Sell or Buy First?
March 14, 2019
Many people searching for an apartment for sale in Israel already own an apartment and need to the funds from the sale to use towards their new apartment. One of the first questions we find clients want to know is, "Should I sell my apartment before buying one? Which one do I do first?"
In general, the ideal situation would be to buy and sell simultaneously, however, it is not always that simple. Our general recommendation is to buy an apartment before selling yours. This way, if you sell your apartment first, you won't be stuck without anywhere to live until you find an apartment to buy. Understandably, not everyone is financially in a place where they can purchase an apartment before selling, as many people require the funds of the sale to use towards the purchase. In this case, the only other option is to sell prior to buying.
If you are purchasing an apartment prior to selling, it is important to get a realistic figure of what you can get for your apartment upon selling it, i.e. how much an apartment for sale in Jerusalem is. If you will need the funds from the sale to complete your purchase payment, you will have an accurate idea of what your budget is to purchase an apartment, and you will not be left in a situation where you cannot commit to the price of the apartment you are buying.
It is important to take into consideration when selling an apartment is that some apartments are harder to sell than others and will require more time to sell. It is always important to consult with a realtor beforehand so they can advise on these points before you decide to buy or sell first.