Guide about Buying and Selling a Home at the Same Time

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July 28th, 2016 Comments Off on Guide about Buying and Selling a Home at the Same Time

Guide about Buying and Selling a Home at the Same Time

When it comes to buying and selling a home at the same time, people just get confused that what they should do first- buy or sell? Though most of them are interested in buying a home and get settled first before dealing with the turmoil of selling, but it is difficult to do so in almost every type of market. It is not only the high cost that increases the difficulty, but there are many other factors which contribute to it. However, it does not mean that buying and selling a home at the same time is impossible; you just need to plan it in advance and do some preparations.

In this write-up, we are going to mention the pros and cons of both- buying a home first and selling a home first. Make sure to consider them while trying to buy or sell your home fast and doing both simultaneously.

Man is handing a house key to a woman

Pros and cons of buying a home first

 

Pros

  • Buying a home prior to selling is good option in the case you are looking for a home which is not common or cannot be easily found.
  • You will get sufficient time to get settled in your new house and make your home ready for selling.
  • You will not be pressurized to buy your house fast and to compromise with any of the requirements as you will already be having a place to live.

Cons

  • To buy your home first, you would be required to support two mortgage payments simultaneously and it would become really difficult for you if you are not having enough finances.
  • Some sellers do not entertain contingent offers, so it will become difficult for you to buy a house first.

 

Pros and cons of selling your home first

 

Pros

  • Getting a new mortgage will be easier for you.
  • When you will sell your home prior to buying then you will be well aware that how much money you have for buying a new home.
  • The buyers, who are not sale contingent, are more appealing to sellers. So, it will be easier for you to buy your house fast.

Cons

  • In the case you don’t find another house, you would be required to rent while looking for a new home.
  • You will get pressurized to buy a home that you don’t like much, unless you are having an experienced real estate agent to help you.

 

In addition to these, there are many other facts that you need to focus on, like making your home market-ready, getting your finances in order and more. So, hiring an experienced real estate will be the best idea as he will give you the right advice.

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