Buуіng a home while ѕеllіng аn еxіѕtіng hоmе has іtѕ own ѕеt оf challenges.
When and whether to sell first then buy or vice versa is the eternal question. It can depend on whether it is a buyer’s market or a seller’s market, whether you can afford a bridging loan, or have enough equity within your properties to capitalize on interest.
In a buyer’s market, I would always suggest you sell first. The last thing you want is to be paying interest costs on two loans, or seeing equity in your properties eaten up, because you can’t sell your own home quick enough.
In a seller’s market buying first might be the best option, as you would assume that your property would be sold quite quickly. However, it is important that you should get a professional opinion before making that final decision.
Overall, I would always suggest you sell first, keeping in mind that you can extend the settlement date to allow time to find a property.
Moreover, remember to keep other options open, like family or friends that may help.