You want to sell your house. Everything is ready. The improvement projects are done and you just need to list your property. However, after these preparations, you just realized that you are not yet set for the future. Where will you move after? What’s waiting for you? This made you think; would you sell your property or find a new home first?
How to Buy a House Before Selling Yours?
John Smith, CEO at Inspired Finance Group Pty Ltd, says “When and whether to sell first then buy or vice versa is the eternal question and this can depend on whether it is a buyer’s market or a seller’s market, whether you can afford a bridging loan, or have enough equity within your properties to capitalize on interest.”
Several things must be considered in buying or selling a house in Washington DC. It is necessary to build a strategic plan and clarify your goals. And let’s hope luck will be showered onto you during the process.
Most home owners sell their home before buying a new property. But admittedly, it equally offers risks and great advantages as well. Here are 6 things you should know about selling your home.
1. You stand as a more reliable buyer than any other because you have available funds to finance your new property. Home sellers prefer a buyer with cash on hand rather than those who depend on the chain, where you still need to sell your existing house before you buy a new one.
2. You will avoid gazumping. You will less likely to meet possible buyers that will back off from their promise after committing on buying your property on a certain price because they learned you are engaging with a property chain.
3. You don’t rush to sell your house. You are in control of your property’s sale and not pressured by anything else. This helps you find a better property sold at a very competitive price.
4. You are confident in buying your new house as you have money ready in the bank and you are no longer dependent on the sale of your existing property.
5. If you don’t buy and transfer to a new property as quickly as possible, you may end up renting a room or house until you finally sold your property, which can cost you a lot. You can wait until the real estate market falls, you can definitely shop for more affordable houses.
6. You may spend a lot for a house rental. House market fluctuates. It can either go up and down and you might end up being undersold so watch the market carefully to guarantee that you are selling at the right time.
Lisa Montgomery, the former head of marketing and consumer advocacy at Resi, warns home sellers about selling their property before scouting for a new house. “One of the hurdles you have to get over when selling before you buy (and renting) means that you’re doing a double move – and also you’re getting out of the market and it can be hard to get back in. So you need to have your finger on the pulse so you don’t miss out on the same market,” explains Montgomery.
Selling your house then founding a new one may be daunting and stressful but it is much better than being undersold and gazumped.
Why not engage with a cash home buyer to sell your house fast and get a new house in a breeze? The Home Buyers can seal the sale within 7 days.