Is it better to buy a new home or sell your existing home first? Both options have their advantages and their risks. By carefully examining the pros and cons, and by providing alternatives in case of setbacks, you will be able to make an informed decision.
Selling First
By selling your current home before buying a new one, you’ll know the exact amount you’ll be receiving from the sale. You’ll therefore have a very good idea of how much money is available to buy your new home.
You might start feeling an urgent need to find a new home right away. But keep in mind that you’ll already have all the information needed to make your promise to purchase. For example, you’ll know when the buyers of your current home are moving in, and can therefore easily establish when you’ll need to take possession of your new home. If ever the dates don’t coincide, you can always plan for temporary accommodation.
Buying First
When you buy first, you’ll know your new address, the exact price of your new home, the date on which you’ll become owner and the transaction date. You’ll be able to consider these things when you receive a promise to purchase for your current home.
You can also make a promise to purchase that is conditional on the sale of your home. In this case, the owner of the property you’re interested in might receive another offer without any conditions. In order to give yours priority, the owner will ask you to withdraw your condition. You will therefore have to decide whether you’d rather buy that property before selling your existing home, or withdraw your offer.
One way or another, it’s a good idea to plan a temporary source of financing in case your current home isn’t sold when you sign the purchase contract for your new home.
About Me
Danny Lachance
Courtier immobilier résidentiel
I am a passionate, driven individual ready to take on any challenges that come my way. With an exceptional ability to adapt to changes and connect with people, I stand out for my authenticity and sincerity. When I choose to work with you, it is because I firmly believe in the potential of your project. I commit wholeheartedly to ensure we achieve the desired goals together.
Sports, which play a significant role in my life, have taught me essential values such as discipline, rigor, and perseverance. I have applied these lessons both on the sports fields and in my professional career. As a natural leader in my sports teams and in the business world, I am also a proud father of three boys, all hockey players, and I understand the sacrifices required for parents of young athletes.
Together with my life and business partner, we have built a beautiful blended family of seven, including five children. My early immersion in the business world, working with my father at the family company Lachance Chasse & Pêche for over fifteen years, has forged a solid entrepreneurial spirit in me. After working in event management and then in the automotive industry, where I concluded my career as General Manager, I turned to real estate, a field that has deeply fascinated me for many years.
I am proud to accompany you on this real estate journey, whether it is simple or complex. With you, I am prepared to navigate the challenging moments and celebrate the successes, regardless of the project's size. My commitment is total! YOUR success is MY priority!