Should I Buy a New Home First or Sell the Old One First?

The age old dilemma comes up frequently with new Las Vegas home buyers and sellers. Do you buy your next house before you move out of your current house? Do you risk months of paying two mortgages and potentially two sets of utilities? or do you sell your home requiring multiple moves and living arrangements? This answer depends on several factors. The primary question you need to ask yourself is:

What is worth more to me? my time, effort, and convenience or my money?

If your answer is time, effort, and convenience then you will likely buy your next house before you move from your current one. You will plan to move only one time. You will need to be sure to have several months of mortgage payments and utility payments on hand for both houses. You will be able to move one time and not worry about finding somewhere to store your belongings temporarily. You will have a place to stay for your family, pets, and things. You may consider speeding up the process of selling your previous house by making the pricing or terms very favorable.

If you answer to the question above was "my money" then you will have a more difficult road ahead but you will potentially save big at your pocketbook. You will have to find temporary storage for your belongings, family, pets, etc. as you rent or stay with family or friends. You will then have to move again once the second house has closed. You will not likely be stuck with multiple mortgage payments and you will only pay utilities of the current house you own. Keep in mind you may have to pay rent and utilities at your temporary location. Be quick to act in getting your second home closed.

Trading up or trading down or relocating is not a simple process. The more resources you have at your aid in the whole process the smoother everything goes. Let Hildreth Barnhill help out where possible with our connections program and our network. If you live in Las Vegas or move to our great city we can be of great assistance throughout the whole process. Give us a call to help you as you make your transition.


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