Do I Buy or Sell First?

Are you thinking of selling your home and buying a new one? You are probably wondering what the better approach is. There is no one size fit strategy, make sure you talk to your registered real estate agent (you’re right, that’s me) for a personalized, right fit approach.

Buying first: This helps you enjoy the process of buying the right home while eliminating the stress of an impending closing date. The downside is that you would be paying two mortgages and other associated ownership cost. You may also have a hard time securing a new mortgage for your new home.

You can make your offer conditional on the sale of your home; not in a hot market though.

Selling first: You are better informed on how much you can afford to pay for a new home. However, you might be pressured to purchase based on a closing date as against the right home.

Have an alternate plan: irrespective of what you decide to do first, it is important to envisage these outcomes; you own two homes or none.

If you sell first, consider a short term rental or squatting with family or friends. A bridge financing might be a great way to diffusing stress if you happen to buy first.

I can help with advise on how to make this important project a stress-free success for you.

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