In last week’s selling-tips post, we looked at the importance of avoiding two mortgages and recommended selling your existing home before buying another, while keeping your eye on the market throughout your sale.

But what should you do if you’ve already purchased a second home, obtaining a second mortgage along with it? What if you’re trying to sell but not finding the buyer?

Here are three options to consider:

1) Rent your old home. When people aren’t buying, they’re renting, so what potentially seems like a tragic home market could be the perfect time to become a landlord! If you can find renters whose monthly payments will cover your old home’s mortgage payments, you’ll take a huge strain off your finances.

2) Lower the price of your old home. The importance of pricing aggressively cannot be overstated, particularly in a competitive market such as today’s. If your home isn’t attracting interest, consider lowering the price.

3) Refinance. Talking to your mortgage provider(s) can be helpful in situations like these, where it may be in both their and your best interest to refinance. You may also want to check with Buy Owner to see what best rates we can connect you with!