Homeownership is an amazing thing. But at some point - whether you're moving for a job, downsizing or looking to upgrade to a house with a yard - you'll face the dilemma of whether to buy or sell first.
The skinny? It comes down to what's best for you.
But before you can make that decision, you have to know which options you have. So let's take a closer look.
This route has the ability to make the buying experience a bit more enjoyable. Without a closing date of your existing home looming over you, there is more freedom to wait for the perfect property to come on the market.
The downside? If you can't seem to sell your home fast enough, you might find yourself with two homes - an expensive juggling act.
If you haven't sold your house yet, speak with a real estate professional BEFORE you go any further. Have a discussion about the bigger picture and how the entire process could play out.
More importantly, a real estate professional can help you stay protected. Our in-depth knowledge of the selling and buying experience provides you with a trusted guide as you move through the process. Lean on that expertise!
The biggest benefit of selling first is that you'll know exactly how much money you made off the sale. This can provide you with true financial peace of mind.
The downside? While knowing how much you can truly afford is great, you might find yourself in a race against the clock with a closing date on the horizon. Toronto's hot real estate market can make this more of a reality. With a reduction in available inventory, it can be a bit more difficult to find your perfect home... and you don't want to "settle".
Again, lean on a real estate professional if you're thinking of selling first. Their objective advice will mean more than you know! Better yet, they are able to provide you with a fairly accurate estimate of your potential buying power before you even list your home.
So... What's the Smartest First Step?
I can't stress this enough: Speak with a real estate professional as early as possible - even if you're just playing with the idea of moving. It's one of the smartest decisions you can make.
A trusted real estate professional can:
- Help you identify what has sold in the area and for how much.
- Give you a sense of how often properties come up for sale in your dream neighbourhood and their price ranges.
- Review the current market conditions to appropriately price your home and make smart offers.
- Provide an objective review of your home and get it looking its best before you list it.
Knowing everything about your home, the current market, what's available and having your home ready prior to even looking allows you to be fully prepared when and if your dream home comes up on the market.
Remember, real estate professionals bring the necessary knowledge, experience and most importantly, objective advice that can help you make the right decision for you and your family. Take advantage of it!
If you ever want to talk about what options you have or are just seeking some free advice about how to proceed, I'm always available!
Now find out how to make moving easier!