One of the most common questions real estate professionals get asked is ‘should I buy or sell first?’. The truth is that there is no correct answer. It all comes down to your own personal preferences and financial situation.
Selling first is a lower financial risk as you’ll know how much you have to spend on your new home. However, if you’re not lucky enough to score the right property immediately after your sale, chances are you’ll need to find temporary accommodation. This can incur additional costs including rent and storage.
Buying first reduces any pressure to commit until you find a property that ticks all the right boxes. However, if you buy a new home before you’ve offloaded your current one, you will likely be paying two mortgages at the same time. Your first home may also sell for less than the amount you anticipated, meaning that you have overbudgeted for the new house.
If you’re thinking of buying or selling, speak to one of our sales specialists today to discuss the best strategy for you.