This is a dilemma which is faced by so many house owners out there who just can’t figure out if they should sell their house first or buy a new one before anything else. However, experts insist there are some benefits of selling your house first before purchasing a new one.
By selling first you are in a better position to negotiate a deal which suits you more and allows you to generate enough cash to buy a new property.
When selling, you can actually wait for a better offer, which means that if you are not under pressure to sell, it is most likely that you will end up with a better deal. This means that when selling a property, you are in more control than when you are buying.
The next most important thing is that you need a roof above your head before moving to your newly obtained house. However, the situation becomes problematic when you sell your existing house and then cannot move to the new house either because of some incomplete maintenance work or for some other financial issues. If you are caught up in this sort of a situation you will be left with no choice but to find a place for rent. This will cost you money and more time and the issue of shifting twice with all your stuff. Remember no one likes to move twice so this is a problem which can cause stress and fights within a family.
On the other hand you can plan to sell your house and then move to a rented location, and then once you have enough cash, buy a new place. Although you will have to move twice here as well, it will be worth it since you planned the whole thing to get the house of your dreams.
Buying a house first could also become an issue if you cannot manage to sell your old one. This way you will be stuck with two properties and will have to look after both. If that sounds like a lot of hassle to you, it is better to get rid of the old house first and then find a new place to buy.
When selling first, the most important thing is that you do not price your house too high, as this will only serve to deter potential buyers. Be reasonable in your demands to make sure your house sells fast.