Buy First Or Sell First? The Great Property Dilemma…
Ah, the age-old question: do you sell first and risk being temporarily homeless (hello, in-laws' spare room), or buy first and juggle two bonds while your stress levels hit new heights? Selling and buying a home at the same time is like playing musical chairs—except the chairs are houses, and your life savings are on the line. So, what’s the best move for homeowners in the Northern Suburbs? Let’s break it down.
MARKET CONDITIONS: SELLER VS BUYER MARKETS
The state of the property market makes all the difference. If it’s a seller’s market (meaning properties are flying off the shelves faster than a Woolies sale), you might sell quickly but struggle to find your dream home. In that case, it might make sense to buy first—just make sure your offer includes a contingency clause so you don’t end up paying for two houses at once (unless you’re secretly loaded, in which case, congratulations!).
If it’s a buyer’s market (more houses available than eager buyers), your current home might take longer to sell, so it’s safer to sell first and avoid the financial squeeze. You’ll have cash in hand and can negotiate a great deal on your next property. Just be prepared for some in-between living arrangements—Airbnb, a short-term rental, or bunking with family (where you’ll likely be reminded daily that the fridge isn’t actually communal property).
ALTERNATIVE OPTIONS: THINK OUTSIDE THE PROPERTY BOX
Not ready to say goodbye to your current home? Rent it out! If the numbers work, this could be a smart move—especially with the demand for rentals in Brackenfell, Durbanville, and surrounds. With the right rental agent, you’ll have reliable tenants and a well-managed investment.
Another bold move? Owning two properties temporarily. If your finances allow, you could buy first and take your time selling. This option works best if your cash flow can handle it or if you can secure bridging finance, which essentially means a short-term loan to tide you over until your home sells. But be warned—this option requires solid planning and a willingness to juggle finances like a Cirque du Soleil performer.
TIMING & CONTINGENCIES: MASTERING THE ART OF THE DEAL
If you decide to buy first, consider making the purchase conditional on selling your current home. This is a great strategy, but in a competitive market, sellers might not be thrilled about waiting for your property to sell.
Another trick? Occupational rent. If you sell first but need extra time before moving, you can negotiate a short-term rental agreement with the new owners—essentially paying to stay in your old house a little longer. Just make sure the numbers make sense because paying rent on your ex-home can feel like buying coffee for your ex.
MONEY TALKS: WHAT ABOUT FINANCING?
Selling first means you know exactly how much you have to work with, which makes financing a new home much easier. Buying first? Well, unless you have deep pockets, you’ll probably need to manage two bonds until your home sells. Speak to a mortgage advisor before committing to ensure you don’t end up sweating over interest rates at 2 AM.
FINAL THOUGHTS: THE BEST MOVE FOR YOU
There’s no one-size-fits-all answer, but one thing is certain—having a trusted real estate agent in your corner makes the process a whole lot easier. Whether you’re buying, selling, or panicking, the team at Red Properties has your back.
So, should you buy first or sell first? The answer depends on your financial situation, market conditions, and whether you can handle the occasional sleepover at your mother-in-law’s. Either way, with the right plan and professional guidance, you’ll find yourself settling into your new home with minimal stress—and maximum excitement for that housewarming party. Cheers!
