Should you buy or rent after selling your current house? It will depend on the situation but even renting for a while should have an end goal of buying at some point in the future.
House Selling Questions – West Milton Real Estate: One of the burning questions in the minds of those selling their homes is whether to buy again right away, or in conjunction with the sale of their house. Many also want to know whether it is wiser to rent first for awhile or buy another house right away up on the sale of the current home.
The answer that’s right for you will depend on your individual situation. If you are selling because you want to upgrade, downsize, or increase your living space the answer will most likely be to buy another house right away if possible. If you have equity in your house for sale, it will be easy enough for you to obtain another mortgage loan, especially if you have a solid income and a decent credit history. You should avoid paying any rent unless absolutely necessary as that’s like throwing money down a black hole never to return to you.
Renting first if you have to sell your house due to financial difficulty most often is the best option.
At least you can rent until you have started over financially, saved enough money for a good down payment, and have an adequate income to support a mortgage loan once again. Use the ‘time out’ from home ownership to build a good credit history as well, as that will help you to get a mortgage loan and a decent interest rate when you are ready to buy again.
Renting should be a temporary solution to take a breath and get your bearings. If at all possible, though, there should be a plan for an end to your renting period. Set your goal for a year or two down the road when you think you may be recovered from your financial rough spot. Goal setting and working toward the purchase of your next home can also make it easier to sell the home you are in.
If you can manage to get it together in the next year or two, you’ll most likely still be able to buy a house for a very low price that will suit you and your family. Work toward good credit to get your next mortgage loan at a good interest rate, which will make your new house less expensive than the last one.
So rent if you have to for awhile, but get right to work on fixing your credit and financial trouble so you can buy again soon.
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Greg Greenwald LLC is a company that specializes in buying and selling houses throughout the Dayton, Ohio area including Troy, Piqua, Tipp City, West Milton, Vandalia, Huber Heights, Englewood, Brookville, Clayton, Riverside, Oakwood, Kettering, Belmont, Centerville, Miamisburg, Fairborn, Greenville, Beavercreek, Bellbrook and more. If you have a home to sell in Dayton Ohio we can help! |
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