If you’re like many people, you’re ready to buy a new home in Aspen – but if you still own your current home and you’re not looking to take on a second mortgage, you might want to sell your other home first.
However, you can buy a home if you haven’t sold your current home. Here’s what you need to know.
Can I Buy a Home if I Haven’t Sold My Current One?
It’s a tough decision – one that’s between you and your real estate agent – but it is possible to buy a home if you haven’t sold the one you currently own.
- If you buy a home before you sell the one you currently own, you risk being financially overextended.
- You’ll need a contingency in your purchase contract – the one for your next home – that says you won’t be able to buy unless you sell your current home.
- You might end up paying two mortgage payments or becoming an unintended landlord (meaning you have to rent out the home you currently own to cover your mortgage payments so you can pay for the new home).
Talk to Your Real Estate Agent
Your best bet is to talk to your real estate agent about your options. He or she will most likely tell you about the contingency that says you need to sell your current home first – but if you’re willing and able to take on the financial burden of possibly paying two mortgages, you may not need the contingency in your purchase contract.
Related: What to know about real estate contingencies
Are You Selling or Buying a Home in Aspen?
If you’re ready to sell your home in Aspen, Woody Creek, Basalt, Carbondale or Snowmass, we may be able to help you.
Get in touch with us right now to find out how much your home is worth – and discover how we’ll be able to help you sell it quickly and for top dollar.
If you’re also looking for a home for sale in Aspen or a nearby community, check out our listings by price:
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