Moving into a new home means you’ll need to consider what is happening with your old home. Forever and a day, homebuyers have asked themselves two questions:
- Should we sell before we start looking?
- Should we buy first and then put our property on the market?
Consider the advantages versus the disadvantages and make the best choice for you.
Buying first advantages
A major benefit of buying a home first, if you can afford it, is that you can move all of your belongings directly into the new house and not have to deal with intermediate storage or accommodation.
This also allows you to take as much time as you need to sell your old home, which can be staged to increase its appeal while you live in your new home.
Buying first disadvantages
The major drawback in buying a home first is that it takes a certain level of financial comfort to make this a possibility. There are additional costs associated with owning dual properties.
You’ll also need to be able to put down money for a deposit on a new property, without having any money from the sale of your current property to help.
Selling first advantages
Selling your home first allows you to know exactly what you’re working with in terms of budget. You will be better situated to make a sale if you don’t have another home already.
There’s no pressure to sell by a certain deadline, which gives you the time to work out the most effective marketing strategy and wait for the right price.
Selling first disadvantages
If you are unable to buy a new place in time for the settlement date; you and your family will need to find temporary accommodation until you are able to purchase a new place. This can be expensive and stressful since you will need to go through a full move more than once.
There’s also the possibility that property prices will go up before you are able to purchase a new home.