Should I buy first or sell first?

To buy or sell first is one of the major decisions that you’ll make when selling property. There are so many factors that can influence your decision in either direction, including your financial situation, the property market and your property itself.

BUY FIRST

The benefit to buying first is that you’re in no rush to find a new home. But think carefully about the following:

  • Bridging finance may be necessary - always speak to your finance provider. The obvious danger with bridging finance is that your existing property may take longer than expected to sell and you will be forced into effectively paying mortgage repayments on 2 loans.
  • ‍If your home sells for less than you were expecting, you may end up needing to borrow more money than you first thought.

SELL FIRST

The biggest positive with selling first is that you can take your time. There is no pressure to accept the first offer which means you can hold out for the best offer. It also means that you’ve got a firm budget to work with when looking to buy. But again, there are some things to consider:

  • ‍There may be some pressure, once you’ve already sold, to then find your new home and line up both the sale of your home and the purchase of your new one, so you can move out of one into the other.
  • If you’re not able to find a place to buy in time, you may have to rent or stay with friends. This could mean additional costs, storing some of your furniture and might involve moving twice.

Consult your local real estate agent before you make a decision. They will be able to advise you on current market conditions and how long your property is likely to take to sell.

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