PUNEET  BHARDWAJ

PUNEET BHARDWAJ

CEO & Founder / Broker of Record

DREAM HOUSE REAL ESTATE INC., BROKERAGE

Mobile:
647-702-0100
Email Me
PUNEET  BHARDWAJ

PUNEET BHARDWAJ

CEO & Founder / Broker of Record

DREAM HOUSE REAL ESTATE INC., BROKERAGE

Mobile:
647-702-0100
Email Me

Should You Sell Your Current Home Before Purchasing a New One?

Whether you should sell your home before buying a new one depends on your specific financial and personal circumstances. There are advantages and disadvantages to both approaches, so it's important to carefully consider your situation and priorities before making a decision.

 

Advantages of Selling Before Buying:

 

Financial Security: Selling your current home before buying a new one can provide you with the financial security of knowing exactly how much money you have available to purchase your new home. This can help you avoid overextending yourself financially.

 

Negotiating Power: When you're not in a rush to buy a new home, you may have more negotiating power when it comes to both selling your old home and buying a new one. You can wait for favorable offers and terms.

 

Eliminate Contingencies: Sellers may be more inclined to accept your offer if it doesn't come with the contingency of selling your current home first. This can make your offer more competitive in a hot housing market.

 

Avoid Temporary Housing Costs: If you buy a new home before selling your old one, you may need to cover the costs of temporary housing, which can be expensive.

 

Advantages of Buying Before Selling:

 

Convenience and Timing: Buying a new home before selling your old one allows you to move into your new place before having to vacate your current one. This can be more convenient and less stressful, especially if you have a family.

 

No Rush: You won't be under pressure to find a new home quickly, which can be important if you have specific requirements or preferences for your next property.

 

Potential Tax Benefits: Depending on your location and tax laws, you may be able to take advantage of tax benefits associated with owning multiple homes, such as deductions for mortgage interest and property taxes.

 

Avoid Market Fluctuations: If you believe that the real estate market in your area is appreciating rapidly, buying a new home before selling your old one can help you lock in a lower purchase price and potentially benefit from the market's growth.

 

Ultimately, the decision to sell your home before buying a new one should be based on your unique circumstances, including your financial situation, housing market conditions, personal preferences, and risk tolerance. It's advisable to consult with a real estate agent or financial advisor who can provide guidance tailored to your specific needs and goals. Additionally, local real estate market conditions can play a significant role in determining the best approach, so it's essential to research and understand the dynamics of your particular market. 

 

 

 

 

 

 

Have Questions?

You hereby consent to receive calls or texts messages from www.dreamhouserealtors.ca. You may unsubscribe at any time by clicking the UNSUBSCRIBE link in the email or by replying "UNSUBSCRIBE" to the text message.