Sell a home first or Buy a home first?
This is a question often asked by many of our clients. Do I sell my home first then buy or buy a home first then sell? There is no right or wrong answer. You should always consult with a professional real estate agent and go over all the options together.
Selling a home first, then buying
When it comes time to purchase your netx home, having your home sold first gives you a few advantages. First off, you are in a better position when it comes to making an offer on your next home. Since your home is sold, you do not need that extra condition of having to sell your home which in turns allows you to negotiate better on the home you are buying. Stronger buying power allows you to get a better price on your home. Your real estate agent will be better suited to answer all your questions.
Secondly, you can neogitiate the closing of the new home to coincide with the closing of the home you just sold. This is a piece of mind knowing that your closing dates match your families needs and much more convenient all around and being able to make all the arrangement for time off with your work and for the moving company.
The only draw back is that you sell your home and cannot find a suitable home for your family to live. You want to ensure you allow yoursef plenty of time to sell your home and find another. Ofourten people wait until the last month or 2 and try to squeeze the whole process in a short timeframe. Give yourself plenty of time.
Buying a home first, then selling.
With this option, it to comes with pros and cons. The pros are that you can take your time searching for a home and when you find that home, you can than put your home up for sale. this allows you the time of taking your time to find the right home for your family. The problem here lies now is that you have that extra condition of a 1st refusal which means you have to sell your home first. this option does not give you as much negotiation power which in turn means you will most likely pay a higher price for your home.
The good thing is that it allows you time to put your home up for sale and in the vent it sels quickly, you can waive the condition of th new home of having ot sell your home. If your home does not sell than you are not stuck owning 2 homes. That is the biggest plus to this option. Either way, you should consult with your Professional Real Estate agent and make sure they cover all the options for you in order for you to make an informed decision.
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