Deciding whether to buy or sell a home first can be a challenging dilemma for homeowners who are considering moving. Both buying and selling a home first have their advantages and disadvantages. Buying a home first can give you more time to find the perfect home without the pressure of a deadline, move into your new home before leaving your old one, and explore various neighbourhoods and homes to find one that fits your budget and needs. However, buying first can also put you in a weaker negotiating position when selling your old home and may cause a financial burden if you cannot sell your old home quickly.

Pros of buying a home first:

• More time to find the perfect home without the pressure of a deadline
• Ability to move into the new home before leaving the old one
• Explore various neighbourhoods and homes to find one that fits your budget and needs

Cons of buying a home first:

• End up owning two properties simultaneously, which can be a financial burden if the old home doesn't sell quickly
• May put you in a weaker negotiating position when selling your old home, as you may be under pressure to sell quickly

On the other hand, selling a home first means you will know precisely how much money you have to work with when buying your new home, avoid overextending yourself financially, and put you in a stronger negotiating position when buying your new home. However, selling first may require you to find temporary housing or rush to find a new home before the closing date on your old home, causing stress and not giving you enough time to find the right home.

Pros of selling a home first:

• Know exactly how much money you have to work with when buying a new home
• Can help you avoid overextending yourself financially by setting a budget based on the sale price of your old home
• May put you in a stronger negotiating position when buying your new home, as you will be a cash buyer

Cons of selling a home first:

• If you haven't found your new home yet, you may have to find temporary housing or rush to find a new home before the closing date on your old home
• May not give you enough time to find the right home
• Be at the mercy of the housing market, as prices can fluctuate rapidly

Ultimately, whether to buy or sell a home first depends on your personal situation and priorities, such as the state of the housing market, the time of year, and your own timeline for moving. When considering buying or selling first, make sure you can afford to own two homes for a period of time if you choose to buy first and try to coordinate the closing dates of both homes as closely as possible to minimize the amount of time that you own two properties.  

The McCune Real Estate Team in Ottawa can be a valuable resource in helping you make a plan that works for you, with our knowledge of the housing market and your needs. Click here to contact us today to ensure that your move is as stress-free and financially sound as possible.

Tyler McCune REALTOR® - RE/MAX Hallmark Realty Group, Kanata Office

Garett McCune REALTOR® - RE/MAX Hallmark Realty Group, Kanata Office