Buy First or sell First? An interesting dilemma...
You know the where and the when.
- Have a closing date that gives you time to accept a reasonable offer on your existing home.
- Do you have the cash to close if your existing home isn't sold?
- If not, you'll need capital from your existing home for the down payment on your new home.
- In that case, will your financial institution provide a “bridge” loan to cover that capital?
- With a firm offer on your existing home? Probable.
- Without, unlikely.
- Can your cash flow carry two homes?
You know the what and the when.
- If you don't find a new home by closing, there are two moves:
- To a rental property for a while.
- Eventually, to your new home.
- Is there rental accommodation available?
- What are the costs?
- Will they take pets or do you have an alternate arrangement?