Sell or Buy First?

Many people wonder if the should sell their home or buy a new home first. Some people are better off if they sell their home first. While others are more successful if they buy a new home first. The pros and cons listed below will help you determine if selling first or buying first is right for you.

Pros of Buying a New Home First

The biggest advantage of buying a home first is that you will be able to shop for your dream home deliberately and conscientiously over a time frame that you determine. If you have extra money and can afford to pay two mortgage payments (if your current home doesn't sell quickly) buying a home first may be a good option for you.

Pros of Selling your Home First

The biggest advantage of selling your home first is you'll know exactly how much equity you have and how much money you can use to purchase your new home.

Cons of of Selling your Home First

You could locate your dream home but not be able to sell yours fast enough to grab it. If you sell your home first, you may be put into a position where you may have to buy a home quickly that doesn't meet all your needs.

If you do sell and must vacate before you buy a new home, you'll have to find out what to do with yourself and your belongings until you find a new home.

Cons of Buying your New Home First

You will have to include a cause in the contract of your new home of your home that the purchase is "subject-to-the-sale-of-my-home".

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