Buy or Sell First?
Should you buy or sell first in Mississauga?
This is often a tricky question. If you sell before buying Mississauga property, you may find yourself under a tight deadline to invest in a home, or be compelled to seek temporary accommodation.
On the other hand, if you buy before selling Mississauga property, you can end up with two mortgage payments. Your financial institution may want to see your original home firm up its sales before qualifying you for a new loan. You can also end up losing out on good home choices if you are not able to match closing date or other terms such as presenting an unconditional offer, in case of multiple offers.
Your decision can also be influenced by the buyer's or sellers market. In a buyer's market, many prefer to sell before buying Mississauga property to limit their risk. In a seller's market, buying before selling Mississauga property may be considered more important.
Buy or sell first in Mississauga - a classic real estate catch 22 situation
According to Amit, a parallel path may be a good way out. Selling before buying Mississauga property is always safer when home equity needs to be transferred to the new home. However, every home owner can have a different strategy on buying and selling in Mississauga.
The process starts by first calculating approximate net proceeds from the sale of your property i.e. cash in your pocket after deducting all expenses. Based on the numbers, your mortgage terms and other needs, Amit can arrange a sample tour of your new home listings. This will educate you about the current market and help you assess what's out there before selling your property.
Many real estate agents strongly recommend that you sell first. This way, you can have an accepted offer on your current property before you make a bid on your new home. When it is time to make an offer on your dream home, you won’t have to worry about losing it to another buyer. You can make a firm offer and not one that is conditional upon the sale of your current property.
Banks also offer "bridge financing", provided your current home has had firm sale. If you are living in Mississauga condo apartment and considering moving into a home, Amit suggests selling first before moving from Mississauga condos to home. If you wish to know more on this, Amit will be happy to discuss in person.
Who should consider buying before selling Mississauga property?
There are many who feel comfortable about buying before selling Mississauga property. These buyers are in no hurry and do not mind carrying two mortgages for a few months. Most of these buyers have either paid up their current home dues or carry negligible mortgage loans. These sellers don't want to compromise on choosing a new home in the market.
Amit has extensive experience in working with such clients. He can discuss time saving strategies to help you buy first and sell later. If it’s a concern on whether you should buy or sell first in Mississauga, working with Amit is the answer to lessen your stress level. Amit makes sure that the sale of your property is a productive and financially rewarding experience.
Buy & Sell Today WITH AMIT KALIA
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