Should You Prioritize Selling Your Home or Buying a New One?

If you just decided to sell your house to purchase a new one, you may be having trouble deciding what to do first. Each option has its own advantage and disadvantage, which will be discussed below.

Why Sell Your House First?

Selling your house first has the following advantages.

1. You Have Time

If you already bought a new house, you would be in a rush to sell the old one. However, if you prioritize selling your house first, you would not need to hurry yourself up.

2. Extra Funds for New Home

Selling your old house first gives you the extra funds to purchase a new home. Having additional funds can be a huge help for you.

3. Avoid Financial Strain

Aside from adding extra funds, you can also avoid financial strains. By having a new home without selling your old one, you could be paying off two mortgages.

Why You Shouldn’t Sell Your House First?

However, with selling your house, you will be having people see the listing. You will be overall uncomfortable and have to deal with the following things:

1. You Need Temporary Housing

When selling your house, you would not want to stay at the old home that you have listed. You will need to rent out temporary housing, which could cost more. Otherwise, you can stay with your family members to avoid costs.

2. Keep Your Home Comfortable

Some people may opt to stay in their own home while selling it. This can be stressful for some as they may not feel comfortable or have privacy in their homes anymore.

Why You Should Buy a House First?

Buying a house first could give you the chance to secure the house you want.

1. Take Your Time to Find a New Home

You will not have to hurry up and find a new home because someone else is already interested in purchasing the old one. You get to take your time to find the perfect home for yourself.

2. You Get to Move at Your Own Pace

If you buy a house first, you get to control your schedule and time for moving. It makes it more convenient for you because you do not have to rush when doing anything because you don’t have to speed up for someone else.

3. Secure the Home You Want

If you have to wait for your old house to be sold, you might miss out on the property that you really want. The housing market is very fast-paced, and people are buying lots of property, so you may lose the one you were eyeing.

Why You Shouldn’t Buy a House First

Buying a house first could harm your finances in the following ways:

1. Paying Two Mortgages

You will have to deal with the impact it takes on your finances. You will end up paying two mortgages, which could make it more difficult for you trying to manage your money.

2. Additional Costs

Aside from just paying two mortgages, you may be required to pay off other expenses involving your new house. It may include legal fees, real estate fees, utility fees, and even just for the repair and maintenance of the new home. If you haven’t sold your old house yet, you will have to pay out of pocket, which once again could end up hurting your finances or making them harder to manage.

Conclusion

In the end, it all depends on you. It all depends on your individual preference and whether you have a comfortable stay at your home. You need to think about the costs that you may need to pay for, whether buying a house or selling one. It is crucial to weigh the pros and cons before making a final decision.

If you need realtors in Cameron Park, you can contact Folsom Realty. It doesn’t matter if you are buying or selling; our agents are trained experts who will be glad to help you. Contact us today! We also serve  Folsom, El Dorado Hills, Granite Bay, and the greater Folsom Lake area.