Deciding whether to buy a new home before selling your current one can be a tricky question! Several important factors must be considered to guide you to the best choice for your specific situation. If you’re in the market for a new home and need to list your current one, understanding the advantages and disadvantages of each option is crucial. Here, we explore the pros and cons of the different approaches to help you make an informed decision.
Pros of Selling Before Buying Your Home
Selling your current home before purchasing a new one can seem like the most logical option for several reasons. First, you won’t have to carry two mortgages or pay utilities on two homes simultaneously. Additionally, you can use the equity from your old home as a down payment for the new one. When you sell first, your offer is more attractive since it’s not contingent on selling your current home, putting you in a stronger negotiation position. Without another home waiting, you can also take your time to find the right buyer and secure the best offer, eliminating the risk of needing to adjust your buying plans based on the sale price or timing of your current home.
Cons of Selling Before Buying Your Home
On the flip side, selling first comes with its own set of challenges. You’ll need to find temporary lodging, which could mean a short-term rental or staying with family—neither of which is typically ideal for long periods of time. Moreover, you’ll have to move twice—once to your temporary home and then to your new home—which can be both costly and exhausting. If buying your new home takes longer than expected, you could face extended temporary housing costs and inconveniences.
Pros of Buying Before Selling
If you decide to buy a new home before selling your current one, there are several benefits. You can take your time finding the perfect new home without the pressure of an impending sale. Selling an occupied home can be inconvenient, but by moving out first, you can present a decluttered space and open your availability for showings. Additionally, you’ll only need to move once, directly from your current home to your new one, making the transition smoother and less stressful. Buying first allows you to comfortably transition to your new home and make any necessary preparations without the stress of coordinating two transactions simultaneously.
Cons of Buying Before Selling
However, buying first isn’t without its drawbacks. Owning two homes means managing two mortgages, utilities, taxes, insurance, and maintenance. There’s also the risk that if the housing market changes or your current home doesn’t sell quickly, you could face prolonged financial pressure. You’ll need to keep your old home in pristine condition for showings, which can be time-consuming and stressful, adding to the complexity of managing two properties at once.
Let us take the stress out of your move. Contact us today at 360-525-3574 or info@roystonteam.com to determine the best strategy for your unique situation and needs. Whether you choose to buy first, sell first, or handle both simultaneously, our experienced team is here to guide you every step of the way. We understand that it may seem overwhelming, but our listing and buyer specialists have the expertise to navigate these complexities and ensure the best possible outcome for you. From setting a competitive valuation for your current home to finding your dream Kitsap County property, we are committed to making your transition as smooth and seamless as possible. We pride ourselves on personalized service and are dedicated to helping you achieve your real estate goals!