Are you wondering if you should buy first or sell first?
Well, in our experience it’s expensive to be able to own two houses at the same time. Especially in an already-expensive city like Vancouver and surrounding areas.
It could be a possibility depending on if the market is going up, flat, or whether it’s a buyer’s market.
A buyer’s market would help you determine if you would want to buy first or sell first.
This has been a question that’s been asked us many times. So, our recommendation is that you sell first.
This would entail you put yourself in the best position when you go ahead to buy.
If you did not want to take this approach, but rather would want to buy first and the market changes on you then you have the possibility of owning two houses at the same time.
This would be completely fine if you are okay with the bridge financing or using your home equity line of credit to be able to do that.
There is also the possibility to find a furnished rental to move into in the meantime. This would give you the time to look on the other end to see which home you want to buy.
Once you sell your home, you will know exactly how much money you have to spend when you go to buy.
If the market is busy and you are in competing offers to put you in the strongest position, you can do your due diligence in advance for your home inspection. Know your finances are in place as well as how much you are willing to spend on the other side
If you don’t sell first and you decide to try to buy first, then there are many unknowns. This includes: how much is your home really going to sell for?
There is always a little space between what we can predict the home to sell for and what it will actually sell for.
So what happens if you buy first and then you go into the market and the market has changed?
You may not be able to achieve the level of pricing that you may have originally expected in advance.
These are just some of the things to be aware of when deciding to either buy or sell your home first; either to buy first and know where you’re going or sell first and have the luxury of possibility more time on the other side.
We hope this video answered some of your questions. If you have more questions, please reach out. We’d love to address them. Stay tuned for more videos on the way!
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