Should You Buy a Home Before Selling Your Current Home in Ontario?

If you already own a home and are planning your next move, one question can create more stress than almost anything else:

Do I buy first or sell first?

Both approaches have advantages.

Selling first gives you certainty.

Once your home has sold, you know approximately:

The downside is that you could sell before finding your next property.

You may need to negotiate a longer closing date or arrange temporary accommodation.

Buying first provides security that you've found your next home before giving up your existing property.

This can be useful if you're looking for something difficult to find.

For example:

The risk is financial.

If your existing home takes longer to sell or sells for less than expected, you could face considerable pressure.

In certain circumstances, bridge financing may help when the closing dates don't align.

Speak with your lender or mortgage professional before assuming this option will be available.

Your decision should depend partly on how easily your current property is likely to sell and how difficult your next property will be to find.

Imagine you're selling a typical Oshawa detached home but trying to purchase a very specific rural bungalow.

It might make sense to approach those two situations differently.

Before making the decision, determine:

The safest strategy is an informed strateg

Michael Gallant Team
Century 21 Wenda Allen Realty

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