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Should You Sell Your Home Before Buying a New One?
Should You Sell Your Home Before Buying a New One?
Selling your home to relocate in a new neighborhood or house is a big step towards the next chapter in life. You may be wondering, should you sell your home before buying a new one? At Choice Properties, we never want you to go through the buying or selling process alone which is why our agents are with you every step of the way. The first step to deciding if you should sell your home before purchasing a new one is to look over your finances, your willingness to move twice, and the current market conditions. Creating a breakdown of the pros and cons of each scenario will help make the best decision for your family.
Selling Your Home First
Pros:
- You will receive extra cash for a downpayment
- No risk of owning two mortgage loans at once
- No pressure to lower the asking price to sell faster
Cons:
- May need to move your family twice
- Takes investment out of the real estate market
- Adds pressure to find a new home quickly
If you sell your home before buying a new one, there will most certainly be a gap of time ranging from days, weeks or months until you can move into the new, permanent space. Perhaps you are able to move into a rental that offers a monthly lease until you buy a new house. If you do decide to sell your home first, we suggest shopping for a new home immediately to get a head start in the buyers market.
Buy Your Home First
Pros:
- Will only have to move once
- No pressure in settling for a house you may not want
Cons:
- Pressure to sell quickly
- Financing may be hard to find
If you want to be assured of moving directly into your home without moving into a rental, then consider buying a home before moving. Most homeowners worry about financial obligations when buying a new home before selling their current, as two house payments can feel overwhelming for most. Creating a financial plan to implement can prepare you for buying a home before selling.
Choice Properties offers you a chance to find the home of your dreams. We work with your budget and ideas in mind to support your ultimate vision. Call us if you are ready to check out the available inventory or to speak with a reputable agent who can assist you with your home buying needs.