We have to sell the home we live due to various reasons. Changing jobs require many of us to move out of the area. As we get older and siblings leave the nest, we need to downsize our living arrangements. Some may have to buy a larger home for different reasons. Whatever the case may be, we all face the issue whether to sell the home we live in first before buying another. When we evaluate all pros and cons, it is clear that selling the home we live in first make sense.
- When you sell the existing home first, you are in a better negotiating position.
- When you sell your home first, you know how much down payment you can commit towards buying a new home. Also, it gives an idea of the price of a new home you can afford.
- If you haven’t found the home you want to buy, you can negotiate lease back of the existing home for a period of time until you find what you are looking for. This will allow you to avoid moving twice.
- You can negotiate a contingency to sell when you find a new home to buy.
- Avoid the difficulty of qualifying for two homes.