If you’re a homeowner looking to move, you’re facing a common dilemma: should you buy another home before you sell your current one or should you sell your current home first? The DiMora Team are real estate experts in the Novi and Northville neighborhoods and we know that both options hold distinct advantages and disadvantages. Some homeowners enjoy holding onto their ability to live in their current home until they find a better alternative while others don’t want to make a financial commitment to a new home until their current home is sold. The most obvious advantage to selling your current home first is that you’ll cash out the equity in your current house so you can use this money as the down payment on your next home. This is one of the most common reasons for selling first. If you’d like to buy first but you’re worried about the down payment you may be eligible for a bridge loan that is designed to cover the gap between when you buy your next home and sell your current one. Alternately, you might also be able to borrow a home equity line of credit on your current home, which you can use for the down payment. Check out below to see what sold in Lakewoode Parkhomes in July 2016:
22433 Cranbrooke, Novi: 2 bedrooms, 1.1 bathrooms, 1,050 sq. feet, 1 car garage, Sold Price: $89,900
39774 Village Wood Circle, Novi: 3 bedrooms, 1 bathroom, 930 sq. feet, Sold Price: $106,000
39513 Village Wood Road, Novi: 3 bedrooms, 1.1 bathrooms, 1,184 sq. feet, 1 car garage, Sold Price: $149,500
By selling first, you can concentrate on improving and staging your property to make it show-ready, and stay in your home while you patiently wait for the best offer. For more information on Lakewoode Parkhomes, or similar Northville or Novi neighborhoods such as Highland Lakes, Crosswinds West and Country Place, contact The DiMora Team today at 248-505-7728 or email@example.com.