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Navigating the Real Estate Market: Buy or Sell First?
Deciding whether to buy a new home first or sell your existing one is a significant decision, each path with its own set of benefits and challenges. Let's break down these options to help you make a well-informed choice.
Opting to Sell First
Selling your home before buying another means you'll have a clear picture of your financial status. You'll know exactly how much you're getting from the sale, giving you a precise budget for your next home purchase.
However, this route might leave you feeling pressured to find a new home quickly. But the advantage here is knowing critical details for your next purchase, like when you need to vacate your current home and move into a new one. If there's a gap between these dates, consider arranging temporary housing.
Choosing to Buy First
Buying a new home first has its perks. You'll lock in your new address, and the purchase price, and know precisely when the property will be yours. These details are valuable when planning the sale of your current home.
You can make your purchase offer contingent on selling your existing property. But be aware, that if another buyer comes along with a no-strings-attached offer, the seller might request you to drop your contingency. This puts you at a crossroads: buy before selling or withdraw your offer.
Regardless of your choice, it's wise to have a backup financial plan in case your current home doesn't sell before you commit to the new one. This way, you're prepared for every scenario in your real estate journey.
