Should I sell before buying or buy before selling?

Before deciding whether you would like to sell before buying or buy before selling, it is important that you take a few elements into consideration. Are you prepared to sell? Can you live with uncertainty? Are you financially able to to buy before selling? It is also essential that you seek professional advice in order to make the best decision. In order to help you have a better understanding of your options, we have listed four different possibilities below.

1. Buying first.  If you can financially afford to to buy before selling, then you can buy a property, sign the deed of sale to a later date, and then put your own house on the market. This option gives you the opportunity take the time to decide exactly what will be your next home, without time constraints or having to compromise. With this option, there is the risk that you will spend some time without knowing for sure when your home will be sold and at what price.
2. Selling first. If you are not financially able to buy before selling or do not want the stress that may come with having bought a house and having to sell yours within a limited time, the best scenario is to sell your property first, with the furthest possible occupancy date. This option provides you with the peace of mind to negotiate and purchase your new home within a precise budget, to be aware of your time constraint, and to know exactly when you have to leave your own property.If once you have found a property, the date you need to leave your current place does not correspond to the date the seller wants you to take possession of the home, there is always the possibility for you to rent a home temporarily. It is a common solution, and worth considering in order to not miss out on an opportunity for the perfect home. Which brings us to the third option.
3. Selling, renting, buying. If you’re in no rush and you don’t mind moving twice, this may be a good solution for you. You can sell your property and then rent an apartment or a house until you are ready to buy a new one. By doing so, you could be able to profit from a slower market and purchase your new home at a lower price. This option is probably the most secure financially.
4. Promise to purchase. You may commit to buy a property, but under the condition that your house will be sold. This means that if all the other conditions of your promise to purchase are reached (inspection, mortgage approval, etc.), the sale will not be final until your present home is sold.

Keep in mind that if you decide to agree on a promise to purchase, the seller keeps their house on the market until the sale is finalized. If a promise to purchase is presented by another buyer, and your house is still not sold, the seller has the right to accept this offer. Once the seller accepts that second offer, you will have 72 hours to either cancel your promise to purchase or cancel the condition to sell your home on your offer.

Rest assured that whatever your option will be, you will be in good hands with me as your agent. I have a vast experience, the expertise and the perfect tools to give you personalized advice while taking into consideration your needs and the market fluctuations.