I own a home, should I buy another before selling my current home?

There is no “correct” answer to this question.  There are pro’s and con’s to buying a home before selling your current home and the same can be said about selling your current home before buying another. 

Buying a home before selling your current home 

The biggest benefit to buying a home before selling your current home is the fact that you have a suitable property lined up.  This can reduce the stress and pressure of having to find a home once your current home is sold.  This however also can create disappointment and heartbreak.  If you are unable to purchase a new home without having to sell your current home, you’re purchase offer is going to be contingent upon sale and transfer of title of your current home.  If your current home does not sell in a timely manner, this can lead to you getting “bumped” by a non-contingent buyer and you losing out on the home you’re looking to purchase, which can be devastating. 

Selling your current home before buying a new home 

The time it takes to sell your current home is unpredictable. Selling your current home before buying a new home will put you in an ideal position to negotiate on the new home you’re purchasing due to the fact you are purchasing without the sale contingency of your current home.

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