Page 4 - Nov-Dec 2022_LB

Buying Before Selling?

What You Need to Keep in Mind

Ainsley Smith courtesy REALTOR.ca
erhaps your family has grown, you’re relocating for a new job, or you just found your dream home while
browsing REALTOR.ca listings. Whatever your circumstances, if you already own a home and are looking to buy
Pa new one, you’re faced with a rather common dilemma: should you buy your new home or sell your current
home first?

Of course, the ideal situation would be to sell your own property (or at least have a firm offer on it) before purchasing
another to avoid being stuck with two mortgages. However, in today’s more uncertain markets, buyers have options
to help with this process, including access to financing options.

To learn more about buying before selling your current home, we spoke to Denae McCullough, a real estate agent
and REALTOR® in Maple Ridge, British Columbia. McCullough says there are some benefits of buying first, including
the ability to be selective with your next purchase, while also feeling secure knowing your next house is already lined
up. However, she admits there are also some cons.
“You’re estimating your budget when shopping for a house. You also might have to compromise on your sale price in
order to get your current property sold on time,” she says.

You might also end up requiring bridge financing or paying out of pocket if your house doesn’t sell and you have
two properties for a period of time, she adds, or if your house ends up selling for less than what you were expecting.

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