Updated: Dec 10, 2021
Do I sell my house before buying a new one? It's natural for a second-home buyer to wonder about this as they explore their options. For this to happen smoothly, a lot of things must go right. In this article, we will show you why it is better to sell your old house first before buying a new house.
1. You have less financial constraint
You're no longer responsible for paying two mortgages at the same time. As a result, you won't be pushed into making a rash decision when buying your new house. You can take your time and make sure your next home purchase is the best one for you. It is less stressful too.
2. You know how much money you have.
Once you've sold your current one or trade in your house, you'll know exactly how much money you have available to buy your next house. Then, you can be on the hunt for your new house because you are confident with the amount of funds you have.
3. It's easier to get a home loan
Use the proceeds from your sale of your old house as a substantial down payment, then borrow the remaining funds in the same manner as you did for your first mortgage. Can you use your house to buy another house? Absolutely yes!
4. You will have better control
Once you've accepted an offer on your home, you could try to persuade the buyer to extend the settlement date so you have more time to discover your next home. Negotiate a high sale price for your present house with confidence, and take your time choosing the ideal property.
Trading your house for a new one? At Seri Pajam, we have a range of houses to cater to your needs. Therefore, browse our website https://www.seripajam.com.my/onlinesale now to find your dream home that is suitable for your budget and ability.