Which comes first, buying your new home or selling your current one?
Whatever the reason for moving house in Malta, the question of whether to buy or sell first is incredibly valid. Each comes with their pro’s and con’s, entirely dependent on individual circumstances. However there are some standard suggestions to help guide your decision as you move forward.
Selling your home first
Traditionally, this is thought of as the safest option. And the reasoning is sound. Taking the equity from your first home ensures that you have an accurate idea of the finances available to you, allowing you to buy property in Malta. You are also not limited by time with your sale, and can seek to ensure you are given an appropriate purchase offer, without the additional stress of a second mortgage should the sale take longer than you initially thought. And of course, a home filled with all of your personal furniture and fittings helps to give a clear picture of the space to potential buyers. Just remember to keep the place tidy!
The alternative viewpoint here though is that you might be setting yourself up for a rushed follow up home purchase when buying property in Malta. Left feeling as though you have settled for less than your ideal home because of time and financial pressure is something no buyer should have to deal with.
The added strain of having to stay in some form of temporary accommodation whilst looking for your new pad can be expensive if you don’t have family or friends who can help out. And of course, you would then essentially be moving house ‘twice’ when you eventually find your new home.
Buying your new home first
Photo by Ketut Subiyanto from Pexels
The benefits of buying a property in Malta first are somewhat similar to those mentioned above. Primarily that by looking for your next home ahead of selling your current one, you have the luxury of time to make sure that you are certain that you will secure the house of your dreams. This could be a very tempting asking price that grabs your eye, a great location for your needs, or simply a farmhouse that’s just too charming to pass up. There is also the added convenience of only having to move home once, without the need to make yourself scarce everytime an agent brings a potential buyer to a viewing.
The contrary to this though is you may be setting yourself up to have to manage two separate mortgages each month until your house is sold. Not only will this provide an element of financial pressure, but could result in you being coerced to sell off your first home at a lower price than initially anticipated.
Evaluate. Then activate
Photo by Alena Darmel from Pexels
At the end of the day, the decision you make and the action you take is a very personal one, and often heavily reliant on your personal circumstances. If you have a strong disposable income and are in the market to risk potential unforeseen costs to secure your new or second home, it's relatively safe to say that you can move forward without too much anxiety.
Sadly, for most of us, this isn't the case, so a firm understanding of your financial position, your non negotiables, as well as how you want to proceed, either option can be weighted in your favour. It's all about plotting your course and how to make it as stress free as possible. Look at alternative indicators which can help influence your decision. Is it a buyers or a sellers market? What are your motivators to move home?
With dozens of branches across the Maltese Islands and decades of experience amongst our team of agents, Zanzi Homes is perfectly placed to offer you guidance and a helping hand to make your transition to a new home as swift and successful as possible. Get in touch with one of our agents today
Main blog photo courtesy of Tierra Mallorca on Unsplash