Want to buy a new home but you have a current home and don’t know what to do? Don’t fret, there are more options than you probably know.
Below are some of the ways you can buy a new house even if you have a house already.
The easiest path is also the one that requires the most money and income while the least risky path comes with a bit more hassle. Regardless of where you are on this spectrum we help people buy and sell all the time and you can too!
How to move when you already own a home:
Buy and Sell later (or keep as a rental):
This requires that you can pay cash or qualify for the new loan and comfortably pay both mortgages if you hold and rent the first house, or until you sell the first house.
Buy and Sell at the same time:
This is called a contingent purchase, where you buy a new house subject to selling your first house. They close the same day or within a couple days and you pay off the existing loan and buy your new house with a new loan and cash from the sale.
Sell then Buy:
This is the least risky option but you have to move twice unless you can rent back the house you sold while you buy your new house. You’ll know exactly how much money you have to work with and you can take your time looking and you only have one mortgage at a time.
Other ways to make a move easier:
- Borrow from family as a bridge loan
- Borrow from retirement
- Get the seller to carry the first or second loan on the new house
- Get early occupancy and move in while you sell and then close
- Refinance or use a HELOC to buy the new house and then pay off when you sell
However you choose to make a move make sure you work with a great Realtor that can help you navigate the best option for you!