The Right & Wrong Way To Buy Your Next Family Home
Maybe you’re expecting a new addition to the family, or perhaps one of you has a new job, so you have to relocate. In either case, it could be time to buy a bigger home in a different location. It means you have to move out of your old house with your family, which can already be a struggle. Still, the whole process is made easier or harder depending on how you do it.
Yes, there are right and wrong ways of buying your next family home. If you keep on reading, you’ll see both ways and how to ensure you only follow the right path…
The Right Way To Buy Your Next Family Home
You may argue that there’s surely not a right or wrong way of moving house. Well, there is. Let me rephrase that: there is if you want to have a stress-free move! The right approach is to buy your new home before you sell your old one. A simple concept, but one that makes a massive difference to your stress levels.
Some people wait to sell their homes before buying a new one because they use the money from the sale to pay for the house. In reality, you can get another mortgage to buy the new house, move everything over, then sell your old one and use the cash to either pay off your old mortgage or pay off as much of the new one as you can. In either case, you end up in a situation where you have one home and one mortgage.
The key reason this is the best approach is that you don’t have to work to any time constraints. As soon as you have bought your home, you can move everything across at your own pace. Take more time if you need it, and use the extra time to get your kids used to the new home.
The Wrong Way To Buy Your Next Family Home
Consequently, the wrong approach is to sell before you buy. Again, I’ve explained why this is sometimes done, but it leaves you in a tricky situation. There’s a race against time to find and buy your new home before the new owners move into your old home. If the timing is bad, you can sell your house before you have a new one lined up. This means you end up looking for apartments for rent while you continue searching for your new house. As a result, you waste money on rent when you really didn’t need to.
Similarly, you can have a mad rush to get all your items packed and moved before the new owners are due to move in. Stress levels are far higher in this situation, compared to you having a new home lined up and no time constraints to worry about.
In conclusion, if you want to move home without any stress, the best approach is to buy before you sell. When you own your new house, you can list your old one on the market. The fact you have already moved out could also make it easier to sell as buyers know they’re free to move in whenever they want!