Buy Now Sell Later or Sell Now and Buy Later

You own a house now, but you want to move to a bigger place or a different neighbourhood. Should you sell your current home before you buy your next, or should you buy first, then sell your existing one? Though this is a very common question, there is no "right" answer. The answer depends on a number of things, but most importantly on how cautious you are.

Human nature being what it is, once the decision to move is made, people usually put a great deal of effort into finding the perfect home - sometimes without giving much thought to selling their current one. If, for a fleeting moment, they do consider whether to sell first, they figure they won't have trouble finding someone eager to buy their charming home, so they once again focus on buying. Then, once their offer on a house has been accepted, their attention shifts to selling their current home. At this point, however, they may begin feeling that the clock is ticking because naturally they'd like to sell before they take possession of the new house. Worse yet, fearing that time is running out.

Selling your existing home before buying another has its advantages. By selling first you know how much money you'll be getting on closing, which helps you establish a price range for the new home. Also, if you've already sold you don't have to make your offer conditional on selling your existing home. The down-side is that you may not be able to find a satisfactory replacement before the closing on your current home, which means you may need to find someplace to live temporarily. Or, you may be tempted to settle for something that isn't quite what you want.

Please note: when using Modern Living's forms please fill out all REQUIRED FIELDS, or the form will not work. Thank you. Modern Living has answers to your questions and more professional tips to make your real estate transaction more pleasurable. Call or e-mail us or click on "Ask Your Own Questions." We can send you information on any Property Listed For Sale on the Multiple Listing Service® in the Ottawa area. If you would like us to help you locate a home, please fill out our Information Request Form. Or perhaps you are considering selling your home in the near future, we can also offer you a Complimentary No Obligation Market Evaluation Form

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