Should I Buy First and Sell Later or Vice Versa?

Should I Buy First and Sell Later or Vice Versa

That’s the classic chicken and egg debate. Do you sell your house first or buy a new one first?

Whether you’re relocating due to a new job or moving to a better school district, there’s no doubt that moving is daunting. The stress multiplies when you’re trying to synchronize selling and buying simultaneously. It’s like a crazy game of real estate Jenga. There are too many factors at play, and it feels like everything might come crashing down any minute.

Take a deep breath. This post looks at selling first and buying later versus buying first and selling later. We compare the pros and cons of both these options, helping you decide which is better for your situation.

Buying Before Selling

Pros

The biggest benefit of buying a new house before selling your old one is that you’ve got a place to stay as soon as you relocate. You don’t have to deal with using a short-term rental. It can be frustrating to move twice in a short time, especially when you have kids, pets, and heavy furniture. Also, several places do not offer monthly rentals, meaning you’ll have to pay rent for several months, even if you stay for a short while.

Cons

When you buy before you sell, you are likely to pay two mortgage payments, which can strain your finances. If you choose this option, you need to prepare your finances to pay for two mortgages simultaneously or have a plan to sell fast.

Here’s a great tip to avoid that issue. If you’re wondering, “How can I sell my house fast in Okaloosa?” reach out to 850 Houses. As the leading cash home buyers, we buy houses in Okaloosa in any condition and offer you a quick sale. We can help you close within a month, making it easy to relocate to your new home without any hassles. Check with our team to request a free cash offer on your home.

Selling Before Buying

Pros

When you sell your current home before buying your next one, you don’t have to strain your finances by paying two mortgages at once. Also, you can use the profits you make from your home sale to pay for the next. Without any pressure to buy quickly, you can take your time looking for the right place.

Cons

The most significant disadvantage of this tactic is that you might temporarily move to a short-term rental while finding your new home. You will also have to move into your temporary home and then your next house quickly, which can be a burden to relocate twice. Another challenge is that you might not find the right home that fits your budget and lifestyle, forcing you to stay in your rental home for longer than you intended.

Which Come First? The Sale or the Purchase?

As you can see, there are pros and cons to both these strategies. Take your time, consider all the factors involved, and make the right decision that suits your family, situation, and finances. Being aware of the pros and cons of these options can help you prepare better for the move or sale.

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