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> > Pros and Cons of Buying or Selling first

Pros and Cons of Buying or Selling first

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Weigh the pros and cons of these options to ensure you pick the best one for you.

Buy First

Pros:

  • You will have a home already secured so you won't stress if your old home sells quickly.
  • May have the ability to use equity in your current loan as a deposit for your new home.
  • You can spend as much time as you like shopping around for a new home for sale.

Cons:

  • You might have to organise bridging finance between the two properties, giving you a time limit. This might limit the time you have to selling your old home.
  • If your old home sells at a less-than-desirable price, you may have to fund the difference in costs.
  • You might feel pressured by time and accept a lower offer.
     

Sell First

Pros:

  • The proceeds from the sale of your home can be used on your new one.
  • You will know exactly how much you can spend on your next purchase.
  • Time is on your side, so you'll have the freedom to negotiate deals and offers for a better price.

Cons:

  • If your home sells quickly, you could be left to make a rushed purchase on a new home so you have somewhere to live.
  • Local property prices could rise in the time between selling and buying a new home. 
  • You might have to spend more to rent accommodation while between homes.

 

 


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