Should you buy or sell your property first?

When looking to buy a property, it is not always easy to know where to start. One of the key questions you may ask yourself is: is it better to buy or sell first? Neither option is better than the other. It depends entirely on you, your circumstances and your plans.

Selling before buying

Selling first can indeed offer certain advantages:

• You protect yourself financially
  In this situation, you will not have to cover the costs of two homes at the same time. You will therefore minimise your expenses. Furthermore, by doing things in this order, you can take the necessary time and sell your property for its fair market value.
  
  
• You know your exact budget for reinvestment
  If you plan to buy a new property with the proceeds from the sale of your previous one, selling first will allow you to know exactly how much you have available. If you find the perfect property, this can be an advantage, as you will be able to make an offer quickly while knowing your precise budget.

However, this also involves a significant risk. Once you have signed and handed over the keys to your first home to its new owners, you will have only a limited amount of time to find your next property. It is therefore a good option only if you already have some potential purchases in mind.

Buying before selling

Conversely, buying before selling may seem more reassuring. It also offers numerous advantages. 

• Firstly, by proceeding in this order, you have a better chance of finding your new home without risking missing an opportunity. You have time to carry out searches, attend viewings and find the property that suits you best. In this situation, it is often falling in love with a property that prompts the purchase.
  
  
• Buying first also allows you to avoid any gaps between homes. In this case, you do not have to worry about potentially renting accommodation between the sale and purchase, and it also saves you an additional move. You can simply move from your old home to your new one without needing temporary accommodation, meaning you move only once rather than twice.
  
  
• Finally, this option allows you to avoid any stress when planning work on your new home.

However, there is also one major disadvantage. Buying without having sold your previous property can prove more risky. When making your new purchase, you have no certainty as to when your first property will sell or how much it will sell for. It is therefore up to you to decide whether or not you are prepared to risk seeing your property sell for less than it could have done, or simply taking a long time to sell.

In conclusion, both options have advantages and disadvantages. It therefore depends entirely on you, what suits you best and your circumstances.