Sell or Buy First?

Selling the home you’re living in before buying another one is the financially safe option in most circumstances. Selling first means you know exactly how much you are getting for your current property and correspondingly how much you can spend on the new one. Finance is more straightforward because all figures are known and stress is reduced.

But unless you arrange a delayed settlement, or sell your current home in the period before settlement, you may need interim accommodation. While this may not be so expensive, other expenses take their toll – storing excess furniture and paying two sets of removal costs for example. And what if you just can’t find the right house?

There is no hard and fast rule that covers buying or selling first as each person’s individual financial and accommodation options vary; however, it is almost always useful to take into account the state of the market before making a decision.

It’s surprising how many people somehow manage the seemingly impossible – a simultaneous settlement. Those that are successful have usually done their market research thoroughly and have realistic expectations about what their current home is likely to sell for.

Come and talk to our agents here at Haven Realty.  We can help you work out the best option for you.