When it comes to selling a property, the age-old issue which you may face is should you sell or buy first? Timing, seasonality and market conditions are strong factors contributing to this decision.In order to determine which strategy may be best suited to your personal circumstances, it is important to weigh up the pros and cons of each option.
| Selling First | Buying First |
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| Pros |
- There is no need to apply for a bridging loan to finance both properties.
- You will know the exact amount of money you will have to put towards your next purchase.
- You will not have any urgency to sell, therefore you can wait until you are happy with the sale price of the property.
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- You will have the certainty of only moving once.
- You can spend all the time you need to find your new home.
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| Cons |
- You may be forced to rent until you find your next home – thus you will need to move twice.
- You may feel pressured to find your next home and rush your buying decision.
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- You may be forced to obtain a bridging loan in order to finance the payments on both properties in the interim.
- Should your existing home not sell for the desired price, you may need to source additional funds to cover the shortfall.
- The burden of two mortgages could influence you to accept a lower offer.
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http://advice.realestateview.com.au/selling/ultimate-selling-guide/
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