Upgrading can mean a lot of different things to a lot of different homeowners. Whether you’re looking for a larger home to accommodate a growing family, you’re upsizing from your starter home, or you’re finally able to buy the house you’ve always dreamed of: moving up the property ladder is a great accomplishment.
No matter your motivation for upgrading, there’s still a common question that needs to be answered: should you buy or sell first?
Luckily, this isn’t a test. The truth is, it’s up to you. We don’t have a blanket answer for situations like this, because every homeowner, and their needs, are so different. What we do have are some factors that you can take into consideration to decide for yourself, and a full team of people here to answer any other questions you have about upgrading.
Here are a few things to think about if you’re looking to upgrade soon:
What’s your financial situation?
Upgrading can be a tricky process, because no one wants to be forced to carry 2 mortgages. Unfortunately it can happen, so it’s smart to be financially prepared for any outcome. You don’t want to buy a new home out of desperation, accept a lower price for your house than you should, or get yourself into a bad financial situation.
How unique is the property you’re interested in?
The way a buyer makes a house into home is definitely unique, but if there are quite a few houses you’re interested in that are relatively the same, then don’t jump in before you’re ready. In this case, you have the luxury of selling first, and choosing from a plethora of houses after. If you’re looking for a one-of-a-kind house, or have specific housing needs, then it’s smart to buy before you sell so you don’t lose out on the right property.
What’s the local market like?
What are the houses down the street selling for? Are they going quickly? If it’s a seller’s market, or you have a highly sought-after property, then you can buy first. Lucky for you, a hot property can sell within days, giving you the upper hand.
Our dedicated buyer’s agents and seller’s agents know the market well, and have the pricing strategies to move you along quickly. We always make sure that you don’t get stuck owning two homes, or with no home to go to. We’ll be able to assess your exact situation, and make sure we put a strategy in place that will best suit your needs.