When it comes to buying a new home, most people decide to trade up to gain additional space, live in a better neighborhood, move to a home in better condition or any combination of these. For many home buyers, particularly those with a good deal of equity in their current home, it begs the question: Do I have to sell in order to buy? Real estate is always meant to be a long-term hold. Building equity and passive income are why so many people turn to real estate to build wealth. If you can afford to keep your home while purchasing another, do so. If you want to make your first foray into real estate investing, you ll need to take several steps. Meet with a mortgage and real estate pro, and do some early research to determine if owning two homes is feasible for you. Determine your current purchasing power If you were to sell your home and take out that equity, how much can you afford to spend on a purchase, and what type of home will that get you? Check with your real estate agent
Posted on: Wed, 26 Nov 2014 00:48:23 +0000
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