Upsizing is an essential part of the homeownership cycle. Depending on where you’re at in your personal life, upsizing could mean moving up from your first condo or townhome to a smaller family home, or transitioning to something that will feel like home well into the future.
Whatever the motivations behind your move may be, one of the biggest decisions you’ll need to make is which step you’d like to take first – buying your next home or selling the one you have now.
Here’s the thing, both options have their pros and cons and there’s no universal answer for which path is better. With that in mind, you’ll want to consider each option carefully before you make a decision. This post will help you do just that.
Selling Your Home First
In a general sense, selling first is usually the preferred route for people who are moving up. There are a handful of reasons why choosing to sell before buying is typically more appealing, but it mostly boils down to reducing risk and having a greater sense of financial security.
Selling first means you’ll know exactly how much you’ve earned from your sale before committing to your next purchase. You won’t be gambling on an assumed sale price or timeline. With a firm understanding of your budget, you can house-hunt with confidence and avoid stretching your finances too thin. It also prevents you from potentially making a major financial commitment and then running into delays on your own home sale, which can be an incredibly stressful scenario.
What Are the Disadvantages?
All that said, choosing to sell first isn’t without its own risks. For instance, if you aren’t able to find a home that you love before the possession date of your existing home, you may need to hunt for another place to stay in the short term. Moving into a temporary housing situation isn’t ideal because it’s often not cost-effective and in some ways can feel like you’re moving twice – adding even more stress to your plate.
Need more advice about selling your home in Oakville? Read these related blog posts next.
- How to Find the Best Oakville Real Estate Agent to Sell Your Home
- Steps to Selling Your Home
- 5 Tips For Selling Your Oakville Home
Buying Your Next Home First
While not the most common route, buying your next home before your current one sells does have its merits. As long as you’re aware of (and prepared for) the risks, it could suit you.
Buying first can be the right path for homeowners who want to be a little more selective in where they live next. As someone who is moving up, you may be in this boat yourself.
Since you’re not rushing to find a place before you need to move out, you can really take your time to find the perfect next home. When the time comes to negotiate, you’ll also find yourself in a better position since you’re not facing a must-buy scenario.
What Are the Disadvantages?
As you might expect, the risks of buying first are mostly about financial strain. Buying before selling means you’re making a major financial commitment without knowing exactly how much your current home will sell for. If the market softens or your home doesn’t sell as quickly as you’d hoped, you might be forced to adjust your budget, take out a loan, or tap into savings.
The stress of having two mortgages could also lead you to accept a lower offer than you might have received otherwise, or to sell in a buyer’s market where prices are softening.
Looking for tips on buying a home in Oakville? Check out these other blogs next!
Getting Started on Your Real Estate Journey
Whether you have an idea of which option is best for you or aren’t sure where to start, you’ll want to get in touch with an Oakville real estate agent. As a professional expert, they’ll be able to assess your situation and provide advice that’s directly tailored to you. Once you decide whether to buy or sell first, your agent can help you make the most of your market experience – ensuring your move is a success!
Work With Me
One of the most important qualities to look for when hiring a real estate agent is experience. Oakville real estate is always changing and the best way to maximize your chances of success is to work with an agent who’s seen it all.
As a professional Realtor, I’ve been buying and selling homes in Oakville for more than 30 years. My far-reaching insights and intuitive strategies can help you get the best results from your purchase and sale.
Moving up in Oakville? I can help! Get in touch at stacey@staceyrobinson.com or call 905-346-8188.
At Your Service
I’m here to guide your real estate venture with an education to empower you. Let’s chat about what your needs, and I’ll tell you how I can help you meet them.
