Should I sell before I buy?
Do I sell Before I buy?
When you have decided to move to a new property, one of the biggest issues you face is whether to buy first or sell first. Each option comes with its own set of dilemmas, and there are few things you need to think about:
If you are selling your home before you buy the next one, you can avoid two mortgages or the need for bridging finance, but then you could run the risk of loosing the property you are interested in. However this option gives you a clear picture of your finances and you know exactly how much money you will have to offer on the next house.
Buying first can be costly and can mean that you accept a lower offer on your current home just to ensure a quick sale. Although if you do have your eye on a property it does give you the opportunity to make an offer quickly and as mentioned you can make this subject to the sale of your existing home.
There is no right or wrong answer and it all comes down to which option works best for your circumstances. Seek advice from professionals including your bank or mortgage broker and ensure you have a plan in place to help things run smoothly.