Free guide - Should I sell or buy first - Real Estate agents Ormeau Hills

Selling First, Then Buying

Financial Clarity: By selling your current home first, you'll have a clear understanding of your financial situation. This can help you determine your budget for your new home purchase.

Reduced Stress: Knowing you have the funds to purchase a new home can alleviate stress and anxiety during the home-buying process.

Stronger Negotiating Position: Having cash on hand can give you a stronger negotiating position when making an offer on a new home.

Disadvantages:

One of the main disadvantages of first selling your home is not knowing when you will find your new home. This means you may have to find temporary accommodation during the interim.

Another thing to consider is if the market moves up after selling your home, the market shift may make buying your new home more expensive than anticipated.

Buying First, Then Selling

Secure Your Dream Home: By prioritising your new home first, you are prioritising your future so you can avoid missing out on your ideal property.

Avoid temporary housing: You don't need to find an interim solution for being between homes, which can save the expense of renting.

Get a sense of the market: After spending time researching real estate and what is currently available, you will get a better understanding of what your home could sell for.

Disadvantages:

Buying first can put a lot of financial pressure on you to get your old home sold as quickly as possible. It also means you don't know what price you'll get for your sale.

Factors to Consider:

When making your decision, consider the following factors:

Local Real Estate Market: A strong seller's market may favor selling first, while a buyer's market may make it easier to purchase a new home.

Your Financial Situation: Assess your financial resources, including savings, investments, and potential borrowing capacity.

Your Personal Preferences: Consider your personal preferences and risk tolerance.

Consult with a Real Estate Agent: A knowledgeable real estate agent can provide tailored advice based on your specific circumstances.

Ultimately, the best approach for you will depend on your individual needs and priorities. By carefully weighing the pros and cons of each strategy, you can make an informed decision that will help you achieve your homeownership goals.