Should I Buy a Hilton Head Home First or Sell My Current Home?
Deciding whether to sell your current home or buy your Hilton Head home first is a lot like the chicken and the egg. You don’t know which should come first.
Of course, selling your home first allows you to know with certainty your situation. You don’t have to worry about your current home selling, getting a bridge loan or balancing the costs of having two homes at once. And there’s no need to put a clause in your purchase agreement voiding the sale of your Hilton Head home if your current home doesn’t sell within specific period of time. This gives you more leverage in making an offer, since the seller in Hilton Head Island knows that the sale doesn’t hinge on the sale of your own home. Note that in the current market, even if you would be able to swing a bridge loan your offer may not be accepted as most sellers want your current home sold first.
Another reason to sell first is the ability to make a down payment on your new home. If you’re in a new development or building a new home, you usually need to make some large upfront payments toward the total purchase price.
Of course, the downside is that you may be without a home temporarily. Coordinating the closing date of your current home and the closing date on your new Hilton Head home can be tough balancing act. You may end up having to stay in a hotel, rent a home, put your stuff into storage or figure out someone logistical issues if you close on your current home but closing on your new one is delayed.
There’s also the pressure of finding the right home while yours is on the market. If you find the purchasing window to be longer anticipated, you could end up selling your home and being out of it before you ever find a house in Hilton Head Island.
If you buy first, there are other factors to consider. It can be stressful buying a new home in Hilton Head or Bluffton, knowing that you still have another house to pay for as well. Your existing home may require updates and repairs to make it sellable while your new Hilton Head home may need some upgrades and maintenance to make it feel like home. If this is the case, you may want to do all the repairs on your current home, get it ready to go on the market and then go house hunting in Hilton Head or Bluffton, knowing that you’ve already spent the money you needed to on your existing home to get it ready to sell.
The advantage of buying first is that you know you’ll get the house you wanted in Hilton Head Island. You won’t have to settle on a home that will work for you but isn’t your dream home. You have the luxury of taking your time to look around, narrow your selections and make an offer that is perfect for you. There’s no need to make a knee-jerk reaction because you’re going to have to be out of your current home in 30 or 45 days because it sold sooner than you expected.
As you can see, there’s no right or wrong answer when it comes to deciding whether to buy a new home or sell your old one first. It’s a good idea to go over all the advantages and disadvantages of each scenario and decide what is best for your own individual circumstances. You may also want to consult with your real estate agent on Hilton Head who can help you assess options and make a smart choice.