What's the Best Process for Selling Your Old Home and Buying Your New One?

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Today I am going to be discussing how to purchase a new home when you already own one. Should you buy first, sell first, or own two at once? I've compiled a list of 5 typical ways to get from your existing home to a new one. Here they are:

1. Temporary Rental 
This is when you sell your home first, and then rent a property for a few months while looking for your new home. This will give you more time to find the perfect home, but will require you to move twice.
 
2. Contingent Offer 
You can make an offer on a new home and have it be contingent on you selling your current home

3. Contingent Sale 
Another option is a contingent sale. This is where you sell your home first, but make the sale contingent on your ability to find a new home. This way you won't close the sale until you've found your new home.

4. Sell and Rent Back
You can also sell your home, and ask the buyers to rent back the home for a few months to get time to purchase your new home.

5. Bridge Loan
A final option is obtaining a bridge loan against the equity on your current property, then using the loan on a down payment for a new home purchase. This gives you peace of mind to find the perfect home, but will result in you having two mortgages for a short period of time.
 
There you have it, the top 5 ways to buy a new home if you currently own one. If you are nervous about this process, you shouldn't be. I'm here to help guide you and provide you with expert advice. If you have any questions at all, please give me a call or send me an email.