The majority of homeowners are selling a home in order to purchase another house. Although the move will happen from one house to another regardless, there is confusion on which way is best. Should you sell your home first? Should you buy another home first, and then sell yours? This article details a couple of things to consider when trying to answer these questions.
Why Buy a House first?
After you have decided to move from one house to the next it is sometimes easy to get caught up with trying to find your dream home without worrying about the steps to selling a house. The faster you start the search the easier it will be for you to find your dream home because you have given yourself the extra time to do so.We buy homes Cincinnati has some nice tips on this.
If you end up finding your perfect house, you can make an offer on it. However, you may need a real estate lawyer to make sure that the phrasing is correct to make a binding agreement. Between you and the seller, you can agree to purchase this home as long as your home is sold within a particular amount of time. Usually, the home seller is still allowed to show the home and entertain offers; however, nothing can be finalized within the conditional period because you get first choice.
This can cause some homeowners to feel very pressured. They have the home of their dream waiting in the wings but they first have to go through the home sale process and find a buyer within a set period of time or they will lose the home of their dreams.
Why Sell First
If you choose to sell your home first it will ease the anxiety of selling after you have an offer on another house. Selling a home can be a very difficult process but if you do this first it will ensure that you can give your full attention to buying the home of your dreams and can help ensure a fast home sale. Once your home has entered the final stages of the selling process you will know how much you are going to make from the sale of your home and it will help you to shop for your next home accordingly.
The downside to this is that your move out date may not correspond to a move in date to another home. You may have to live in a temporary dwelling such as a short-term lease for a while as you continue to shop for the proper home. For some people, this may not be difficult since they wish to have enough time to find and finance their next house. For others, they dislike the thought of conducting the moving process twice in a row, and this can be especially difficult for families with children.