The classic dilemma for many homeowners is whether to buy or sell first. There is no "right" answer. It depends on your specific circumstances.
Most homeowners agree that it's more prudent and less stressful if you sell your existing home before you buy a new one. Benefits include:
- You can often get top dollar for your home if you are not under pressure to sell
- You're in a better position to negotiate on the buying side of the transaction; if you have to make an offer contingent upon the sale of your home, you'll often lose negotiating leverage
No One Likes to Move Twice
If you sell your current home and the home you select isn't available when you're ready to move, you may end up with cash in hand in a short-term rental.
No one wants to move twice, but it may be well worth the hassle - to eliminate risk and have more money to work with when you buy a new home.
Michael Baeumler is a sales representative with Century 21 Millennium in Brampton, Ontario.