Why Buying a House before Selling the Previous One is Not a Good Idea

Published on Wednesday, 08 December 2010

Why Buying a House before Selling the Previous One is Not a Good Idea There are many reasons why people rush into buying a new house before they can even sell their current house. Some are too afraid to miss out on a good deal while others simply want to try their hand on investment properties. Regardless of the reason, buying houses before selling can be a very risky decision. Read on to find out why. The Unstable Property Market There is no guarantee that the real estate market will keep on thriving. It can slow down anytime, and if that happens, your property may remain unsold for weeks, months or even a year. Meanwhile, you will have to pay for two mortgages, something that most people just can't afford.  Dropping House Prices You can't expect the prices to remain steady. In fact, even in a stable real estate market, prices rise and drop all the time. If you have bought a beautiful house for a great deal but sold your house for a lot less, you may find yourself in a hole where you could have save a lot of money. It is always best to have an expert conveyance solicitor when buying a property. Experts can guide you through the process so you can have fewer things to worry about. With a conveyance solicitor, you are less likely to commit mistakes when buying new homes before selling the old ones. Keep this in mind before you dive into the unstable market of the real estate.