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Homebuyer’s Conundrum

Kelly L. Macdonald | May 7th, 2017




Remember when you bought your first home and all you had to do was give notice to your landlord that you would not be renewing your lease?   It was all so simple back then.  Now that you are an experienced homeowner looking to move again, things are a bit more complicated.  There is always excitement involved in searching for a new home – whether you are upsizing, downsizing or making a lateral move to a new locale.  For those who already own the home they’ve living in, the excitement is accompanied by trepidation when faced with the choice of selling first to help finance the new house, or buying first and hoping for a quick sale.

It is the eternal question confronting homeowners ready to make a move – to buy first or sell first.  The answer is dependent on several factors that are best discussed with your Realtor, financial advisor and mortgage loan professional.  Market conditions at the time will play a large role in their advice and your ultimate decision, as will your financial condition and risk tolerance level.


Any discussion on the topic should begin with focus on the reason you have decided to move in the first place.  The factors propelling a move will exert a strong influence on your decision to buy or sell first.  A homeowner who needs to start a new job or relocate to a new community in time for the start of the school year may be forced to take chances and be more aggressive than a retired couple looking to downsize with no timeline driving them.

Even in the hottest market, buying first and selling later brings with it the risk of carrying the expenses of two homes at once.  Before deciding to buy first, make sure you know how many months you can afford to comfortably carry the additional costs. Selling first helps to minimize the risk of paying two mortgages at the same time, but it forces you to move very quickly to choose a new home and risk ending up in a property that will not meet all your needs.

Your Realtor can help you get a feel for market conditions and estimate how long it should take to sell your home.  Your financial advisor and mortgage loan specialist will help determine how much house you can afford and advise if your bank account can withstand the strain of two sets of carrying expenses.  The final decision will be a function of these items and your own unique set of circumstances and timeframe for relocating.  Make sure you understand your own tolerance level for risk taking and proceed accordingly.

Working with the right real estate professionals will go a long way toward minimizing your risk, while working toward a smooth transition from one home to the next.


Are you buying or selling a home in Calgary? Do you want an agent who has the enthusiasm and energy to get things done, with your best interests in mind at all times? Contact me at 403-617-8758, kelmacdonald@gmail.com or www.kellymacdonald.ca and let's make good things happen!
 
 
About Kelly Macdonald

Kelly Macdonald is a Realtor® with The Real Estate Company in Calgary, where she has been living (and loving it!) since she was 10. Kelly offers her clients a unique mix of youthful vigor, creativity and technical and design savvy on one hand, and professionalism and transactional expertise from her business degree and strong administrative background on the other. Kelly is also a devoted wife and mother of two, with whom she finds time from her busy schedule to play scrabble and walk by the beautiful lake of their home in Southeast Calgary.
THIS ENTRY WAS POSTED ON May 7th, 2017 BY Kelly L. Macdonald | POSTED IN General
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