| Buy or Sell – Which one first?
Moving homes can be done in many different ways, and each approach has its advantages and disadvantages. When deciding on the best course of action, it’s essential to consider your unique set of circumstances, as well as choosing the right real estate agent and conveyancer.
Here are some common methods for moving homes:
Buy First
If you have the financial means to fund the purchase of your new home without needing to sell your old one, this is the least stressful way to move. You can take your time in both buying and selling to ensure you make the best decisions. However, it’s important to stay updated on taxation rules regarding owning a second house that is not your principal place of residence.
Sell First
Selling your current home before buying a new one is what most real estate agents recommend. Although there is no right or wrong answer, this approach offers several advantages and disadvantages, depending on your situation. Selling first puts you in a better position to negotiate when buying a new home. You can also have 100% confidence in your purchasing budget. However, you may need to move into rented accommodation while shopping for a new home, which can be expensive and unsettling. Waiting too long to buy may also result in rising property prices, making it difficult to afford the home you want.
Making an Offer Before Selling
This can be a risky move, especially in a seller’s market where vendors may not even consider your offer if it’s contingent on selling your existing home first. It can also be very stressful and often results in disappointment.
In conclusion, there is no one right way to move homes. Each approach has its benefits and drawbacks, and it’s crucial to carefully consider your unique set of circumstances. Choosing the right real estate agent and conveyancer can also have a significant impact on the success of your move.
Disclaimer: Although all care is taken. We do not give any warranty whatsoever to the accuracy of any content. This is not meant to be financial or professional advice and is only of general nature. You must seek professional advice before taking any actions. The above information comes with no warranties whatsoever. We take no responsibility for any actions you may or may not take. All content is of general nature only and is NOT to be taken as advice whatsoever