How to Upgrade to a New Home Without Paying Two Mortgages

If you’re a homeowner dreaming of upgrading to your next home but worried about juggling two mortgages—you’re not alone. The good news? You have options! With the right strategy, you can sell your current home and move into your next one without carrying two monthly payments.

Here are three smart ways to make that move smoothly:

1. Rent-Back Agreement (aka Delayed Closing)

This is a popular option where you sell your current home but stay in it temporarily—usually for 30 to 60 days—by paying rent to the new owner. It gives you time to close on your new home and move at your own pace.

Benefits:

Use the money from your sale to buy your next home.
Avoid paying two mortgages.
No need for temporary housing or storage.

Keep in mind:

Not all buyers will agree to a rent-back.
You become a renter in your former home.
May reduce your negotiation leverage in a buyer’s market.

2. Get Market-Ready Early & Access Off-Market Listings

Want to move fast when the time is right? Start by preparing your home for a quick sale:

Do a pre-inspection to uncover and fix issues before buyers find them.
Get your home photo-ready with staging and professional photography.
Work with an agent who can connect you with “Coming Soon” and private (off-market) listings for your next home.

Benefits:

Helps your home sell faster and for more money.
Gives you early access to homes others haven’t seen yet.
Lets you time both sales more closely—often avoiding two mortgages altogether.

Things to note:

Requires some upfront planning and effort.
Off-market inventory may be limited depending on your area.

3. Use a Bridge Loan or HELOC

If you’re financially qualified, a bridge loan or home equity line of credit (HELOC) can help you buy your new home before selling your current one. These short-term loans tap into your home’s equity to fund the down payment or purchase.

Benefits:

You can buy first and move when you’re ready.
No pressure to sell quickly or settle for less.

Keep in mind:

You’ll need strong credit and income to qualify.
May come with higher interest rates or fees.
You might temporarily carry two payments—though only for a short time.

Bottom Line

Selling and buying at the same time doesn’t have to be stressful—or financially risky. With the right game plan, you can upgrade your home without paying two mortgages.

Not sure which option fits your situation best? Let’s connect to see which option fits best with your situation!

Sheena Alescio

Mott & Chace Sotheby’s International Realty

sheena.alescio@mottandchace.com

https://sheenaalescio.com/

https://sheenaalescio.com/about-me

https://www.zillow.com/how-much-is-my-home-worth/

https://www.rirealtors.org/clientuploads/documents/riar/HL_Sellers_Guide.pdf

https://www.sothebysrealty.com/mottandchacesir/eng