There are pro and cons to both options. You can choose to buy first if you have done your financial calculations and you have the required funds to proceed with the purchase. This is especially for those who have spotted a property they really like and do not want to miss it.
Depending on market conditions, buying may be the easier part. It is possible to shortlist units over a few weeks and then decide on which one to buy readily. However, selling a property takes time and it is hard to determine how long it will take to sell a house. It could be fast; it could also take more than a few months.
If you went on to buy another house but yet to sell your current one, you would have to contend with having to manage monthly payments on both flats, such as the mortgage loan, conservancy charges, property tax. That could be stressful for some owners, and there will be pressure to sell their house.
If you prefer a more conservative approach, it would be good to work on the selling first. While you are selling, you can still go about to have a look and shortlist units that you are keen. When your house is finally sold, you can proceed to secure the unit that you shortlisted and buy with confidence. This way, you will not be in a taxing position.
It is important to manage the timeline of the sales and purchase process intricately. You want to be sure that you are Not left without a home to stay. An Extension of Stay can be negotiated, which allows you to continue staying in your current flat after the sale is completed. This gives you time to renovate the flat you purchased. Once the renovation works are done, you can then move into your new house and handover the keys of your current house.
If you need further advice on how this can be applied for your particular case, do speak with Joel. Click the link below to a schedule a FREE No Obligations Strategy Consultation call with Joel.