When you are looking to downsize or upsize your home, you have a decision to make. To buy first, then sell the existing home or, sell first then go out and buy a new home.
Clients often want their agent to tell them what to do. That is not what an agent is contracted for. We are not part of the buying or selling of a home. Agents are contracted to market property or to assist in locating suitable property for a client to buy. We educate, provide information, discuss options, build scenarios with possible outcomes and do market research. We do not tell clients what to do.
When a client asks the question "What should I do?" they need to be looking in the mirror! And it is a serious question to be sure. One not to be taken lightly.
As with all major life decisions, anyone looking to replace their existing home needs to research their financial status. Can they afford it? The time line they want to use and the impact on their family are also most important.. By making this move, what will happen to the children's school schedule or even the school they will be attending? Make sure this is the right time to make this major move and you understand the entire impact on your family.
Getting back to the main question: Buy then sell or sell then buy. Oh me oh my- decisions, decisions! The answer lies within the confines of each individual person or family considering the question.
The absolute last thing I would want for one of my clients would be to have two (2) homes and two (2) mortgages at the same time. Yes, there are some who could afford this scenario, however none have been my client.
If you can afford to buy first, move into the new home and then make ready the old one for sale, go for it. Another option would be to make the old property a rental and then market it to investors who like to have tenants in-place.
Selling first puts you on a time line. You now have to move out of your existing property so the new owners can take possession. This is a negotiable item in the purchase contract so listen to the advice of your agent.
My neighbors sold their home before their new one was finished being built. Their solution was to put their home furnishings in storage and move in with family. Works for them. Not everyone is so fortunate.
You can now see why asking your agent what to do is not the correct course of action. Your careful planning, research and discussion with family members will guide you to the right decision. Using the professional input from your agent should ensure you make the right family decision.
Comments (0)Subscribe to CommentsComment