Should I buy my next home first or sell my current home first? 5 Scenarios to consider.

Should I Buy or Sell First?

The question asked by nearly every home seller. The answer depends on your risk tolerance level and personal circumstances. Let's review the following scenarios to help you decide what might be right for you.

Scenario 01: Seller's Market

Recommendation: Buy First

Typically, you want to start with the transaction that will take the most time. This means that in a seller's market, you would want to buy first, since finding the right home to purchase will likely take more time than it will to sell your current home.

Scenario 02: Buyer's Market

Recommendation: Sell First

On the flip side, if you are in a buyer's market, you will usually sell your current home first and then buy your new one.

Scenario 03: Subject-to-Sale Offer

Recommendation: Buy and Sell at the Same Time

A subject-to-sale offer is the best of both worlds, as it allows you to purchase a new home on the condition that you are able to sell your current one. Not all sellers will accept a subject-to-sale offer, but they are more likely to do so in a buyer's market.

Scenario 04: Afford Two Properties

Recommendation: Buy First

If you can temporarily afford to pay the mortgage on two properties, you can eliminate some of the risk involved in purchasing before you sell.

Scenario 05: Temporary Living Arrangement

Recommendation: Sell First

Whether you sell or buy first, there is a small risk that the possession dates on both properties may not line up. Having a backup plan for where you can stay while waiting to move into your new home can help mitigate this risk.                                         

In summary, the decision to buy or sell your home first depends on your specific market conditions, risk tolerance, and personal circumstances. If you are in a seller's market, it is generally recommended to buy first. In a buyer's market, selling first is usually the better approach. If possible, a subject-to-sale offer can provide the best of both worlds. Ultimately, having a backup plan for temporary living arrangements and the financial means to carry two mortgages can help mitigate the risks of either buying or selling first. Carefully evaluate your situation and discuss options with your real estate agent to determine the best strategy for your home sale and purchase.

Brought to you by: Your local Realtor®

If you are looking to either Buy or Sell, contact me at 705-927-6236

Brad Sinclair, Sales Representative

Team Lead at The Brad Sinclair Team

Royal Heritage Realty

Your inside source to cottage country

Not intended to solicit clients under contract 

Cottage Renovation: Budget Breakdown Chat: Kawarthas/Highlands

 

Are you dreaming of transforming your dated cottage into a modern retreat? Renovating a cottage can seem daunting, but with the right budget-friendly strategies, you can make your vision a reality.

A cottage renovation can be an actual labour of love. From outdated fixtures to a cramped layout, you can tackle a project head-on, determined to create a charming space that fits your needs while keeping a tight rein on your budget. The transformation can be nothing short of amazing—you won't believe the before-and-after!

Unveiling the Costs: Breaking Down the Budget

It's important to understand where your money will be going when it comes to cottage renovations. The most significant chunk of your budget will likely go towards the foundation and structural work. This includes shoring the foundation, reinforcing the frame, and potentially adding a second story or dormer windows.

Interior finishes like flooring, paint, cabinets, and fixtures can also add up quickly. Don't forget about the exterior upgrades either - new roofing, siding, windows, and landscaping will significantly impact your cottage's curb appeal Exterior upgrades like new roofing, siding, windows, and landscaping can also make a significant impact on your cottage's curb appeal and will require a significant portion of your renovation budget.

Smart Saving Hacks: Maximizing Your Budget

Finding creative ways to save money is the key to a successful cottage renovation. Tackle smaller projects yourself to cut down on labour costs. Things like painting, installing flooring, and even building simple furniture can be great DIY opportunities. Look for salvaged or reclaimed materials - you'd be amazed at the unique touches and budget-friendly solutions you can find. And don't forget to scour online marketplaces, salvage yards, and local auctions for discounted building supplies to stretch your budget further.

With a bit of elbow grease and creativity, you can transform your dated cottage into an incredible oasis without breaking the bank. Prioritize the essential renovations and tackle less critical tasks over time. Focus on making the most impact with your budget by refinishing floors, updating lighting, and refreshing the exterior. By getting resourceful and maximizing DIY opportunities, you can create your dream cottage retreat that reflects your personal style and fits your financial constraints.

Wrap Up: From Inspiration to Reality

If our cottage renovation blog has sparked your renovation dreams, don't wait any longer to get started. You can turn your dated cottage into a charming, cozy retreat with careful planning and budget management. Be sure to create a detailed renovation plan, research material costs, and get quotes from reliable contractors. Don’t be afraid to contact me to check out our resources to help you plan, source materials, and find the right professionals for the job. 

Brought to you by: Your local Realtor®

If you are looking to either Buy or Sell, contact me at 705-927-6236

Brad Sinclair, Sales Representative

Team Lead at The Brad Sinclair Team

Royal Heritage Realty

Your inside source to cottage country

Not intended to solicit clients under contract