Do you Buy or do you Sell first?

For one of a half a dozen reasons ranging from your house is too cramped to your commute is too long, you want to sell your Spring Texas house. The question is “Do you Buy or do you Sell first“?

The first step is to determine if you have the option of buying before selling your current house.  If you are not planning on paying cash for your next home, you will need to get a loan and thus a call to your lender is in order. Are you able to get loan pre-approval for your next house while still owning your current house?  Are you planning on using the equity in your current house for the down payment on your next house?  Your financial situation may require you to sell your current house before buying your next Spring Texas house.

If your financial situation allows you to have options, then consider these pluses and minuses:

BUY first:

• Less Hassle – You aren’t interrupted by buyers wanting to view your home at inconvient times. You no longer live at the house that’s on the market. You have already moved on.
• More Costs – You have the expense of maintaining two households.  (lawn care, utilities, mortgage, insurance, real estate taxes)

SELL first:

• Higher sales price  – Occupied houses sell quicker and for higher prices than vacant houses.
• Financial Certainity – You know the sales price of your house, the cost of negotiated repairs, and what you will net.
• Multiple moves –  You may have to move into temporary housing until you find the right next home or until your new construction house is complete.

Read also:

• Sellers closing costs – What should you expect?
• Sellers lease back – Should you get one?