Buy first or sell first?
You own your own home and you are starting to think that it might be time for a change. Maybe you need something bigger for a growing family. Or perhaps, your kids have all grown up and you need something a little smaller and more manageable. It could simply be that you are relocating.
No matter the reason, we are all faced with the same dilemma: buy your new home first or sell your existing one before you buy.
You might be surprised to learn that if you understand the process, one approach outweighs the other in terms of flexibility, time, and peace of mind.
Buy first
if you want flexibility, time and peace of mind
You’ll have time to find your perfect next home.
You’ll have time to sell your property for the best possible price.
You won’t have to move your life and stuff to a temporary place to live.
You won’t have to enter the competitive rental market and pay off someone else’s mortgage.
You'll have time to prepare your property for market without the pressure of selling to quickly or accepting a less desirable price.
A relocation loan is more affordable than you think.
While buying first is the ideal choice, it can be a costly option if you don’t get the right advice, support and guidance.
Sell first
if you don’t meet 'buy first' criteria
Find out how to sell first >
You may have to accept a less desirable sales price or contract terms.
You’ll have to enter a competitive rental market and be paying off someone else’s mortgage.
If you can’t find anything in the settlement period, you need to find somewhere to live.
Pressure to find and secure your next home in 30-90 days.
Market conditions can change in the time it takes to sell and you could pay more for your next home.
Could negotiate a longer settlement from 30 days to 90 days.
Less pressure to sell quickly and compromise on a sale price.
You’ll know exactly how much you have to spend on your next home.
