The homeowner conundrum: Should I buy or sell my home first?
To buy and sell, or to sell and buy… that is the question. Whether you’re downsizing your existing home or upgrading a starter property, it can be a real challenge figuring out the best way to re-enter the real estate market once you’ve already made that initial purchase.
By buying first you have the luxury of locking in a lower interest rate and taking your time in searching for a dream home But at the same time you’re running the risk of carrying two mortgages or of tying up all your equity in your current home, not to mention putting yourself at the mercy of the market if you’re forced to try for a quick sell after you’ve already signed on the dotted line.
Then there are other considerations. Are you comfortable putting in an offer with a condition of sale on your current property, knowing it could deter a seller in a competitive marketplace?
Or perhaps that’s worth it to you in exchange for the luxury of being able to renovate before moving in.
If you buy first, you also avoid the hassle of finding a temporary home while waiting for someone else’s closing date.
The considerations seem endless, and certainly overwhelming. That’s why, in partnership with RE/MAX, we’ve assembled all of the pros and cons of buying before selling.