A common question: What are the pros and cons of buying a house before selling your own? What should come first?
There are many factors to take into consideration when buying a house before selling your own first:
- What is your financial situation? Can you afford buying a house before selling your own first? Carrying both homes may be tough. You don’t want to buy something and then be desperate to have to sell your existing home. This can be extremely stressful and sometimes put you in a position that you take less money for your home or worst get yourself into a bad financial situation.
- How unique is the property that you are looking to buy? If there are tons of them on the market. Then you can have the luxury of selling first knowing there are plenty on the market to choose from. If you have special housing needs or like unique properties then you may want to buy first. If you sell first and are in a rush to buy you may have to be more flexible with your “must have” list.
- How fast are similar homes in your price range & neighbourhood selling? If you have a “hot property” to sell you may want to buy first. If your house is in high demand it could sell within days which could leave you left without a place to stay.
- Are you upgrading or downsizing? When downsizing it can be harder to get an offer accepted that is conditional on the sale of the property. This is because the home you are selling is more expensive than the one you are buying. Typically houses that are more expensive will take longer to sell and the sellers of a less expensive house are not going to want to tie up their property with a less sellable home.
If you are planning on buying a house before selling your own, or vice versa, we made it easier on you by writing out our steps to buying a home for you. Of course, you can always book a free consult with the GoWylde team. We will be able to assess your exact situation and make sure we put the strategy in place that will best suit your needs.
