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WHAT MUST I DO FIRST?
This question often arises, what must I do first? Should I first find another home and then sell mine or should I first sell mine and then buy?
There is no right or wrong
A few important factors to consider when making the decision:
PRO’S |
CON’S |
You won’t experience any fear, of not having a house to live in |
Reduced or no bargaining power |
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Good opportunity of loosing the house you really want (Buy with subject to the sale of your house with an escape clause) |
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You don’t know exactly what amount you will get from the sale of your house |
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Can’t plan your future as you don’t know when your house will sell |
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You might accept a lower offer on your house because of the fear of loosing the house you made an offer on |
FIRST SELL AND THEN BUY
PRO’S |
CON’S |
You know exactly how much money will you get from the sale of your house and can plan your next purchase much better |
Might have to rent for a short period until suitable house is found |
Give you full bargaining power and you can negotiate on the price of your next purchase |
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You can do proper planning for your move as you will know exactly when that will be |
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You are able to plan your future better for eg. Schools, work, etc. |
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You will have up to 3 months to find a suitable house, which is very likely as you will know exactly how much money you have |
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