Selling your home while buying a new one can feel like trying to juggle two big moves at once. Between lining up finances, finding the right property, and coordinating closing dates, the process can seem overwhelming.
The good news? With the right planning and support, you can successfully manage both transactions and make the transition as smooth as possible.
Understanding Your Financing Options
One of the first things to clarify is how you’ll handle your mortgage during this process. If you still owe on your current home, your mortgage lender will expect repayment from the proceeds of the sale. But what happens if you find your dream home before your current one sells?
That’s where bridge financing may come in. A bridge loan can give you temporary access to funds so you can put in an offer before your sale closes. Talking to a mortgage broker early will help you understand your options and make confident financial decisions.
Decide Whether to Sell First or Buy First
This is the biggest question most homeowners face.
Sell First: Selling first gives you clarity on your budget since you’ll know exactly how much equity you have to work with. It also avoids the stress of carrying two mortgages at once. The tradeoff? You may need temporary housing if you haven’t found your new home yet.
Buy First: Buying a home first means you won’t have to rush into a new home after selling. However, it can create financial pressure if your existing property doesn’t sell quickly. This is where bridge financing or a strong financial plan is essential.
The right choice often depends on your personal circumstances, financial comfort level, and the pace of the local market.
Searching for more home buying advice? Check out these related blog posts!
- Questions to Ask When Buying a House in Toronto
- How To Make An Offer On A House
- Steps To Buying A House In Toronto
Timing the Transactions
Closing dates are where things can get tricky. Ideally, you want to align the sale of your current home and the purchase of your new one as closely as possible. Your real estate agent can help negotiate flexible closing dates or even request a rent-back agreement, which allows you to remain in your new home for a short period after selling.
Work With an Experienced Real Estate Team
Trying to buy and sell at the same time requires expert coordination. A strong agent will:
- Create a customized plan based on your finances and timeline
- Market your current home to attract strong offers quickly
- Help you prepare your home for sale
- Guide you through the buying process with realistic expectations
Having a knowledgeable real estate team means you won’t feel like you’re managing two separate moves; you’ll have one strategy to balance both.
If you’re preparing to buy and sell at the same time, these resources will help you dig deeper into specific steps:
- Staging A House To Sell: How It Works
- How to Prepare Your Home For Sale
- A Guide to Real Estate Fees in Ontario
Ready to Make Your Move?
Selling and buying a house at the same time may feel complicated, but with the right planning and support, it’s entirely doable. The Ambler Real Estate Team has guided countless clients through this exact scenario, offering expert advice, proven marketing strategies, and hands-on support every step of the way.
Whether you’re ready to list your home, start shopping, or both, we’ll make sure the process feels seamless. Reach out today to get started.
Buying a house in Toronto? We can help! Call (416-884-8027) or email (team@amblerhomes.com).
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