Home Buying Guide CHAPTER 3: SHOULD I BUY OR SELL FIRST? by Nest & Castle December 13, 2020December 15, 2020 December 13, 2020December 15, 2020 Many potential buyers who own their current home face the dilemma of whether they should purchase or sell first. Your decision can be influenced by a number of factors, such as market conditions, personal preference, or your financial situation. We’ve compiled a list of pros and cons for both selling and buying first. Feel free to take a look and to create your own list of pros and cons. Ultimately, the answer to the question ‘should I buy or sell first’ is a personal decision that is largely reflective of your own unique situation. Buy First Sell First Pros Cons Pros Cons · You will have a home already secured if your old house sells quicker than expected · You can use the equity in your current home as the down payment on your new home · You can take your time finding the perfect new home · You may be able to port your mortgage directly to your new home without requalifying · You may feel pressured to accept a lower offer when you sell your existing property due to your new property closing · If your existing property sells for less than expected, you will have to come up with the remaining funds to pay for your new home · The proceeds of the sale of your home can be used for your next purchase · You will have a more accurate idea regarding your budget and what you can afford to spend on your new home · You may have more time to find suitable properties while your existing home is on the market · If your home sells quickly, you may feel rushed to find your next property · You may have to arrange alternative housing until you take possession of your new home · Market fluctuations could result in property prices increasing between the time of selling your home and purchasing a new one, resulting in you spending more money About Nest and Castle Nest & Castle Inc is a leading edge real estate brokerage based in the heart of the Greater Toronto Area (GTA). We provide creative solutions and strategic advice on all aspects of the real estate industry. Our mix of conventional real estate techniques and forward-thinking technologies makes the buying or selling of your home, an easy and enjoyable experience. Search Exclusive New Developments Looking for your Dream Home? Sell Smarter With Data. It's The Future. 0 comment previous post CHAPTER 4: ALL ABOUT THE LEASE next post CHAPTER 3: ALL ABOUT RENTAL REVENUE You may also like CHAPTER 5: FINANCING 101 – AN OVERVIEW OF... December 11, 2020 CHAPTER 1: TIME FOR A CHANGE? December 15, 2020 Appendix: Sample Budget December 5, 2020 CHAPTER 7: PURCHASING “THE ONE” December 9, 2020 CHAPTER 9: HOME BUYING CHECKLIST December 7, 2020 GLOSSARY: COMMON HOME BUYING TERMS December 6, 2020 CHAPTER 6: FINDING THE RIGHT HOME December 10, 2020 CHAPTER 4: HOW MUCH CAN I AFFORD? December 12, 2020 CHAPTER 8: MAKING YOUR NEW HOME YOURS December 8, 2020