We Buy Houses DC Metro – Should Your Buy or Sell First? The Homeowner’s Dilemma
Buying and selling property are both stressful processes, especially when you’re juggling your new home’s purchase and the sale of your existing one. One of the questions we get asked all the time is “to buy or sell first?”
It’s often challenging to know whether to sell or buy first, as most homeowners need the proceeds of their current home to fund the new purchase but also want somewhere to stay throughout the process. The dilemma of whether to sell first before you purchase your new house or vise-versa can leave you confused, wondering which route to take; that’s precisely why you must be armed with a bit of information and strategy.
Local real estate market movements can also further complicate the process since they can make buying first riskier and vise-versa. There is really no correct way to approach this kind of scenario. The best approach will depend on various factors and your needs. You must weigh up the advantages and disadvantages before you make a move.
- In a rising market, homeowners stand to make more from their current home if they hold on to it and sell later. Generally, holding on to the property could get you a higher selling price than if you decided to sell first. However, be realistic about how much extra holding to the property will fetch you in the time you have available.
- Buying first can eliminate the hassle of renting or looking for temporary accommodation in the interim period. This is often a significant concern for senior property owners and those with young families or furniture that require storage. Buying your new home first saves you the stress, inconvenience, and cost associated with looking for temporary accommodation.
- Purchasing a new home before selling your current one offers the homeowner more control over asset selection. This makes buying first is an excellent option for those who don’t want to miss out on the chance to purchase their dream home.
- Generally, buying first allows you to make decisions in your own time frame. There’s no pressure to sell quickly. You can take your time, visit inspections, research real estate agents, and find a home you want and not one you need.
- If you purchase your new home without selling the current one, the chances are you will be paying mortgages for both properties. You will also have to cover the utility bills for both houses. Are you financially prepared to do that? Be realistic about the financial headaches this may bring and how your current budget may cope.
Buying first means you won’t be able to use the equity from your original home’s sale towards your new one.
- Sometimes, finding and closing the purchase of the “right” property can be more challenging than selling your current house to a we buy houses DC Metro company.
- There’s a risk that your existing home will sell for less than you anticipated. This may mean you went overbudget with your new home’s purchase and can leave you with financial troubles.
- Selling your original house may take longer than you thought. This can introduce stress and hastiness to the process resulting in poor decisions.
- When you sell your home first, primarily when you sell to a we buy houses DC Metro company such as Same Day DC Home Offers, you have more time for negotiating and possibly score a sale price for your new home that you’ll be happier with. You have additional time to choose the house you want.
- You will avoid cross over in mortgage payments. This will reduce the financial stress of the process.
- Selling your original property provides the certainty of a concrete budget. The ideal scenario here is to sell your current house and buy a new one as close together as possible to reduce costs. There are many stories of property owners who overestimated the value of their houses and bought from an optimistic position only to end up in a dire financial situation.
- There is less pressure to sell fast, so you can sell whenever it suits your needs.
- Selling first offers financial security and relief from the financial pressure of purchasing a new home.
- Unless you score the right property right after you sell, the odds are you will need temporary accommodation.
Getting It Right
Most people looking to buy and sell a house at the same time have three goals:
- To sell their current home at a high price
- To get through the process with as little stress as possible
- To buy a new home as cheaply as possible
The key to achieving these goals is finding a balance between both sides of the transaction, with as much focus placed on selling quickly as buying the right house. At Same Day DC Home Offers, we buy houses DC Metro for cash. One way we guide property owners through the dilemma of whether to sell or buy first is to educate them and help them gain clarity about their options. Often, most homeowners have unrealistic expectations, so it’s crucial you start from a position of knowledge.So if you were searching “Sell my house fast DC Metro” then you can rest assured you have found the right place.