Professional Tips to Help You Make the Right Decision
You don’t have any worries regarding the new house. No matter what you do, our actions always have pros and cons. You will have significant negotiating power if you sell before buying another one. So, you can wholly focus on the selling process and get the best deal.
Selling your home before buying another one is often an excellent way to ‘trade up.’ It can also be a great way to release some equity so you can put a larger deposit down on your next home, which could help you get a better mortgage deal. In addition, you remain in control of the sale of your own house. That allows you to set your price right and terms, and luckily you get rid of paying commission to a real estate agent. On top of all, you get a clear idea of your budget when you sell a house before buying.
The downsides of selling a house before buying
Selling your home before buying a new one is not always the best option unless you have friends or family you can stay with during the process. Your old house doesn’t sell as quickly as you thought it would. It can be stressful and time-consuming to coordinate the sale of your old home with purchasing a new one. You may carry two mortgages for a period, which can be expensive. If you’re not careful, you could end up without a place to live.
The process can be stressful if you try to do both the tasks of buying and selling simultaneously. Moreover, it may cause more stress as you need to find accommodation first. Likewise, if you search for a rented property and fail to find one, you could end up homeless. Even if you do so, keep in mind that rents are not very cheap. When you want to rent in a good, desirable area, you must keep the cost in mind. Most of the time, the cost of rent can exceed your mortgage payment. That could lead to more expenses on rent than on mortgage payments. So, selling your home before buying another one means you could end up being homeless for a while if you don’t find a suitable new home quickly.
You may need the money from the sale
Don't want to have two loans to cover simultaneously
They want to avoid having two mortgages
Selling and buying can be too much to handle
When selling first make sense?
No matter what you decide whether to sell before buying or not, Selling House can help you every step of the way. We are a team of experienced professionals that understand your needs well and provide the best possible advice. Call us today to discuss your move.