Tuesday, September 13, 2011

Selling Your Current Home before Buying a New One

Most people do after going on house hunting is ensuring first that their offer has already been accepted and that they already made a deal to get a new home before selling their current house. I am not saying that this is totally wrong but selling your house first before getting a new property is more strategic. Why, you say? There are a lot of reasons why it is better to let go of your current home first before buying yourself a new one. For example, it is more likely that you will be rushing the disposal of your current home for an additional fund especially if you will need it to make the purchase of your newer dwelling. Why is not good? If you are pressured to make the sale as soon as possible, it will become too risky because you may end up selling your current home for a price that is much lesser than it is supposed to be.

Another reason why it is more strategic to sell before buying is that you will be on a stronger position to negotiate when making a deal with the interested buyers because you are not in a hurry to dispose the property. You get to choose when you will sell it and to whom. In short, you have the full control of the sale. It is alright even if the property was not sold as fast as you thought it would be because it only means that you can still look out for more and better opportunities until the right price comes along. If you have already sold your current property, the vendor of your new home will know that you can proceed with the deal immediately because you are ready and you are not financially dependent from the sale of your older home. The vendor will be glad to reserve the property for you especially if you have already made a great offer. After all, there is nothing worse than having been beaten in a bid by another buyer just when you thought you have already found your dream home. Also, if the vendor knows that you still have a property waiting to be sold, he might ask for a bigger offer.

Just remember that like everything else, there are also risks in selling a property first before buying a new one. One of the risks is that the prices of homes can go up fast if it takes you a longer time to purchase one after you have sold your current home.

For related topics on home buying, please visit:

No comments:

Post a Comment

Related Posts Plugin for WordPress, Blogger...