connect you with a lender who can discuss all of the best financing options for your situation.
Bridge Financing: This financial tool allows you to access the equity in your current home to fund the purchase of your new home. Essentially, you're taking out a short-term loan against your current property's value, which provides the funds needed to buy the new house. Once you sell your old house, you use the proceeds to pay off the bridge loan. It's like building a bridge between your two homes, allowing you to make the move without waiting to sell first.
Renting Out Your Current Home: If you're attached to your current home and its location, consider renting it out as an investment property. This way, you can generate rental income to cover your mortgage while you live in your new home. Keep in mind the responsibilities of being a landlord, such as maintenance and finding tenants. When you're ready, you can sell the property down the line, potentially benefiting from any appreciation in value.
Contingent Offers: When buying your new home, you can make the purchase contingent on selling your current home. This strategy puts you in a stronger negotiating position with sellers, as it shows you're serious but need to finalize your own sale first. However, this approach can be a bit trickier in competitive markets, and sellers might not be as keen on contingent offers.
Currently, for homes that have been on the market for a week or more, buyers are getting offers accepted with a home sale contingency - this wasn't happening during the pandemic! Don't hesitate to reach out if you think your offer won't get accepted because of a home sale contingency. We can strategize so you can stay in your home while buying a new home!