How To Buy A Home When You Have A Home To Sell!
Buying a new home when you already have one to sell can be tricky. However, it is not an uncommon situation; with the right approach, it can be done smoothly and successfully. If you’re in Ontario and looking to buy a new home while selling your existing one, here are some tips to help you navigate the process.
Work with a Realtor
One of the most important steps when buying and selling a home simultaneously is to work with a Realtor who is experienced in handling such transactions. A good Realtor will help you determine the right timing, pricing, and marketing strategy for your existing home and also help you find the right home to purchase based on your needs and budget.
Get Your Home Ready to Sell
Before you can start looking for a new home, you’ll need to get your current home ready to sell. This may include decluttering, cleaning, and making necessary repairs or upgrades. Your Realtor can guide what improvements will provide the best return on investment.
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Determine Your Budget
Knowing how much you can afford to spend on a new home is essential when you already have a home to sell. Your Realtor can help you determine your budget by looking at your current home’s estimated value, the costs associated with selling it, and any down payment you may have available.
Get Pre-Approved for a Mortgage
Before you start looking at homes, getting pre-approved for a mortgage is a good idea. This will give you a clear idea of how much you can afford to spend on a new home and make you a more attractive buyer to sellers. A pre-approval will also help you move quickly when you find the right home.
Use a Sale of Home Condition
A sale of the home condition is a clause in a purchase agreement that makes the purchase of a potential new home contingent on selling your existing home. In the current market, with the current market conditions we are facing, this option should almost always be exercised. During peak market madness, winning a bidding war with this condition was almost impossible. Those days are past.
This can be a good option if you’re uncomfortable carrying two mortgages simultaneously. However, it’s important to note that a sale of home condition may make your offer less attractive to sellers, so you’ll need to discuss this option with your Realtor.
Timing is Key
Timing is crucial when buying and selling a home at the same time. You’ll need to coordinate the sale of your existing home with the purchase of your new home to avoid carrying two mortgages simultaneously. Your Realtor can help you navigate the process and ensure the timing works out for both transactions.
Buying a new home when you already have a home to sell can be a complex process, but with the right approach and the help of a knowledgeable Realtor, it can be done successfully. Remember these tips, and don’t be afraid to ask for help when needed.
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Want more details on the current market? You can find more information about the current market here: London & St Thomas Association of Realtors.