Renting out your first property is another option if you want to buy a second property. Starting to build your property investment portfolio can be a very beneficial thing, especially if you can rent the first property out! Even for a short term, it gives you a bit of extra cash to play with until, or if, you end up wanting to sell it. The financial help from rent will help keep that mortgage from completely draining your wallet while you shop for a second property.

Another potential con of owning two properties at once is having two sets of insurances to pay for. When you own two homes at once, you have twice the amount of insurances to cover to keep both properties protected. This strain on the finances can often encourage sellers to settle quickly on a lower asking price on their existing property in order to get the money without delay. Really take into account if you can afford to own two properties at once, especially if you don’t know for sure when your first property will eventually sell - leaving you with a potentially big bill to pay for an indefinite amount of time.