Advantages and Disadvantages of buying a House

It is important to know the possible consequences of your real estate decisions before you are ready to move into a bigger house.

If you are intended to sell your home out and are on a hunt for a new home, it would be recommendable to zero on a property first rather than thinking about your property sale. ‘One in hand is better than two in Bush.' Also, you need not worry about the closing date.

However, buying the home first has its disadvantages. If you are not able to sell your house quickly enough, you will become the owner of two houses. Therefore, you may have to repay two mortgages in addition to all other costs associated with home ownership.

Also, finding a loan for a new home is difficult. Before making an offer on a new home, one needs to carefully assess whether your financial situation allows you to own two houses at the same time.

You will have one disadvantage in the sale:

Find a new home before the closing date though many a time, it will turn into a race against time!

Keep your Plan B ready

It is wise to keep one or few alternatives because at times you could be left with two houses for a while or no house at all. If the sale of your home ends first, you may consider renting short term or staying some time with family or friends.

Talk to your real estate professional. He or she will have the knowledge and experience to help you decide what best suits you.

--Shailaja K