If you’ve owned a home for a while, especially in the golden 5-7 year range, then you likely have paid down a portion of mortgage debt. At the same time, your property has increased in value. Like most families, you’ve got an upgrade path in mind that you need for your lifestyle and investment nest egg in real estate.
One important decision to make is whether to sell first or buy first. The answer depends on your financial status, market conditions or a particular opportunity to buy. Most families cannot afford to pay two mortgages simultaneously. They need to know how much money they will have before making an offer on their next property. However, if you feel confident that your home will sell quickly then it’s worth a conversation if you are trying to buy a home in a tight market. Again, this is something that we talk about when examine your particular needs.