Putting up a house for sale in Thomastown is a stressful time in anyone’s life. A common question that many wish to know is whether or not it is better to buy a new house before selling, or only once the process is complete. It is possible to buy and sell at the same time, but there are many factors to consider. Read on to see the breakdown.
Current Market Conditions
Review the real estate market and pay attention to whether it favours buyers or sellers in its current state. Usually, selling first benefits the sellers of homes in a buyer’s market. While buying a house before selling your own is seen as more of a good idea in a seller’s market. Keep in mind that the market you sell in may also be the market you will buy in.
Your Financing Options
One of the main constraints with buying and selling is the financial element. Some need to wait for the payment form the selling process to clear before they can buy, while others may be able to buy regardless. If the selling is needed in order to secure your next home, then it must be completed first.
Control Your Moving Timeline
Selling first may lead to costs in accommodation as you wait to move into your next home, while allowing yourself some time after the purchase to turn to selling ensures you can decide when to move and in which way to do it, it will eman though that you have two homes purchased without either being a financial benefit.
If you need the actual monetary value of the home in order to secure another place to live, selling first is far more beneficial to your family. This does bring with it downside though, in that you may require finding a place to rent until your own purchase has cleared and been completed. You can make an offer on a new home subject to selling your home first, but not having the funds available in time could lead you to lose the offer on the house and be left with nothing.
Buying a property before selling your own, may put you under financial pressure. You must have the financial security to own two homes at once in order to take on this approach. It is not ideal to foot the bill for two properties especially when only one is in use. This added financial stress could lead to a rushed home sale and a reduced price on your own home.
When you are looking at house sale approaches in Thomastown be sure to get in touch with a professional agency that can assist you with all the needed bits and pieces. From a full rundown of the market to the best opportunities for selling, an expert hand can guide you straight to selling success. Contact us today to find out more!