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To buy or to sell, which comes first

🏡 Which Comes First: Buying or Selling?

 

When you move, you have two main choices, each with trade-offs in control, finances, and timing.

 

Option 1: Buy First (The “Control” Move)

 

This path is best if you want to secure your next home right away and manage your move at a relaxed pace.

Why People Choose This:

  • You lock in your dream home immediately.
  • You don’t have to rush your move. You can pack, clean, and fix up your old home after you’ve moved out, making it easier to show and sell.
  • You can make stronger offers on a new house because you don’t have to wait for your old one to sell (no “sale contingency”).

The Risks:

  • You might have to pay two mortgages and cover expenses for two homes until the first one sells.
  • The money you need for a down payment is still tied up in the equity of your current home.

Smart Strategies to Use:

  • Bridge Loan or HELOC: Get a temporary loan against your current home’s equity to use for the down payment on the new one.
  • Rent it Out: Temporarily rent your old home to a tenant to help cover the costs while you wait for the best time to sell.

 

Option 2: Sell First (The “Safe Money” Move)

 

This path is best if you prioritize knowing your exact budget and want to avoid financial stress.

Why People Choose This:

  • Zero Stress: You won’t have the financial pressure of paying two mortgages at once.
  • Clear Budget: You know exactly how much cash you have from the sale before you start shopping.
  • Better Loans: Mortgage lenders view you as a safer borrower because you don’t have outstanding housing debt, potentially leading to better interest rates.

The Risks:

  • Homeless for a Bit: You might have to move into a temporary rental or stay with friends/family between the closing of your old home and moving into your new one.
  • Rushed Decisions: You’ll be pressured to find your new home quickly once your current house sells, which can feel stressful and limit your options.

Smart Strategies to Use:

  • Rent-Back: Negotiate with the person buying your home to let you stay for a short period after they close, giving you extra time to find a new place.
  • Longer Closing: Ask the buyer for a 45–60 day closing period to give yourself more time to house-hunt.
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