How to Buy a New Home Without Selling Your First

Are you wondering, “How can I buy a new home without selling my first in Northern Nevada?” Folks in Reno, Sparks, Carson City, and spots like Dayton, Fernley, and Fallon often think about getting a new house while keeping their current one. Maybe you live in Minden, Genoa, or Gardnerville and want to rent out your existing home, or perhaps you're in Moundhouse, Sun Valley, or Silver Springs and aim to hold onto it for family. This can be done with good planning. At Craig Team Realty, we guide buyers in Northern Nevada through these choices. Here's a step-by-step look.

Reasons to Keep Your Current Home

It's useful to know why keeping your first home might fit well in the Northern Nevada real estate market. Places like Stagecoach, Silver City, Virginia City, and Verdi have their own chances for owning property. Based on recent trends, here are some main reasons:

  • Rental Income Potential: There's good demand for rentals in areas like Sun Valley and Fallon. Your home in Reno or Sparks could bring in regular monthly money. Recent data shows vacancy rates at 2.66% in the Reno-Sparks area, pointing to a tight rental market.
  • Property Value Growth: The real estate market in Northern Nevada is growing steadily. For example, home values in Reno have gone up by about 2.3% over the past year, and Carson City has seen a 2.2% rise. This could mean more worth over time in Genoa or Moundhouse.
  • Family or Personal Reasons: You may want to keep your house in Fernley or Dayton for family or as a backup spot.
  • Investment Approach: With inventory up 28.9% year-over-year in Reno, holding properties can be a smart long-term plan.

These points vary by your needs, but they show why many opt not to sell when buying a new home in Northern Nevada.

Steps to Buy a New Home While Keeping Your Current One

To buy a new home without selling your existing one in Northern Nevada, you'll need to check finances, know the market, and get expert help. Here's a simple guide for areas like Reno, Sparks, and Carson City.

1. Review Your Finances

Begin by checking your money setup, since two homes mean two sets of mortgages, taxes, and fixes. Costs can differ in Carson City or Verdi. Talk to a financial advisor about:

  • Your income, savings, and debts.
  • Your current mortgage for a home in Sparks or Minden.
  • Property taxes in Nevada, like the median bill of about $2,196 in Washoe County, which includes Reno and Sparks.

This helps confirm you can handle costs in the Northern Nevada real estate market. Craig Team Realty can point you to trusted financial pros in the area.

2. Get Mortgage Pre-Approval

Before looking at homes in Fallon or Gardnerville, get pre-approved for a mortgage. This tells sellers and realtors you're ready to buy. Lenders check your credit, income, and debts, including your mortgage in Silver Springs or Stagecoach. Tell them you plan to keep your first home.

Options in Nevada might include:

  • FHA or VA Loans: Good if you qualify, for homes in Fernley or Sun Valley.
  • Conventional Loans: Common for those with strong credit in Genoa or Virginia City.

Pre-approval sets your budget for a new house in Northern Nevada.

3. Look at Financing Choices

To pay for a new home while keeping your current one in Moundhouse or Silver City, think about these options that apply in Nevada:

  • Home Equity Loan or HELOC: If your home in Reno or Carson City has gained value, borrow against it. Reno's median sold price is $565,000, up 1.8%.
  • Rental Income Use: Lenders might count expected rent from your first home in Sparks or Dayton. Average rents are about $1,681 in Reno-Sparks.
  • Bridge Loans: A short-term way to buy in Fernley or Fallon before final plans for your existing home.

Chat with a mortgage expert who knows Northern Nevada trends.

4. Study the Local Real Estate Market

The market in Northern Nevada changes by city. Reno and Sparks usually have higher prices—median in Reno at $565,000—than places like Silver Springs (average $344,269) or Stagecoach (median $350,000). This info helps see if keeping your home works for you.

  • Value Changes: Steady growth in Carson City (2.2%) and similar spots like Verdi supports keeping properties longer.
  • Rental Chances: Demand is high in Sun Valley and Fallon, with low vacancies at 2.66%, making renting a solid option.
  • Other Expenses: Nevada has no state income tax, but local property taxes vary, such as the median $2,196 in Washoe County.

Cassie Craig at Craig Team Realty offers current details on trends in Minden, Genoa, and other areas.

5. Plan for Owning Two Properties

Having two homes in Northern Nevada means extra duties. If you rent your first in Silver Springs or Stagecoach:

  • Management Help: Think about hiring for tenants and repairs, especially with a new home in Reno or Sparks.
  • Upkeep Costs: Plan for fixes and yard work on properties in Dayton or Fernley.
  • Insurance: Get the right coverage, like landlord insurance for rentals in Fallon or Minden.

Get tips from insurance and management experts in Nevada.

6. Team Up with a Skilled Realtor

A reliable real estate agent makes buying a new home while keeping your current one simpler. At Craig Team Realty, we know Northern Nevada markets from Reno to Virginia City. Cassie Craig and our team can:

  • Spot homes for sale in Gardnerville, Moundhouse, or Verdi that match your wants.
  • Explain costs of two properties in Silver City or Sun Valley.
  • Help with talks as inventory grows, up 28.9% in Reno.

We work to make your move easy in the Northern Nevada real estate market.

Avoid Common Mistakes

When doing this, watch out for these issues:

  • Going Over Budget: Make sure you can pay for both, with price growth like 2.3% in Reno.
  • Missing Market Changes: Inventory is up 32% statewide, so keep an eye on trends in Sparks or Fallon.
  • Skipping Pro Advice: Always talk to experts for money, tax, or legal stuff—suggest seeing qualified pros for those.

Why Work with Craig Team Realty

Craig Team Realty is your top pick for buying a new home in Northern Nevada without selling your current one. We serve Reno, Sparks, Carson City, Dayton, Fernley, Fallon, Minden, Genoa, Gardnerville, Moundhouse, Sun Valley, Silver Springs, Stagecoach, Silver City, Virginia City, and Verdi. Cassie Craig and our team at eXp Realty give tailored advice based on today's market.

Ready to check out new home options? Contact Craig Team Realty at (775) 306-7591. We're ready to help with your Northern Nevada real estate goals.