Is it better to buy a new home or sell your existing home first? Both options have their advantages and their risks. By carefully examining the pros and cons, and by providing alternatives in case of setbacks, you will be able to make an informed decision.

Selling First

By selling your current home before buying a new one, you’ll know the exact amount you’ll be receiving from the sale. You’ll therefore have a very good idea of how much money is available to buy your new home.

You might start feeling an urgent need to find a new home right away. But keep in mind that you’ll already have all the information needed to make your promise to purchase. For example, you’ll know when the buyers of your current home are moving in, and can therefore easily establish when you’ll need to take possession of your new home. If ever the dates don’t coincide, you can always plan for temporary accommodation.

Buying First

When you buy first, you’ll know your new address, the exact price of your new home, the date on which you’ll become owner and the transaction date. You’ll be able to consider these things when you receive a promise to purchase for your current home.

You can also make a promise to purchase that is conditional on the sale of your home. In this case, the owner of the property you’re interested in might receive another offer without any conditions. In order to give yours priority, the owner will ask you to withdraw your condition. You will therefore have to decide whether you’d rather buy that property before selling your existing home, or withdraw your offer.

One way or another, it’s a good idea to plan a temporary source of financing in case your current home isn’t sold when you sign the purchase contract for your new home.

About Me

Real Estate Broker

To serve you better in English, French, Spanish and Farsi !

With more than 8 years in the real estate industry, mutual trust and building of a long-term relationship remain my priority. Always available to listen to your needs, questions and expectations in order to best conclude all your present and futur... real estate needs!

Looking forward to work with and for you!

Read more

Contact

(514)730-7021

Spozhmay@hotmail.com

I agree to be contacted by Spozhmay Nawabi Castillo via call, email, and text. To opt-out, you can reply 'stop' at any time or click the unsubscribe link in the emails. Message and data rates may apply.