Three Options When Planning on Buying a New Home

Our intention is to help you get clear about what your options are when purchasing a new home. Below are the three choices you have with an outline of the advantages and disadvantages of each.

 

  1. Buy a home subject to the sale of your current home

    Advantages Disadvantages
    •  Feel good about having somewhere to move to                                         
    •  Not guaranteed to get you the house you want
     
    •  Might have to pay more
     
    • Less negotiating power 
     
    • Might sell your home for less if emotionally attached to the new home 
     
    • Could set yourself up for disappointment and get discouraged 
     
  2. Sell home first then buy new home

    Advantages Disadvantages
    •  Strong negotiating position
    •  Might not find the right home
    •  Better chance at buying home for less
     
    •  Increases your odds when in a competing offer situation                          
     
    •  Not rushed to sell
     
     
  3. Buy home without selling current home

    Advantages Disadvantages
    •  Not rushed to move
    • Carry mortgage on two homes 
    •  Strong negotiating position with flexible dates                                                 
    •  Extra expenses
    •  Find the right home before selling
     
     
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