How to Buy a New Home Before Selling Your Current One: Smart Financing Strategies from ClearPath Financial
By Staff
WORCESTER, Mass. —On this edition of The ClearPath Financial podcast, Ryan Kittredge, President and Financial Advisor, discussed strategies for homebuyers who want to purchase a new home before selling their current home. A Home Equity Line of Credit (HELOC) can be a good option to bridge the gap between buying a new home and selling the current one, as it allows access to home equity without having to sell the current property. Securities-backed lines of credit are another alternative that allows borrowing against investment accounts without having to sell the assets. Borrowing from 401(k) plans or IRAs should be cautiously approached due to potential tax consequences and repayment requirements. Preparing the current home for sale by decluttering and getting it ready to list is an important step in this process. Minimizing the overlap period of carrying two properties is key to avoiding additional costs.
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