Real Estate Search Blog

When looking to move from one home to another, particularly if you are moving from one town to another, you run the risk of falling into a double mortgage trap. This happens when you commit to buy before your current property has been sold. This is where a good real estate agent can be a great help.

We live in an era in which time is always a pressure. If you are transferring from one area to another to take on a new job, or perhaps to gain a promotion, you will have a start date deadline. It’s not always going to be possible to sell your current home prior to the move. In fact, in can be difficult finding, negotiating and settling on a new property. Real estate agents deal with these problems every day.

Let’s assume you are looking at Boston real estate. You have a number of options.

• You can rent a property in Boston while you are waiting for your current property to sell,
• You can buy a property in Boston and rent out your current property,
• You can rent in Boston whilst renting out your current property,
• You can buy in Boston and sell your current property.

The last option is the most difficult if time is a problem. Renting out your current property until it is sold may bring in enough income to cover the mortgage, however, it could also be harder to sell if it is being rented. Renting a property in Boston will still see you paying twice, once for your mortgage and again for your rent.

This is where you need to sit down with your real estate agent and determine which is the best option. You may be able to sell your current home in a reasonably quick period of time so renting a Boston property may be feasible. Discuss the issues with your real estate agent and let their experience be a guide.