Whether you’re relocating because of a new job or moving because you want to be in a better school district, it’s no secret that selling a home can be a lot. And if you’re trying to sell your old home while simultaneously looking for a new one, it’s even more stressful.
Some have referred to this process as real estate Jenga; we have to agree. After all, there are so many factors at play, and things could come crashing down at any minute.
Don’t worry! In this post, we look at the two options you’re probably considering: selling first and buying later and buying first and selling later. Specifically, we compare the pros and cons of each method to help you decide which is best for you.
Buying Before Selling
Pros:
- If you buy a new house before selling your old one, you’ll have a roof over your head while you complete the second part of the process.
- You don’t have to get a short-term rental, so you’ll only move once. Multiple moves can be a real hassle, especially for families with kids and pets.
- Also, since most places don’t do monthly rentals, you’ll have to pay for a multi-month stay, even if you only stay for a short while.
Cons:
- When you buy before you sell, you may have two mortgages going at once, which can strain your finances.
- You’ll have to spend time at both properties to get things in order, and this can be a lot of work.
Have you been thinking: “I need to sell my house fast in Milwaukee!” Then reach out to Sell House Fast MKE . As the leading cash home-buying company, we buy houses in Milwaukee in any condition, and we promise a quick sale.
Plus, since we can close in just a couple weeks, you can move to your new home without any hassles. Get in touch with our team to get a free cash offer.
Selling Before Buying
Pros:
- If you sell your current home before buying another one, you won’t have to pay two mortgages, so there’s less financial strain.
- Also, you can use the money you get from your home sale to pay for your next house.
- Since there’s no pressure to buy quickly, you can take your time and look for the right place.
Cons:
- The biggest disadvantage is you might have to live in a short-term rental while you find a new place.
- The struggle of moving twice is real, especially when you have small kids or plenty of possessions.
- Another challenge is you might not find a home that fits your budget and lifestyle, meaning you may have to stay in the rental home for some time.
Wrapping Up: Which Comes First? Sale Or Purchase?
As you can see, both strategies have their pros and cons. Therefore, take the time to figure out which option is best for your lifestyle, budget, etc. Being aware of these pros and cons can help you achieve a quick and seamless home sale.