BUY FIRST

 

Pros

• You will have a home already secured so you won't stress if your old home sells too quickly

• You may be able to use the equity in your current home as a deposit for your new home

• You can spend as much time as you like shopping around for a new home for sale

 

Cons

• You might have to organise bridging finance between the two properties, giving you a time limit. This might also restrict the time you have to sell your old home

• If your old home sells at a less-than-desirable price, you may have to fund the difference in costs

• You might feel pressured by time and accept a lower offer when it comes to selling your own home

 

SELL FIRST

 

Pros

• The proceeds from the sale of your home can be used to purchase your new home

• You will know exactly how much you can spend on your next purchase

• Time is on your side when selling, so you'll have the freedom to negotiate and/or wait for a better price

 

Cons

• If your home sells quickly, you could be left to make a rushed purchase on a new home so you have somewhere to live

• Local property prices could rise in the time between selling and buying a new home

• You might have to spend more to rent accommodation while between homes