Are you interested in buying a home, however, you still have your own that you need to sell?
Well, we’re going to explain what you can do and the most useful tips for you to have the best outcome.
We all know how thrilling it is when you have found the home that you dream of and you just want to move in already, but you’re being let back because you haven’t sold your own home yet.
When you are selling your property, you might prioritise buying one before selling your current property, so you can have some stability and somewhere to store your thing and a place to stay.
By selling first you have the advantage of time and therefore, you shouldn’t have to lower your asking price in order to sell.
When it comes to buying, you will be in a strong position as you can move quickly. This is often attractive to those who are keen to sell, which allows room to negotiate a competitive price for your property. You are also in a favourable position to other buyers, and it can help you get the home that you have always dreamt of if you’re in competition.
Knowing how much you have once you’ve sold your home is essential as it helps you know how much you can spend on your next property, by doing this it makes your property search more straightforward and practical.
Selling first can have its cons, you might miss out on your dream home. However, it is advised that you keep your eyes open for any potential properties coming to the market while you’re selling to avoid missing out on the one that you want. Just be careful with the market as house prices could be raising, so you can use us your local estate agents to find out more about the market and how to avoid getting priced out.
Although if you choose to buy first to give yourself a stable property to have while selling your own, you can secure your dream home, by securing it you can probably avoid the rising house prices and still get it while its in your price range.
On the other side buying first you may have to accept a lower offer on your existing property in order to sell your property in the time frame that you want.
However, doing so, it will only pile on a second mortgage for you, now that is something that we most definitely do not want. We know you want an easier move; however, it isn’t worth the risk and potential complications of having dual mortgages:
- Qualifying for a new mortgage will be more difficult, if not impossible, if you’re still tied to your current home mortgage – or if you’re relying on the sale of your current home for the down payment on your new one.
- While paying two mortgages for a couple of months doesn’t seem like a big deal in the grand scheme of things, there’s no guarantee your home will sell that quickly. Even in a seller’s market, a home sale takes time – and your home could still be on the market for months or even a year, that is going to drain your emergency fund quickly, for something that isn’t really an emergency.