Buying and selling a house at the same time is a mighty undertaking. It is not impossible, but it definitely comes with a new batch of logistical and financial challenges.
While there is certainly a population of homeowners who could be in a position to purchase a second home outright and balance two mortgages, that is likely not the case for the average person.
A lot to think about
If you are considering purchasing a new home, you must weigh a number of factors, like:
- Do you currently have enough saved for a down payment on a new home?
- Will the income generated from the sale of your current home be the primary mechanism for affording a new house?
- Where will you and your family live in the interim if you have sold your current house but cannot immediately move into your future one?
- How will your savings be impacted by juggling the purchase and sale of homes within a short period of time?
Another key point to keep in mind is the precise order of operations: selling first or buying first. This will be the determining factor between how soon you can move into your new home and out of your current one once both processes are legally closed and final.
Explore the infographic below for more information on how to sell and buy a house at the same time. And be sure to contact Comerica Bank for assistance.
