When it comes to Buying a new home, one of the first decisions you have to make is about the one you are currently in. Should you sell it first? Try to have the two overlap? Or should you risk it and maybe balance two homes for a few months. Here are a few situations where looking for a new home and selling your old one at the same time might not be the best decision.
1. You Already Have A Lot on Your Plate
Selling a home is stressful and time consuming. So is looking for and buying a new one. Combining those two together in the same span of time, along with work and the rest of your life, can be a very stressful move. If you already have a lot on your plate, it may not be a good idea to do both of these things at the same time. It can only get worse if the timing doesn’t work out perfectly on the Possession Dates, too.
2. Your Home Has to Sell for a Certain Price
Especially in Edmonton’s current market, getting the price you want can be a long and arduous process. And while it is possible to get the price you want, it will certainly take some time, something you won’t have if you’ve already bought another home. If you want to sell your home for a certain price, then you should hold off buying a new one. For every month you try to balance both homes, it will become more difficult to stay firm on your asking price.
3. Money is an Issue
If your monthly budget is already tight, then taking on the extra risk of having two homes at once could ruin you financially. So, instead, try to divide and conquer. Finding Temporary Housing, after all, isn’t as expensive as paying twice your regular rent, plus utilities and bills. Opting instead to have some extra money in the bank while you go searching for a new home is a much better decision than borrowing extra on an unnecessary risk.
4. You Have a Place to Stay
While it’s never an ideal circumstance, finding Temporary Housing or moving back into your parent’s basement may be the more prudent decision, especially if money is tight. But if you have a place you can stay for a few months while house hunting, be sure to take advantage of the situation if need be. That way, you can make better financial choices, and possession dates won’t be a ruling factor in either transaction.
Finding the perfect home can be a challenge, especially if you are already a homeowner. There are times when looking for a new home and selling the old at the same time can work out great, but there are also times when it can work against you. Be sure the decision you make is the right one for you and your family.