Real Estate Property: Sell First or Buy First?

Buy first or sell first? This is one of the most common questions we asked by existing homeowners. There’s no short answer because it depends on your personal comfort levels and circumstances. The best thing to do is weigh up the pros and cons of both approaches.

Buying First – The Pros

• If want a specific home, buying first ensures you won’t miss out on it.
• If an underpriced or unique property comes on the real estate property market, you can snap it up.

The Cons

• If your current home doesn’t sell quickly, you might end up having to finance both properties and carry the additional debt until you do sell.
• You won’t know what the final selling price of your home will be. This can affect your financial decisions.
• Buying first is an especially risky real estate property option if you are on a tight budget.

Selling First – The Pros

• You know exactly how much money you’re getting from the sale of your current home.
• You’re in a position to make offers that aren’t dependent on the sale of your home. If something comes up that is ideal and well-priced, you can get your foot in the door first with a strong offer.
• You have more power to negotiate.

The Cons

• If the right home isn’t on the real estate property listings when you sell, and if nothing suitable comes up before closing, you might have to find temporary accommodations.

If you’d like some help in making the right decision, please feel free to get in touch with us, Ian Hawkins & Cindy Ryerse of Royal LePage Locations North.