This is Jeff O'Leary, "The Village Guru" Mississauga Real Estate Broker and in today's episode I'm going go over the age-old question, Should I buy my next house first or should I sell first? This video is excellent for home sellers you're not gonna want to miss it, let's go!! Should you buy first, should you sell first? This is a question all homeowners have to deal with when they're thinking of moving. Heck, I even talk about it with my wife! When we buy our next house whether we're just going to go ahead and buy it and sell or maybe we get our house ready first, sell (the house) and see how much money we make and then we can go after the next house… There's no right or wrong answer… What I'm going to do in this video is go over the pros and cons of both that way I'll give you enough information that hopefully you can make the right decision for you.
So let's get going. So first let's talk about buying (before selling) first. I'm going to 'go out on a limb'… based on a lot of experience and say the majority of buyers nowadays… buy the next home FIRST. Now advantages include being able to
take your time on the home search process making sure you get everything you want and really enjoy that experience of buying a home because let's face it, it can be fun to look at homes! Now I want to go over the cons of
buying a house first.
Well the big one is simple, if you go ahead and buy a house and you currently own your own home during this time you're on the hook for
two houses so you have to ask yourself, How will you feel about that stress
until you sell your current home? A lot of people say it's no problem and then we go through the process and I can tell that the stress level goes from 0-150! You have to realize that once you buy that house, that you're on the hook for both of them.
So think about that, make sure it's something that you can accept. The other downfall of buying a house first is if you need to sell your current home you're kind of under the the gun to get that deal done which means you're not at the luxury of testing the market and trying to get a higher price and you're more likely to take any reasonable offer that comes across the table first. So if you're a person who likes to haggle and negotiate but you need to sell your house… You might want to realize you're giving up a little bit of leverage by buying a house first. All right, so let's talk about selling your house first. This is definitely the more conservative approach it works better in a very slow market…
I mean if you sell your house first and you got a good deposit on it and everything looks fine and the deal is "firm" you can shop with confidence because you know exactly what you can afford… Another way selling your house first helps is in this market really good homes can still sell fast and even in bidding wars. If you get into a bidding war and you know your current home is already sold and you're confident then obviously you can act more confident in negotiations maybe you can do things with conditions in order to get the home you really want. So that's an advantage of already having
your home sold first. Now let's talk about the "con" of selling your house first and that's just you're under the gun to buy a house. You do not have the luxury anymore to just browse around and look at homes because you've got to close on your current home… you need a place to live! That means you got to get pretty tight on what you want in a home and you got to go after it you got to buy it! Now, there can be a little flexibility maybe you have family with a big house and you can live there for a few weeks…
These are things you got to
look at in your own personal situation because the more flexibility you have obviously the better deal you can negotiate on your next house that you buy. Well there you have it I hope you enjoyed this video on "Should I buy first or should I sell first?" At the end of the day there's really no right answer it all depends on your lifestyle and what you prefer. Well I hope you enjoyed this video if you liked it give it a thumbs up subscribe to my channel, and share it
with your friends. I'm Jeff O'Leary, "The Village Guru" Thanks for watching and
we'll see you soon!.