This is one of the most difficult questions to answer and always comes back to your personal financial situation. If you need to sell your house or apartment for a certain amount to purchase, then always sell before you buy. If your purchase is not reliant on the sale price of your property, then the option is open.

The biggest trap is when your selling price is reliant on the purchase. Going to market wanting can turn nasty very quickly and it can become very evident that you may have made a mistake with your purchase. If you find the perfect home and want to buy it pre- selling, then try to extend the conditions as much as you can to safeguard yourself. Ultimately, being able to purchase subject to selling your property within a time frame gives you the best of both worlds. It allows you to secure your property only if you can sell yours. The only problem is most sellers would not except this sort of condition unless they are having trouble selling already.

If are in a strong financial position to purchase without having to sell, then the option is there for you. A lot of people still prefer selling their property before buying just so the know what in store for them in the future, though being in this position adds a lot of benefit for to secure what you want when you want, without any pressure. If you’re financially stable to buy without selling, there’s no right or wrong answer.

Whatever you do, don’t be guided by what an agent will tell you. Remain as objective and conservative as you can if you’re buying before selling. An agent is searching to double up on the transaction and get your property to sell, in these cases, they seem to draw more to overpricing your property and leaving you in a horrible position after if you sell for less than you can. It’s a very difficult time because it can be very emotional and during these times, we always love to hear what we want to hear. Though, this is when I see situations unravel and sellers falling short putting unneeded pressure on themselves.

 

DISCLAIMER

The following advice is of a general nature and intended as an opinion and broad guide. For all legal, financial or real estate advice you should obtain independent professional advice to do with the specific nature of your circumstances before making any legal, financial or real estate decisions.

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