Should you buy a new home first or sell your current home first? It’s a real dilemma for homeowners looking to move up to a new property. The uncertainty of the existing real estate model means you’ll be risking time, money, and your family’s comfort on a major transaction going through.
Don’t miss out of your dream home. Know the risks of buying or selling first, and make an informed choice before you list or buy a home. Want to skip the risk and secure your ideal home with less uncertainty? Consider going with a more flexible, consumer-friendly alternative to the traditional model—Sweetly offers the best of both options, allowing to choose your sale date and purchase whenever you’re ready.
Risks of buying first before selling your existing home
The main benefit to buying a new home before you sell your old home is simple. You’ll get the home you want as soon as it becomes available and before other buyers can make a better offer. However, you’ll also be starting the countdown to sell your existing home to avoid owning two properties at once. You’ll also be held to a price that your current property will likely have to meet—or at least come close to—to stay within budget.
You might end up saddled with two mortgages, plus carrying costs of two homes for an unknown amount of time. Condo fees, property taxes, maintenance, utilities, and other incidentals can add up fast. It can be expensive to buy before you sell so be sure you can afford the cost of owning two properties, especially if you’re selling in a buyers’ market.
Risks of selling first before buying a new home
Many homeowners see selling first as the safer option. By selling your home before buying a new property, you’ll have a well-defined budget (and the finances) to purchase a new home within your price range. Selling first also gives you the peace of mind that you won’t be carrying two properties for longer than you can afford. Waiting to find a home is hard though, and sellers are reluctant to agree to Subject-to-Sale terms if a better offer is available.
What happens when you can’t find a new home before you hand over possession of your old home? Either you and your family put up with renting until you find an ideal home, or you may settle for a less-than-perfect home if nothing better comes on the market. Renting for an undetermined length of time can also be a costly scenario as short-term rentals are rarely cheap. Although selling first seems like the lower-risk option, you still take your chances on timing everything right.
How Sweetly has eliminated this dilemma for the consumer
Sweetly is a full-service real estate brokerage that was created with the goal of a more consumer-friendly real estate experience. Instead of relying on conditional offers and uncertain market trends, Sweetly allows homeowners to sell on your own schedule. Enjoy the freedom and flexibility to make a quick, appealing, condition-free offer as soon as your dream home appears on the market, and set your possession date accordingly to minimize overlap.
Save yourself the costly process of carrying multiple properties and buy your new home with confidence. With Sweetly, you’ll unlock your current equity on your own terms. Skip the endless public showings and sell your home in its current condition by making a Swift Sale PLUS today.
