Selling your property outright to buy another one is a big decision. There are a lot of things to consider before making this decision. The following are some things to think about before selling your property outright to buy another one:
1.Your current mortgage: If you have a mortgage on your current property, you will need to factor in the remaining balance when considering selling outright. You may need to sell for more than the outstanding mortgage amount to have enough to put towards a new property.
2.Your equity: If you have built up equity in your current property, you may be able to use this towards a deposit on a new property. However, if you sell your property outright, you will no longer have any equity in it.
3.Real estate commissions: When you sell your property, you will likely have to pay a real estate commission to your agent. This is typically a percentage of the sale price and is paid at closing.
4.Closing costs: There are also typically closing costs associated with selling a property. These can include things like title insurance and transfer taxes.
5.Timing: It can sometimes take months to sell a property. If you are looking to buy another property quickly, selling outright may not be the best option.
6.Emotional attachment: If you have lived in your current property for a long time or have fond memories attached to it, selling outright can be difficult emotionally.