Real Estate

Top Tips to Consider When Buying or Selling a Home

Selling a home first gives you peace of mind and puts you in a better financial position no matter what the state of market

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Selling your home before buying is the way to go.

Selling your home first gives you peace of mind when looking for your next place

My clients Phil and Cheryl are looking to purchase a new home in a neighbourhood with access to both downtown and Vancouver’s beautiful beaches.  They have begun the process of looking for a property while waiting to put their current home on the market. They are in a strong financial position to continue to live in their current home until their find the perfect property.

Unfortunately, if you live in Vancouver, this is probably not your scenario!

We are currently in more of a balanced market with some parts verging on a seller’s market as supply decreases. Generally, it assumed in a seller’s market you can buy first, but personally, I still recommend selling. Selling is almost always more stressful than buying.

The fact is most of my clients want to be assured that the equity from their current home is available to them to make a strong offer on their dream home. Waiting for your home to sell adds pressure when you are already locked into a new purchase.

Tips to Consider When Buying or Selling Your Home

  1. Assess your tolerance for risk. Do you want the liability of owning two houses, or possibly none at all?
  2. Know the current market conditions. Is it a seller’s or buyer’s market?
  3. Calculate how much you need to buy your next dream home. Determine what you can afford to borrow and how much down payment you will be able to put toward the purchase price of your new home. This will help determine how much you need to secure from the sale of your current home.
  4. Speak with an agent. A qualified real estate agent will be able to assess your current situation and give you insight into what you should do first.
  5. Establish a temporary place to live. If your home sells, and it takes you a few months to find your perfect home, it is best to have a plan about your interim living arrangements.

Shannon Vrlak with WESTSIDE Tom Gradecak Realty. She can be reached at shannon@westsiderealty.ca.