Which came first, the chicken or the egg? Some say the chicken… some say the egg. The same thing goes for buying or selling your home first. Some say buy your new home first, others say sell your existing house first. There really is no right answer; it depends on the person, the preference and the situation. However, let us try to determine which situation works best for you.
The advantage of buying first is that there is really no time constraint. You have the ability to wait until your dream home comes on the market and you’re not pressured by your sold date to choose a home that might not fit all of your criteria. However, although this option gives you flexibility during the buying process, it leaves you with a time constraint for selling your own home. This may result in pressure to take an offer lower than you had hoped, or waiting for a better one while owning two homes and paying two mortgages.
But, where there’s a will there’s a way! Should you find yourself in a situation where you already own your new home and haven’t yet sold your old one- try looking for a sublet to live in one for a short period of time. Or, if you sell your house first and haven’t yet found your dream home, be a sublet yourself, and put your furniture in storage. Just remember, the most important part about buying or selling isn’t the moving details, its ensuring that you get the best bang for your buck and come out of the process with positive feelings.