If you’re buying a new home in Lake City or a nearby town, it might be a good idea to make sure you’ve sold your old one first. In that case, you might have to rent an apartment or house for a while – but it might be worth it.
When You Should Sell Your Current Home Before Buying a New One
- When there’s a risk of carrying two mortgages
- When you can’t get a new loan
- When you’re selling in a slow market
Carrying Two Mortgages
Having two mortgages is really expensive… especially if one of your houses is sitting vacant. If you don’t want to have to become an “accidental landlord,” it’s wise to sell your current home before you even start looking for a new one.
Not Qualifying for Two Mortgages
Most people can’t qualify for an entirely new mortgage because they’re bogged down by the first one. In this case, it makes sense to find a buyer to take your current home off your hands before you apply for a new mortgage loan.
Selling in a Slow Market
If you’re trying to sell in a slow market, it’s important that you sell before you get a new house. Otherwise, you run the risk of carrying two mortgages (see above). Worse, you could end up getting less than what you’re asking for your current home – and that could affect your ability to afford the new one.
Are You Buying a Home for Sale in Lake City?
If you’re moving to Lake City, we can help you find the perfect place to live. Call us at 386-243-0124 to tell us what you want from your home and we will begin searching right away.
In the meantime, check out the most popular Lake City home searches by exploring the links below.
