Buy or sell first? Be clear.
This can be a tricky question. After all, if you find a purchaser for your existing home before you’ve found a new home, you may find yourself living out of a suitcase if convenient closing dates cannot be negotiated. On the other hand, if you find your dream home before you’ve sold your old one, you may be faced with having to finance both homes and shoulder the extra debt until you sell.
So how do you manage? It can be quite simple. Do your homework and have a good idea about the Vancouver neighbourhood and type of home you’re looking for. Do an honest evaluation of your family’s needs and budget.
Speak to me start your new home search in Vancouver as soon as your existing home hits the market.
If you’ve found a home before you’ve sold your existing one, use “sale of your existing home” as a condition on your offer. If you don’t sell your house within a fixed period of time, you can choose not to go through with the offer. This, however, is a difficult condition for many vendors to agree upon and you may find that you have to forgo your price negotiating power.
Purchasing a home before you sell could be a risky strategy if you’re counting on the proceeds from the sale.
If you’ve found a purchaser before you’ve found your next home, use “purchase of a new home” as a condition when you sign back the agreement.
Again, it will only be for a fixed time. Even if you have not found the ideal next house by the time the deal closes, you may still wish to proceed with the offer. As a buyer with a “sold house” you will be in a better position to negotiate price.