What are the good and bad effects of buying expired domains?

I have a website whose backlink profile is not strong and whose rankings have suffered with repeated Google algorithm changes. If I were to buy a domain (expired or otherwise) in a niche that’s similar to mine—say, musical instruments—but with a much stronger backlink profile then TRANSFER my site’s entire content to this new URL, would my keyword rankings increase? Obviously, this would require me to first deindex my old site entirely before moving the content to this new site where, I hope, Google will re-index the articles with the new site’s much stronger backlink profile propelling the articles upwards? Any issues or problems with this method? Thank you.