Should I buy or sell my property first? Each option has its benefits and risks. By carefully considering the pros and cons, and planning alternatives in the event of a problem, you will be able to make an informed choice.
By selling your property before you find another, you will know the exact amount you will receive as part of the sale. You will therefore have a clear idea of the amount available for the purchase of your new home.
You may feel an urgent need to find a new home. However, keep in mind that you will have all the data required to make a solid promise to purchase. For example, by knowing when the buyers of your home will move in, you can determine when you want to take possession of your new property. If these dates do not coincide, you can always opt for temporary accommodation.
By buying first, you will know in advance your new address, the exact cost of your new home, the date you will become the owner and the date of the transaction. You can take these elements into account when you receive a promise to purchase for your current property.
It is also possible to make a promise to purchase conditional on the sale of your property. In this case, the owner of the residence you are interested in may receive another promise to purchase without any conditions. In order to be able to give you priority, he will ask you to withdraw your condition. You will then have the choice of buying this property before selling yours, or withdrawing your offer.
In any case, it is a good idea to provide a temporary source of financing in case your current property is not sold when you sign the purchase agreement for your new property.