Buying Before Selling: Is It Possible?
If you’re looking at new construction homes in Martin County, Florida, you’re in luck. There’s inventory popping up every day. But, you have to act fast, as the area continues to be a competitive market. If you want to secure your new home, you might be wondering if it’s possible to buy before you sell. The answer: yes. But, there are some things you should know. Tracy Madden of Berkshire Hathaway HomeServices shares advice in today’s blog.
Know The Pros And Process
Buying a new construction home in Martin County, Florida is a process that requires a bit of understanding before you get started. First, you should know it remains a seller’s market. This means inventory goes quickly, and for every home that you are considering, there are likely 10 other eager buyers waiting in line. But, real estate prices are likely not going to plummet any time soon, so now may be your best chance at getting a good deal.
A major pro of buying new construction is that you can get the home of your dreams. While this might not be a glass house or a five-story mansion, your Martin County, Florida abode might be in the perfect neighborhood, have the exact number of bedrooms and bathrooms, or be in the school district that you desire.
Before we get into the downside of buying new construction while you’re currently living in another house that you own, there are a handful of things you should do. The first is to get acquainted with the buying process. This means you’ll want to take a look at home prices within each city of Martin County. The next step is to understand how to get a loan for new construction. According to BankRate, construction loans are typically for a term of one year. At the end of this time, the home will need to be issued a certificate of occupancy and be move-in ready.
Something else not to ignore during this time is your financial status. The higher your credit score, the better. But, you also need to determine whether or not you can afford to upkeep two homes at once in the off chance that you either have to stay put for a while or you can’t sell when it’s time to actually move. If you’ve already paid off your first home, great. You should be in decent shape. If not, get a calculator and plan your budget. You’ll not only have to pay two mortgages, but you’ll also be responsible for upkeep, maintenance, and insurance on two properties.
The decision to buy a new construction home in Martin County, Florida is a smart choice if you have the cash available and will not have to rent a temporary home while you wait for your dream house to be completed.
On The Downside
While buying a new construction home in Martin County, Florida before you sell your current home means no jumping through hoops to secure a living situation, it’s not always the right choice. Financial advisory firm Northwestern Mutual notes that, if you can’t sell, you may have to become a landlord. There are lots of responsibilities involved in this, and it is not a situation you want to find yourself in hastily.
At the end of the new construction home buying process, you’ll be settled in Martin County and ready to begin your new life. But, there are many steps to get from here to there. Your realtor can walk with you. Contact Tracy Madden today to discuss your options. If you’re ready to make Florida your home, there’s no one more qualified to help you find the home of your dreams and sell the home you plan to leave.
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