The process of buying and selling a home can be stressful and many homeowners are unsure of how to approach it. One of the biggest questions that sellers have to consider is which they should prioritize first — selling their current home or buying a new one. This decision may depend on the current state of the real estate market — if it’s a buyer’s market selling first is a good idea, but in a seller’s market buying first may be the better option. Although every individual will have different needs and there is no one correct decision, there are several benefits to buying a new house or condo before selling your current one.
Buying Prevents Multiple Moves
Many people don’t realize just how many possessions they have until they have to pack them all up in boxes! Moving can be a tedious and time-consuming process and having to make multiple moves is even worse. Homeowners who sell before buying may have to rent for a while before they’re able to purchase their new house, meaning that they’ll have to spend a lot more time packing and unpacking their possessions. Some people decide to stay in a hotel temporarily instead to save time, but these individuals still have to put their belongings into storage until they find their new home. Buying your dream home before selling the old one allows homeowners to move once rather than multiple times.
Don’t Miss Out
If the demand for new houses and condos is high, buying first is often the best way to be sure that you get the home you’re looking for. Homeowners who wait until after selling their current home to buy a new one could miss out on great buying opportunities. For individuals who have a specific vision of what their next home will look like, missing out on the perfect home could be a big disappointment, and buying before selling might save them some regret in the long run.
Buying first often also makes the process of showing a home much easier. Renovations usually need to be done before showing a house, and inevitably there will be a lot of cleaning that needs to be done and personal effects that will have to be tucked out of sight. Preparing a house for a showing while you’re still living there can be a hassle. It’s often challenging to maintain the appearance of a pristine, neutral space for potential buyers while simultaneously going about your daily life in that same house. Buying first means that homeowners won’t have to deal with renovations and other showing preparations while they’re in their original home. Instead, they can prepare the house for showing once they’re in their new space. One benefit of this strategy is that once the house is ready to be shown, there won’t be a lot of maintenance to keep it that way. This can be especially beneficial to homeowners who have children or pets who tend to create a lot of mess.
Of course, one of the most important factors to consider if you think that buying before selling might be a good option for you is your finances. You’ll want to make sure that you don’t stretch yourself too thin by owning multiple homes, even if it’s only for a short period of time. Fortunately, there are lots of options available for homeowners who are concerned about their finances but don’t want to miss out on their dream home. Bridge loans and contingent offers are just a few of the possibilities that might make this process easier.
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