Buy First or sell First? An interesting dilemma...*

Buy First?

You know the where and the when.

  • Have a closing date that gives you time to accept a reasonable offer on your existing home.

Considerations:

  • Do you have the cash to close if your existing home isn't sold?
    • If not, you'll need capital from your existing home for the down payment on your new home.
    • In that case, will your financial institution provide a “bridge” loan to cover that capital?
      • With a firm offer on your existing home? Probable.
      • Without, unlikely.
  • Can your cash flow carry two homes?

Sell First?

You know the what and the when.

Considerations:

  • If you don't find a new home by closing, there are two moves:
    • To a rental property for a while.
    • Eventually, to your new home.
  • Is there rental accommodation available?
    • What are the costs?
    • Will they take pets or do you have an alternate arrangement?
  • * is it dilemma or dilemna? Click here to see a discussion.