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Do I need to sell my home before buying a new one?

Posted: November 12th, 2020

That's a question that only you can answer. Do you need the money from the sale in order to purchase the new home? Are you thinking of becoming a landlord and keeping it as an investment property to add to your retirement portfolio? Can you afford to keep both places? 

These are some of the questions you will need to answer, and which a good real estate agent will ask when thinking of buying another property. 85 & Sunny Real Estate will help you to understand the various options you may have available. 

If you need to sell your home prior to buying a new property, sometimes you can try to do a dual closing in which you sell your old home in the morning, and close on your new home in the afternoon. This requires a degree of coordination and specific clauses/addenda in your contracts. 85 & Sunny Real Estate will gladly help you with this. 

If you decide that you would like to keep your old home as an investment, 85 & Sunny Property Management will be able to help you understand your monthly costs, expected rental income, and the advantages and disadvantages of owning a rental property. However, your lender will still need to evaluate your credit situation to determine whether making a loan on a new home is feasible while retaining your old home.