Should I Sell My Current Property To Buy A New Apartment?

Timing is crucial for everything but when it’s about real estate they become even more critical. Whether should I sell my current property to buy a new apartment is one of the most difficult questions one asks himself. It is a very difficult decision and depends on several factors. A person can either keep the current property or get himself a temporary housing out of it before buying a new place or even get rid of paying two mortgages. Everything a person may do has its own advantages and disadvantages depending on the economic and market conditions.

If you sell your house first taking this step comes with some benefits i.e.

Sets up the budget: While buying a new apartment you would know what exactly your budget is.
Simple Financing: The cash that comes from the sale can be used as a sizeable down payment.
Reduced Pressure: Negotiations can be made confidently.
Taking advantage of the market shifts: When you see that the market is growing and the prices are high, you can capitalize on his hot market by selling at that moment.

Disadvantages may include:

Living in temporary housing: Rental markets are very stronger than the housing market and rents are going very up hence it would be very difficult.

Moving costs: You will have to move twice, once in the temporary house and then to the new house.

If you buy a new apartment first; Here are a few advantages;

  • Securing a perfect place
  • Avoid moving twice
  • Saving costs that may lead to stresses.
  • Time availability to make improvements
  • Benefiting from the market shifts

The pressure to sell the old property may be felt to get rid of two mortgages. When we compare the advantages and disadvantages of all possibilities it becomes easier to decide what to do.