|
Should I Sell First - or Buy First?
When we're helping our clients in buy and sell condo in Milton real estate Neighbourhood and the rest of Milton City that's a question we hear a lot. And, there isn't one easy answer. The option that will work best for you will depend on several factors: 1) Your tolerance for risk versus your desire to get the best deal possible, 2) The importance of convenience to you and your family, 3) How you feel about keeping your Milton Home in show-ready condition while living there, and 4) what you can afford to do financially.
If you want to discuss your options on whether you should buy or sell first, call us at 647-890-2346, or use the form below to send us an email.
There are basically three alternatives when facing this decision:
1. SELL FIRST - THEN BUY
You can sell your current Milton Home before you buy your next Home, then move into short term housing (renting, moving in with family, etc.) until your new place is ready for you to move in.
| PROS |
CONS |
- Low Stress - You're only dealing with one property at a time.
- Low Risk - You're paying for one mortgage/rental fee at a time.
- Strength of Offer - You can make a strong offer since you don't have a home to sell. This may allow you to negotiate a lower price and better terms.
- Distressed Sales - You can pursue the purchase of a Bank Owned (REO) or Short Sale property because you are not contingent on the sale of another property.
|
- Show the House Syndrome - You'll need to keep your condo in "show-ready" condition while living there, which can be even more difficult with children and/or pets.
- Moving Twice - You'll have to move into your short term housing choice, then move again once you've purchased a new property.
- Potentially Higher Costs - You'll need to factor in the additional costs of moving twice, possible increase in monthly payment, and possible storage fees.
|
2. BUY FIRST - THEN SELL
You can purchase a new home, move in, then sell your current home.
| PROS |
CONS |
-
- Strength of Offer - You can make a strong offer since you don't have a home to sell. This may allow you to negotiate a lower price and better terms.
- No 'Show the House Syndrome' - This option is much more convenient because you aren't living in a home that is being shown for sale.
- One Move - You'll only move once.
- Distressed Sales - You can pursue the purchase of a Bank Owned (REO) or Short Sale property because you are not contingent on the sale of another property.
|
- High Risk - You may need to make two mortgage payments for 2-4 months or longer.
- High Stress - If paying 2 mortgages is a stressful situation for you, your stress level will definitely increase using this option.
- Potentially Higher Costs - In addition to multiple mortgage payments, you may incur additional costs to maintain utilities and upkeep for both properties.
|
3. SELL & BUY AT THE SAME TIME
You can put your existing home on the market, and look for a new home at the same time. You'll need to coordinate both transactions so that they close at the same time.
| PROS |
CONS |
- Low Risk - You'll only have one mortgage at a time.
- One Move - You'll only move once.
|
- Contingency Offers - It may be more difficult to get sellers to consider your offer if it is contingent on selling your home.
- Potentially Higher Price - You may not be able to negotiate the "best" price on a new home because of the contingency on your offer.
- No Distressed Sales - Banks will not consider offers contingent on a sale for Bank Owned and Short Sale properties.
- Show the House Syndrome - You'll need to keep your home in "show-ready" condition while living there, which can be even more difficult with children and/or pets.
- Selling Contingencies - Buyers may be less interesting in making an offer on your existing home because your acceptance will be contingent on the successful purchase of a new home
|
A review of your specific situation will help you choose the best way to make the transition from your current home to your new one. We can help you make the smart move. Call Me at 6478902346 to discuss your options, or use the form below to send an email.
|