It seems to be a never-ending debate – what should you do first, sell or buy? If you see your dream property, should you buy first and ask questions later? Everyone’s experience with property sale is different, and individual circumstances heavily influence how you should approach a sale. Reviewing your financial situation should be a priority before you consider a change of property, and should be touched on before you even contemplate buying a new home. The stronger your financial security the more flexible your real estate plans can be. Buying first – having the edge It’s clear that buying first comes with undeniable advantages.
This option is heavily geared toward those with a strong financial position. If you are able to buy before you sell, this can give you the freedom to structure your own timeline. You have the time to make decisions about your former home that you may not have considered if you had sold first. Should you sell straight away? Or could you afford to keep the property as an investment? Additionally, the decision to buy first can be made easier if you have a realistic attitude toward whether your former home can be sold quickly we recommend ensuring your home is valued regularly and by an honest agent.
Selling first – the safe option Not everyone has the financial capability to buy first, with most upgraders opting to sell before buying – it is the safe option. Knowing your budget and where your finances lie allows you to make a calculated decision on your new property, ensuring your assets are secure. It’s important to remember if you do decide to sell first, take your time. There is always the option to extend your settlement period. This will give you time to search for your next property and is a great way to ensure you don’t buy a home out of haste. Remember if need be, there’s always the option to rent for the short-term! If you’re not sure which direction best suits you, we’re here to talk.
Our agents here at Soco Realty, are local Perth area specialists. We’re ready to act as a sounding board as you consider your options. Call us on 9367 8877 for an obligation-free discussion of your current, and desired real estate situation. Changing properties – should I buy or sell first?