Should You Buy or Sell Your Home First? A South Florida Guide

Should I Buy My New Home First or Sell My Current Home First?

You find a home you love. It has the space you need, less upkeep, and a backyard you can already picture enjoying.

There’s just one problem. You still own the home you’re living in.

Buy first, and you may have two house payments. Sell first, and you may be packing without knowing where you’ll unpack. That worry can keep you stuck, even when you’re ready to move.

Selling first is often the safer choice if you need the money from your sale to buy. Buying first may work if you can comfortably cover both homes and have funds for the purchase. The right order depends on your budget, the homes available, and how much room you have for a delay.

When Does Selling First Make Sense?

Selling first gives you a clearer picture of what you can spend. Once your sale closes, you know how much money is left after paying off your mortgage and selling costs.

That can be a relief, especially if you’re downsizing and want to protect your retirement savings.

Selling first may be a good fit when:

• You need your home’s sale money for the next down payment.

• Two house payments would stretch your budget.

• You have a flexible place to stay between homes.

The trade-off is the gap between moving out and moving in. A short-term rental, storage, and a second move can add costs. You may also feel rushed to choose a home just to have somewhere to go.

Selling first should come with a housing plan before you accept an offer.

When Does Buying First Make Sense?

Buying first lets you choose your next home while you still have a place to live. You may be able to move once, then prepare your empty home for sale.

That can help when few homes meet your needs. Perhaps you want a one-story home, a certain neighborhood, or less yard work. Finding that fit may take time.

But the bills on your current home keep coming until it sells. Along with mortgage payments, you may have taxes, insurance, utilities, and HOA fees on both properties.

Your lender must also review whether you qualify while you still own your current home. Depending on the loan and the status of your sale, both homes’ housing payments may count toward that review. (Fannie Mae)

Before buying first, ask your lender to show you the numbers. Then ask yourself: Would I still feel comfortable if my home took several months longer to sell than expected?

Can I Avoid Moving Twice?

There are a few ways to bring the two moves closer together.

Ask for more time before closing. A buyer may agree to a later closing date, giving you time to arrange your purchase.

Negotiate a rent-back. This allows you to stay in your home for an agreed period after the sale closes. The buyer must agree, and the written terms should cover payment and your move-out date. Your real estate team should also help coordinate lender and insurance requirements. (nar.realtor)

Make your purchase depend on your sale. A home-sale contingency is a contract condition that can protect you if your current home does not sell within the agreed terms. It needs clear deadlines, and the seller must accept it. When a seller has several strong offers, that extra condition may make yours less appealing. (nar.realtor)

None of these options is automatic. Each needs to fit the people, financing, and contracts involved.

What About a Bridge Loan?

A bridge loan is a short-term loan that can help cover your next purchase before your current home sells.

It may solve a timing problem, but it adds borrowing costs and a repayment deadline. If your sale takes longer than planned, the pressure can grow. Ask a lender about fees, payments, and what happens if the loan comes due before you sell. (Chase)

Having equity in your home does not always mean you have cash ready to use.

What Should South Florida Homeowners Do First?

Start by looking at both sides of the move.

What could your current home reasonably sell for? What would you likely keep after expenses? Are suitable homes available where you want to go? What would your next home cost each month, including insurance, taxes, and any association fees?

For a Broward County homeowner moving to a smaller home, the lower purchase price is only part of the picture. The goal is a home and a monthly budget that feel easier to manage.

At The Chriz Tokar Team, we look at your sale and purchase together. We help you weigh pricing, available homes, contract terms, and timing, while working with your lender and closing professionals.

You deserve to know your options before a moving truck is booked.

Thinking about your next move? Schedule a brief strategy call with The Chriz Tokar Team. We’ll help you work out which step should come first and build a backup plan for the space between.

Common Questions About Buying and Selling a Home

1. Should I buy my new home first or sell my current home first?

Selling first is often safer if you need the money from your sale to buy. Buying first may work if you can comfortably afford both homes for a while. The right choice depends on your budget, your timing, and the homes available where you want to move.

2. Where can I live if my home sells before I buy another?

You could use a short-term rental, stay with family, or ask your buyer for a rent-back agreement. A rent-back lets you stay in your home for a set time after closing. The buyer must agree, and the details need to be in writing.

3. Can I make an offer before my current home sells?

Yes. You may be able to make an offer with a home-sale contingency. This means your purchase depends on selling your current home under the contract’s terms. Some sellers accept this condition, while others prefer an offer with fewer conditions.

4. Can a bridge loan help me buy before I sell?

A bridge loan may help you access funds for your next home before your current home sells. It adds costs and has a repayment deadline. Ask your lender what you would owe and what happens if your home takes longer to sell.

5. How can The Chriz Tokar Team help me plan both moves?

We look at your sale and purchase together, including your likely sale proceeds, available homes, and closing dates. We help coordinate with your lender and closing professionals and plan for possible delays. A brief strategy call can help you see which step makes sense for you.

For More Information contact:

Chriz Tokar and Bruce Field – 954-600-7427

The Chriz Tokar Team

RE/MAX Advance Realty