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To Buy Or Sell Your Cochrane Home First
To BUY or SELL first – the age-old question!
When it comes to buying and selling a home, one of the biggest questions people often face is
whether to buy first or sell first. It’s a tough call! Both options have their pros and cons, and what
works best really depends on your personal situation. Let’s break it down a bit to help you make
the best decision.
Buying First:
If you buy first, you get the advantage of taking your time to find the perfect new home. You can
shop around, find exactly what you want, and avoid the pressure of feeling like you need to
settle just to have somewhere to move into. However, this option can also come with some
financial pressure. If your current home doesn’t sell as quickly as you hoped, or for the price you
expected, you could find yourself paying for two mortgages at the same time. Not exactly ideal,
right?
Things to consider if you buy first:
- Can you afford two mortgages for a while if needed?
- Is it a buyer's market (more homes available, less competition) where you’re looking to buy?
- Are you looking for something very specific and unique, or are you more flexible in what
your next home has or doesn’t have?
- Will you feel rushed if your current home doesn't sell quickly?
Selling First:
On the flip side, selling your home first gives you a clear picture of your financial situation before
you buy. You’ll know exactly how much money you have to work with, which can make shopping
for your new home a lot easier. But, there’s a risk here too. You might end up needing temporary
housing if you don’t find your next home right away, and moving twice is nobody’s idea of a fun
time!
Things to consider if you sell first:
- Are you comfortable with potentially renting or staying with family while you search for your new home?
- Is the market in your favor for a quick sale?
- How flexible are you with your next home’s timing?
The Bridging Option:
For those who want to buy first but are worried about carrying two mortgages, there’s something
called a bridge loan. This allows you to finance your new home while still waiting for your
current one to sell. It’s not for everyone, as it does come with interest and fees, but it’s an option
worth considering to bridge the gap between buying and selling, for a short period of time.
Final Thoughts:
There’s no one-size-fits-all answer to whether you should buy or sell first, but it all comes down
to your comfort level, finances, and current market conditions. Chatting with your real estate
agent about your specific situation (both financially and market wise) can help you make the
best decision for you and your family. After all, everyone’s home journey is a little different and
that’s what makes it fun!
Cochrane Real Estate Resources
WANT TO BUY OR SELL A PROPERTY?
Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS® System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™. The trademarks MLS®, Multiple Listing Service® and REALTOR® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.
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