To Buy First or To Sell First?
This dilemma always come up for many Property Owners. The fear of selling first and not being able to find a home… or the fear of buying first and not being able to sell your home.
THE 3 CRITICAL FACTORS TO CONSIDER:
Is it financially feasible to carry 2 properties at the same time?
Is it the Seller’s Market or the Buyer’s Market?
Do you have any back up plan? (any place to stay after the sale?)
If you don’t know the answer to these questions, then you should consider consulting with a Real Estate Agent and a Mortgage Advisor to help you step by step.
The right expert can save you time by making sure you are on the right track, as well as to guide you through the transaction to avoid any costly mistake.
A Mortgage Advisor can determine whether or not it is possible for you to buy first before you sell. A Real Estate Agent can help you evaluate the market value of your home, and advise if it is a good time to buy or sell or to buy AND sell!
Advantages of BUYING first:
Peace of mind — can take your time finding the right home while having a place to stay
More likely to find your dream home — as you have more time to shop around
Gives you the opportunity to have more time planning your new home (especially if you are going to do a renovation)
Advantages of SELLING first:
Once your property sells, you will feel less stressed (emotionally and financially) when shopping for a new home
Especially in a multiple offer situation, you will likely have more chance of winning as you have a stronger buying power
Likely to have more negotiation power when selling, as you are not locked into another property and have more flexibility
These are just some guidance to help you start off. Of course, everyone’s circumstances may be different, and it may all depend on the current market’s situation.
As always, speak with experts to figure out what is best for you!
Written by Ck Real Estate Team
