Should I Sell My Current Property Before Buying a New One?

Buying a house can be a daunting task. This is so true if you can’t decide whether to sell your old house first, or buy and sell at the same time. This can make you anxious and confused – but with strategic decision making, you can make the right investment at the right time. When in doubt, it’s always a good idea to real estate experts. They know your real estate needs more than anyone else and can add a lot of value. Nonetheless, this quick guide will help you decide on what to do first!

Buying Before Selling

This is a great idea for a buyer who have a stable income, because if you have access to funds, it will be a lot easier easier for you to enter into a transaction.  This allows you to have the best of both worlds and do it simultaneously. 

Time is not a problem unless the house that you’re looking for is currently not available in the market. In fact,  you  can take your time in finding the right house and  closing the deal. When the house is ready for the new homeowner’s  occupancy,  you can move your belongings without any restrictions or dealing with intermediate storage and accomodation.

The major drawback obviously the additional costs, as owning two houses will cost a lot due to the dual ownership. Also, funds from the sale of the old house is not included  in the down payment that you’ll need to use for acquiring the new property.

 

 

 

Keep your budget in mind when deciding!

 

 

 

Selling Before Buying

This is a good option for a buyer who has a limited budget. A lot of people prefer this step rather than the first, as it is more practicable and convenient.

In this situation, you have the discretion on when to sell the property. Hence, you can stay in the old house while you search for a new one. It gives you the freedom to use a marketing strategy of your own choice without having to deal with a deadline. Therefore, there is no pressure to sell until the right market price comes along.

The downside,  is that this can be time consuming and stressful. If you’re unable to buy a new one at the specified settlement date of the new owner, the you must look for a temporary accommodation until you are able to purchase a new one.  In finding and purchasing the new property, you may have to deal with market price fluctuation. 

When making your decision, you should be able to identify the advantages and disadvantages of the two. The two important questions that you should ask yourself are the following:

1. Which of the two will benefit me most?

2. Do I have the ability to pay?

 

I hope this information was useful to you! If you’d like a hand choosing what’s best for your situation, feel free to reach out any time on 0434 099 190. Also, if you’d like a free guide on 7 Simple Hacks to Increase Your Home’s Value Before Selling, download your free copy here. Happy selling!

Kathy

About the author

>