Sell or buy first? This is the question many landlords want to change their home. In the first hypothesis, you are afraid of not finding the apartment or the house of your dreams in time, and to be obliged to rent a dwelling in the meantime. In the second, you are anxious about engaging in a poorly-controlled bridge loan. So what is the best solution?
The advantages of selling first
Gain some peace of mind
By selling your current home first, you are sheltered from the obvious stress of not finding a buyer on time, and being forced to bear the burden of two homes!
Know the amount you have
The real estate market is not an exact science, you cannot know when you will sell, or if you can sell at the expected price. Sell your property early enough to give you time to find a buyer. Some properties find takers very quickly. But most often, you must accept to wait a few weeks, even months before finding a buyer.
Precautions to take if you sell first
When you find a buyer and sign the promise to sell, all is not won yet. Indeed, the purchaser has a period of 10 days to retract. He/She will also have to wait until he/she gets a mortgage to be sure that the transaction is completed. Between the promise of sale and the final signing of the contract, it usually takes three months!
Benefits of buying first
Plenty of time
If you buy first, you will not be forced to rent and you will save a move. You can also plan, without any hassle, any work of the new housing before you settle there.
Do not miss an opportunity
You did not necessarily plan to move so quickly. While you are going around the various areas located at a reasonable distance from your workplace, you discover, by looking at the ads, houses or apartments for sale. It may happen that during the first visit, you find the house of your dreams and decide to buy it! A crush or a good opportunity often encourages individuals to buy before selling.
Precautions to take if you buy first
Do not overestimate your property, or else, you will raise your financing plan by not knowing for sure the amount you can withdraw from the sale of your home. It is therefore necessary to evaluate it as accurately as possible and not overestimate it, so as not to invest more than you can!