3 Effective Ways Buy a New Home While Still Owning the Current Home

Are you dreaming big and keen to buy a new house as an investment strategy? You may not have plans to sell your current dwelling place and yet own a new one

that you have always desired. Do not worry about the down payment and the mortgage. There are ways in which you can buy a new house without selling the old one. Are you ready to give in to your dreams? At Bellamy Homes, one of the best new home builders Kelowna, we offer a rewarding experience to buyers. We breathe life into the clients’ concepts and deliver a new home through a cost-effective process and tight deadlines.

Here are 3 effective ways to ensure that you build a dream home while still owning your current living place.

How to own a new home without selling the current property

1.    Renting the present home

When buying a new house without selling the current property, you can rent a part of your present dwelling place. Wondering why? The income from the rental property can be utilised for paying mortgages and other payments. If the lender expresses doubt about whether you can find a balance between two mortgages, an appraisal of the present home makes sense. Apart from this, you will also come to know the rental rates in the location and make a firm decision. To invest in new homes Kelowna within your budget, discuss your plan with us for favourable properties that meet your investment plans.

2.    Pick a home equity loan

Several home buyers rely on borrowing based on the equity in their residence through home equity loans. So, there is no reason why you shouldn’t try this option. Tapping on the present home’s equity to get cash sounds more definite if you are not planning to sell it right now. Such a loan will usually come with a fixed interest rate, monthly repayments, and utilising equity once. So, start searching for new home builders Kelowna and pick a property you will prefer.

3.    Get a bridge loan

Have you found your dream modern contemporary house in Kelowna? As one of the most reliable Kelowna luxury home builders, Bellamy Homes can help you enter the realm of building your dream house. Wondering about the finances again? Explore the option of a bridge loan and use the current house as collateral. When you sell the current property, use the amount to pay off your bridge loan to secure the new abode.

Are you sceptical about buying a new home without selling the old one? At Bellamy Homes, we work on our client’s vision and assist them to invest in buying new homes without risking their finances. Follow the recommendations listed here and become a proud owner of your second home seamlessly. To know more, contact us at https://bellamyhomes.ca/contact-us/ or call 778-940-7803 without delay.