Moving out of your home into a new one can be a very challenging thing. There’s so many things you have to think about, like your finances and home selling strategies. One of the decisions you have to make is whether you want to sell your house first and then buy a new home, or if you want to buy a new home first and then move out.
There’s really no clear-cut answer to this. So here are some pros and cons for each scenario, so that you can make a smart choice on what you want to do.
The Plus Side of Selling First
The great upside to selling your house first is that you are in less financial risk. Once you have sold your house, you know exactly what budget to work with when buying a new one.
Another advantage is that you don’t have to feel pressured to sell by a certain deadline. You can take your time researching about the real estate market and come up with marketing strategies. If you sell your house first, you won’t feel like you need to settle for the price of your first offer to make a quick sale.
The Not-So-Nice Side of Selling First
When it comes to selling first, the most obvious downside is that your family might need to find temporary accommodation while you are looking for a new home. This can be expensive because you need to pay rent, and you need to hire moving service providers more than once.
Another disadvantage is that the real estate market is always fluctuating. This means that the prices of properties can go dramatically up and down from the time you sell to the time you buy. You might end up waiting a long time for a good price, and this can take a toll on your wallet.
The Perks of Buying First
Buying a home first is great if you are not limited by financial constraints. Buying first ensures that you and your family will have a place to move into immediately. You don’t need to be stressed about moving, because you can take your time transferring your belongings from one place to another.
The Drawbacks of Buying First
The major drawback of buying a house first it that it takes loads of money – money that you might not have. There are so much more expenses to owning two properties. You have to pay two mortgages, two sets of bills, and higher taxes. If you buy first, you might end up loaning more money than you ever expected.
So these are the major advantages and disadvantages for selling and buying a house first. Ultimately, you will have to decide based on your needs and budget. If you are leaning towards selling your home first but you’re afraid the process will take too much time, then consider Blue Hen Homebuyers. Blue Hen Homebuyers is the perfect choice for you if you want a fast transaction, and if you want to sell your home as is. All you have to do is fill up a simple web form, and Blue Hen Homebuyers will get back to you with an offer within 24 hours.