08/11/2022
This is a challenge that we are faced with on a regular basis as property practitioners. It is a delicate balance and as I often put it, “A Catch 22”. Selling your home first before buying another one definitely puts you in a stronger position to secure another home as most sellers don’t want to wait for a purchaser to sell their current home first in order to buy. They would rather take an offer that has less suspensive conditions unless the seller is not in a hurry to sell.
Our CEO, Myles Wakefield, shares the first step of the home buying process, in today’s “Ask Myles” Q&A.
It’s a delicate balance of weighing up the pros and cons, to make a decision that is right for your individual circumstances. One of the advantages of selling your house first, is that you don’t have to make the property you are purchasing subject to your home’s sale - this puts you in a stronger buying position. The downside is you may have to move to a temporary location before you’ve found and secured the perfect home.
Choosing to buy first mitigates the risk of not having a home to move to should you sell your property quickly. But you might be faced with the possibility of owning two homes simultaneously if you don’t find a buyer for your home before taking ownership of your new property.
