Buying a new home in Alexandria can be a major investment and there comes a time when you may consider buying another home due to the downsizing or the growth of your family. There are many factors to consider when thinking about purchasing another home in Alexandria before selling the one you currently own. These factors are as follows:-
- Using your home equity:- As a homeowner you may be able to leverage a home equity line of credit or a bridge loan based on having made a large down payment on your first home, been living in your current house for many years or having paid for major renovations. The use of your home equity to purchase another one can be risky as you will be left with two mortgages if you do not sell your current home quickly.
- Sell then Buy:– Using your home equity could make purchasing a new home in Alexandria easier but it is also risky and as such you should consider the option of selling your current home first before buying a new one.
- Sell with an extended closing period:- Another option available to homeowners in Alexandria is to list their home and ask for an extended closing which would allow the homeowner enough time to look for a new home without the risk of holding to mortgages. The drawback to using this option is that the homeowner in Alexandria may find a new home before the closing period and this could complicate matters when trying to access their current home equity.
If you are looking to sell your home quickly or seeking to purchase a new home Nesbitt Realty is here to help you.