Sometimes you ask yourself, “should I sell my house before purchasing a new one?” It could be a question you’ve been asking yourself for a while now, and there’s no right answer for it. The response will depend on what you want, and what you think is the best for you.
It’s more effective to sell your house first and then buy a new one. You may have a better vision with realistic expectations of the home you want to buy, based on the experience of selling your own house. But the decision to sell or buy first is a personal one.
Selling Your House Before Getting a New One
There are pros and cons to selling your house before buying a new one.
- You’ll have the funds to buy a new house.
- If you sell before buying a house, you’ll have some time to decide where you want to live and which house you want to buy.
- When you sell first you can take the best offer, you don’t need to lower the prices because you are not under pressure to sell your house, this means that you’ll be able to sell your house at better prices.
- You can sign a rent-back agreement with the new owners of your home. It means that you can reach an agreement with the buyers of your house so that you can stay for a determined period of time after they purchase the property.
- If prices go down, you’ll have the opportunity of buying a better house with the money of the sale.
- After the sale, buying a new house may take a little longer than you expected, and you may have to rent a place to live temporally.
- Prices can go up suddenly, making a purchase process less affordable.
You should focus on doing thorough research before you sell. This will allow you to know what type of property you would like to buy, as well as the ideal location. Also make sure to have everything you need to get a pre-approved mortgage, as it will make you a more attractive prospect during the purchase process.
The best way to make the right decision for you is to consult professionals. When it comes to the financial world of property ownership, Intercorp Mortgage Solutions has the best alternatives for you. Make sure you check all the options and thus improve your life and opportunities with their specialized services.
Intercorp Mortgage Solutions
Phone Number: (305) 517-5633