If you’re planning to buy or sell a home in Portsmouth, NH, you may be wondering whether to buy first or sell first. The decision can be daunting, but weighing the pros and cons of each option can help you make an informed choice. Here are some key takeaways to consider before making a decision:
There’s no right or wrong answer when it comes to the order of buying and selling a home. It largely depends on your personal preferences and circumstances.
If you’re considering buying first, some pros to consider include having more time to find your dream home and avoiding the stress of potentially being homeless if your current home sells quickly.
On the other hand, selling first can give you a clearer idea of your budget for a new home and may make it easier to secure financing. Additionally, it can prevent you from owning two homes at once and save you from carrying two mortgages.
To make the best decision, it’s important to weigh the pros and cons of each option and consult with experienced local real estate agents who know the Portsmouth and New Hampshire Seacoast market.
Whether you’re looking to buy or sell first, the experienced real estate team of Ann Cummings and Jim Lee can help guide you toward your desired outcome. We understand that everyone’s situation is unique, and we are here to advise you on the best course of action that suits your needs. With our expertise in the Portsmouth, NH, and the New Hampshire Seacoast real estate market, we can help you make the most of your investment.
Pros of Selling Before Buying Your Home
Selling your home before buying a new one can seem like the most logical option in Portsmouth, NH real estate. By doing so, you can avoid carrying two mortgages, paying utilities on two homes, and accessing the equity of your old home for the down payment on the new one. However, there are additional benefits to consider when selling your home first, even if these perks do not apply to you.
- Better Staging Opportunities
If you’re still living in the home you’re listing, you can use your furniture and some of your decor for staging. This can help make your home feel more inviting to potential buyers. It’s important to balance making the space look cozy without crowding it with too much furniture.
- Increase Your Purchase Offer
Avoid the word “contingent” in the real estate industry. If you’re trying to sell your home and purchasing your new space is contingent on selling the property, your offer may be less appealing. When you sell first, you have the money in hand and nothing holding up the deal.
- Take Your Time
When you sell first, you have the luxury of taking your time. There’s no other home waiting for you and no contingencies on the sale. Taking it slow means you can be a little pickier with your offers.
- No Question of Final Profit
When you sell and buy simultaneously, there’s always a concern that you won’t walk away with what you expect from the sale. What if there’s a last-minute repair? What if you just don’t get what you were looking for? These things can really hinder your purchase, so it’s a perk to not have to think about it. In Portsmouth, NH real estate, selling your home before buying a new one can offer these and other benefits you should consider when making your next move.
Cons of Selling Before Buying Your Home
While selling your home before buying a new one in Portsmouth, NH real estate can offer advantages, but there are also some disadvantages to consider. NH Seacoast Realtors Ann Cummings and Jim Lee with RE/MAX Shoreline point out three issues to keep in mind that can make matters a little more complicated.
- Temporary Housing
When you sell your home, you must secure temporary lodging until you find a new place to live. This can mean staying in a short-term rental or moving in with a family member, neither of which may be ideal for any extended period of time.
- Uncertainty of Timing
What if the purchase of your new home takes longer than expected? You may burn through some of your profits or strain relationships if things don’t go as planned. Month-to-month rentals aren’t secure as you can be asked to leave at any time, and they can be costly, so timing is crucial, and things need to go smoothly.
- Additional Move
Selling before buying means you’ll be moving twice, no matter how you organize things. Even if you store most of your belongings and keep only the essentials, you’ll still need to unpack and repack your everyday items and transport your stored items to your new home. Moving can be costly and exhausting, especially if you have to do it twice.
While these cons may be significant, they may not necessarily outweigh the advantages of selling your home first, depending on your situation. As with any real estate decision in selling your Portsmouth, NH home, it’s important to weigh the pros and cons and work with experienced local Realtors like Ann Cummings and Jim Lee with RE/MAX Shoreline to reach an informed choice that meets your needs.
Pros of Buying Before Selling
If you’re searching for your dream home on the NH Seacoast, you may wonder whether it’s best to buy your new home before selling your old one. Purchasing before selling can be an ideal scenario for a few reasons, including:
More Time to Find Your Dream Home
With a new home secured, you’ll have more time to explore NH coastal homes and find your dream property without feeling rushed or pressured to make a quick decision.
You’re in Complete Control
When you buy first, you have more control over your moving timeline. You can take your time organizing your move and packing your belongings without worrying about a deadline.
Selling an Occupied Home Can Be a Hassle
Scheduling showings and staging an occupied home can be a hassle. By buying your new home first, you can avoid this issue altogether and move in at your own pace.
Only One Move
Buying your new home first means you won’t need temporary housing, allowing you to make just one move from your old home to your new NH coastal home. As experienced NH Seacoast Realtors, Ann Cummings, and Jim Lee with RE/MAX Shoreline can help you navigate the process of buying your dream home while selling your current one.
Do you need a bridge loan to buy your new home first?
A bridge loan can be a great tool to “bridge” the financing gap and use the equity in your current home to buy the new one. Bridge loans work like this:
You get a loan based on the value and equity of your current home to enable you to make a down payment on the home you want to buy. Bridge loans are temporary financing options meant to be paid off in less than a year and when your present home sells. At that time, you can convert your bridge loan to permanent financing on your new home.
We’ve guided sellers on using a bridge loan to buy the new home now, move into it, and then sell the former one. We’ve actually done this personally, too, and it worked out great for us. We can analyze your current wants and needs and advise you whether a bridge loan might be the best option for you.
Cons of Buying Before Selling
Added Financial Strain
Owning two homes means you’ll have two mortgages to manage, along with utilities, taxes, insurance, and maintenance costs for the property you’re trying to sell. If you’re not financially prepared to handle this additional burden, it might be better to wait.
Watch Over Two Homes at the same time
Keeping your old home clean and well-maintained while on the market is crucial to attracting buyers. But it can be challenging to juggle two properties, especially if you’re also trying to settle into a new home.
Don’t let the added work overwhelm you – consider waiting until you’ve sold your current property before buying your next one.”
No Matter the Order, Call Us Today
Whether you’re looking to buy or sell first, the experienced real estate team of Ann Cummings and Jim Lee can help guide you toward your desired outcome. We understand that everyone’s situation is unique, and we are here to advise you on the best course of action that suits your needs.
Call us today, and let us work together to determine the best approach for you. Once we have a clear understanding of your goals, we’ll either help you find your dream home or conduct a comprehensive valuation of your current property to ensure a successful sale.
Don’t let uncertainty hold you back – contact us today to take the first step towards achieving your real estate goals.”