The age-old question for Vancouver homeowners looking to make a change is whether to buy a new house before selling their current one or vice versa. It's a decision that can significantly impact your finances and peace of mind. Here, we explore the pros and cons of each approach to help you make an informed choice.
1. No Rush: You secure your dream home before it's off the market.
2. Smooth Transition: You can move at your own pace, avoiding a hectic rush to find a new home.
1. Financial Burden: You may carry two mortgages temporarily, impacting your budget.
2. Pressure to Sell: To alleviate financial strain, you might rush to sell your old house, possibly getting a lower price.
1. Financial Security: You'll have funds from your old home to use as a down payment.
2. Negotiating Power: You can negotiate better terms for your new home with cash in hand.
1. Temporary Housing: You might need to find temporary accommodations if you don't find a new home quickly.
2. Limited Choices: You may feel rushed to choose a new property.
In the end, your decision depends on your financial situation and the current Vancouver real estate market. If you are a picky home-buyer, or want a very specific type of home that rarely comes on the market, then buying first may be better for you. If you are not a gambler and would like to know exactly how much money you're able to purchase with, then selling first is better for you. Assess the risks and how your situation and talk to your trust realtor (ME!) to make a confident decision!