Which comes first?
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Our housing needs change several times throughout our lives. From renting, to owing a cozy starter home, to expanding as our families grow, and then downsizing or moving to a condo as our children move out on their own, housing is a key part of our lives.
As we start looking for housing that will better suit us, a question that is often asked is, “Should we sell our existing home first, or purchase our new home? You should have your REALTOR® show you what housing is available on the market that meets your criteria.
If you are upsizing, you need to have your lender advise what mortgage amount you would be preapproved for. Once you have decided what you want and what you can afford, you can list your present home. If you get an offer prior to finding your new home, you can make the offer conditional on you finding a home within a certain time frame.
Alternately, if you find a home you want to buy, you can make an offer subject to the sale of your present home. Either way, you can ensure that you are not encumbered with two homes and double mortgage payments.
