As a current homeowner, you might be planning you next move to a new home. You are now stuck with the dilemma of whether to buy or sell your existing home first. You could try to buy a home with a condition that says the purchase is subject to the sale of your existing home but in most markets that will give you a huge disadvantage when competing with other buyers.


Truth be told, there are rewards and drawbacks with either choice. It is in your best interest to keep the following in mind to explore what might be the best move for you.


1. Consult your Realtor about your options


An experienced, trusted, and knowledgeable Realtor can provide a realistic value expectation of your present home and give an overview of options such as porting a mortgage, bridge financing, and a conditional offer. Essentially, your Realtor can set the strategy with the terms and conditions in your listing and purchase contract. Also, your Realtor can negotiate possession dates to prevent you from being homeless in between homes or stuck with two homes and becoming a reluctant landlord.


2. Value of your current home - know your budget


Obtain a realistic value of your present home through provided by your Realtor or an independent appraiser. Keep in mind to include selling costs such as mortgage penalties, lawyer fees, and real estate commission. This information will help you estimate the amount of equity remaining after your present home sells.


3. Be realistic about your financial capabilities


Once you know how much equity you will have, check with your lender to determine your options regarding your current mortgage and to find out if bridge financing is a possibility. This allows you to take possession of your new home before the funds for your existing home are received by your lender. Find out how much this will cost you based on the interest rate and any fees included. If financing is not, you may have to sell your current home and make temporary living arrangements until you get the perfect new home.


4. Keep all of your properties


It may be an option to keep your present home as an investment property. Your bank will consider the monthly rental income to qualify you. Just take into consideration all the things that come with being a landlord, such as property management, vacancy, property upkeep, and taxes to name a few.

In the end, your decision will most likely be based on a number of factors, but knowing the potential upsides and drawbacks are important before you make your next move.

Read full post
Categories:   | Abbeydale, Calgary Real Estate | Airdrie, Airdrie Real Estate | Alberta Housing Market | alberta housing market forecast 2012 | Alberta Housing Market, housing projections, cmhc | Alberta Housing Market, housing projections, cmhc, Calgary housing market, chestermere homes for sale | Alberta Land Tax | Android | April Market Update | April Market Updates for Calgary | Arbour Lake, Calgary Real Estate | Bowness, Calgary Real Estate | Bragg Creek, Bragg Creek Real Estate | Bridlewood, Calgary Real Estate | Calgary cash incentives | Calgary Economic Recovery | calgary economy | Calgary Economy, Calgary Housing Market, Calgary Real Estate, Chestermere Real Estate | Calgary Econonomy, Calgary Housing Market, Calgary Real Estate, Chestermere Real Estate | Calgary Grants | Calgary home market | Calgary Home Prices | Calgary home sales | Calgary Homes For Sale | Calgary Housing | Calgary Housing Market | Calgary Housing Market Outlook 2012 | calgary housing market statistics | Calgary Housing Market Update | Calgary Housing Stats | Calgary Housing Trend | Calgary Market Forecast | Calgary Market Outlook 2012 | Calgary Market Update | Calgary Open House | Calgary Properties | Calgary Real Estate | Calgary Real Estate Forecast | Calgary Real Estate Market | Calgary Real Estate Stats | Calgary Relocation | Canada Housing Market | Canada Mortgage Update | Cardston, Cardston Real Estate | Chestermere | Chestermere home for sale | Chestermere Homes | Chestermere Housing Market | Chestermere Open House | Chestermere Real Estate | Chestermere Real Estate Stats | Chestermere Realtor | Chestermere, Chestermere Real Estate | Cityscape, Calgary Real Estate | CMA, Market Analysis, Selling Price, Fair Market Value, Home Value, home price | CMHC | Connaught | Connaught, Calgary Real Estate | Country Hills | Country Hills, Calgary Real Estate | Coventry Hills, Calgary Real Estate | Deer Ridge, Calgary Real Estate | Deer Run, Calgary Real Estate | economic recovery | Economy | Evanston, Calgary Real Estate | Executive Home for Sale | Falconridge, Calgary Real Estate | Finance | First Time Home Buyers | foreclosure | Garrison Green | Garrison Green, Calgary Real Estate | Harvest Hills, Calgary Real Estate | Hawkwood, Calgary Real Estate | Hillhurst, Calgary Real Estate | Housing Trends | Inglewood, Calgary Real Estate | IPhone | January 2013 Market Update | Lakeside Home For Sale | Langdon | Langdon, Langdon Real Estate | Mahogany, Calgary Real Estate | Market Trends | Market Update | Market Value | Marlborough Park, Calgary Real Estate | Martindale, Calgary Real Estate | Mayland Heights, Calgary Real Estate | McKenzie Towne, Calgary Real Estate | MLS QR Code | MLS Search | MLS Search, Personal Real Estate Office, Real Estate, home search, compare homes, search for homes | Monterey Park, Calgary Real Estate | Mortgage | Mortgage Fraud | Mortgage Rates | Mortgage Registration | Mortgages | New Listing | Okotoks, Foothills Real Estate | Okotoks, Okotoks Real Estate | Open House | Pineridge, Calgary Real Estate | Pricing Your Home For Sale | QR Code | Real Estate | Real Estate App | Real Estate Forecast | Real Estate GPS QR Code | Real Estate Integrity | Real Estate QR Code | Real Estate, Chestermere Real Estate, Calgary, Buy, Sell, home | Recession | Redcarpet_Mountview, Calgary Real Estate | Rent vs Buy | Rental Property | Rental Property, Calgary Rental, First Time Home Buyers | Rosscarrock | Rosscarrock, Calgary Real Estate | Rural Rocky View MD, Rural Rocky View County Real Estate | Rural Rocky View MD, Rural Rocky View MD Real Estate | Rural Rocky View MD, Rural Rockyview County Real Estate | Rural Wheatland County, Rural Wheatland County Real Estate | Sage Hill, Calgary Real Estate | Secondary Suite | Sell Your Home | Selling Your Home | Shawnessy, Calgary Real Estate | Somerset | South Calgary, Calgary Real Estate | Southview, Calgary Real Estate | Spruce Cliff, Calgary Real Estate | Strathmore | Strathmore, Strathmore Real Estate | Suite | Sundance, Calgary Real Estate | Temple, Calgary Real Estate | Turtle Lake Real Estate | Tuscany, Calgary Real Estate | Victoria Park, Calgary Real Estate | Whitehorn | Whitehorn, Calgary Real Estate


As a current homeowner, you might be planning you next move to a new home. You are now stuck with the dilemma of whether to buy or sell your existing home first. You could try to buy a home with a condition that says the purchase is subject to the sale of your existing home but in most markets that will give you a huge disadvantage when competing with other buyers.


Truth be told, there are rewards and drawbacks with either choice. It is in your best interest to keep the following in mind to explore what might be the best move for you.


1. Consult your Realtor about your options


An experienced, trusted, and knowledgeable Realtor can provide a realistic value expectation of your present home and give an overview of options such as porting a mortgage, bridge financing, and a conditional offer. Essentially, your Realtor can set the strategy with the terms and conditions in your listing and purchase contract. Also, your Realtor can negotiate possession dates to prevent you from being homeless in between homes or stuck with two homes and becoming a reluctant landlord.


2. Value of your current home - know your budget


Obtain a realistic value of your present home through provided by your Realtor or an independent appraiser. Keep in mind to include selling costs such as mortgage penalties, lawyer fees, and real estate commission. This information will help you estimate the amount of equity remaining after your present home sells.


3. Be realistic about your financial capabilities


Once you know how much equity you will have, check with your lender to determine your options regarding your current mortgage and to find out if bridge financing is a possibility. This allows you to take possession of your new home before the funds for your existing home are received by your lender. Find out how much this will cost you based on the interest rate and any fees included. If financing is not, you may have to sell your current home and make temporary living arrangements until you get the perfect new home.


4. Keep all of your properties


It may be an option to keep your present home as an investment property. Your bank will consider the monthly rental income to qualify you. Just take into consideration all the things that come with being a landlord, such as property management, vacancy, property upkeep, and taxes to name a few.

In the end, your decision will most likely be based on a number of factors, but knowing the potential upsides and drawbacks are important before you make your next move.

Read full post
Categories:   | Abbeydale, Calgary Real Estate | Airdrie, Airdrie Real Estate | Alberta Housing Market | alberta housing market forecast 2012 | Alberta Housing Market, housing projections, cmhc | Alberta Housing Market, housing projections, cmhc, Calgary housing market, chestermere homes for sale | Alberta Land Tax | Android | April Market Update | April Market Updates for Calgary | Arbour Lake, Calgary Real Estate | Bowness, Calgary Real Estate | Bragg Creek, Bragg Creek Real Estate | Bridlewood, Calgary Real Estate | Calgary cash incentives | Calgary Economic Recovery | calgary economy | Calgary Economy, Calgary Housing Market, Calgary Real Estate, Chestermere Real Estate | Calgary Econonomy, Calgary Housing Market, Calgary Real Estate, Chestermere Real Estate | Calgary Grants | Calgary home market | Calgary Home Prices | Calgary home sales | Calgary Homes For Sale | Calgary Housing | Calgary Housing Market | Calgary Housing Market Outlook 2012 | calgary housing market statistics | Calgary Housing Market Update | Calgary Housing Stats | Calgary Housing Trend | Calgary Market Forecast | Calgary Market Outlook 2012 | Calgary Market Update | Calgary Open House | Calgary Properties | Calgary Real Estate | Calgary Real Estate Forecast | Calgary Real Estate Market | Calgary Real Estate Stats | Calgary Relocation | Canada Housing Market | Canada Mortgage Update | Cardston, Cardston Real Estate | Chestermere | Chestermere home for sale | Chestermere Homes | Chestermere Housing Market | Chestermere Open House | Chestermere Real Estate | Chestermere Real Estate Stats | Chestermere Realtor | Chestermere, Chestermere Real Estate | Cityscape, Calgary Real Estate | CMA, Market Analysis, Selling Price, Fair Market Value, Home Value, home price | CMHC | Connaught | Connaught, Calgary Real Estate | Country Hills | Country Hills, Calgary Real Estate | Coventry Hills, Calgary Real Estate | Deer Ridge, Calgary Real Estate | Deer Run, Calgary Real Estate | economic recovery | Economy | Evanston, Calgary Real Estate | Executive Home for Sale | Falconridge, Calgary Real Estate | Finance | First Time Home Buyers | foreclosure | Garrison Green | Garrison Green, Calgary Real Estate | Harvest Hills, Calgary Real Estate | Hawkwood, Calgary Real Estate | Hillhurst, Calgary Real Estate | Housing Trends | Inglewood, Calgary Real Estate | IPhone | January 2013 Market Update | Lakeside Home For Sale | Langdon | Langdon, Langdon Real Estate | Mahogany, Calgary Real Estate | Market Trends | Market Update | Market Value | Marlborough Park, Calgary Real Estate | Martindale, Calgary Real Estate | Mayland Heights, Calgary Real Estate | McKenzie Towne, Calgary Real Estate | MLS QR Code | MLS Search | MLS Search, Personal Real Estate Office, Real Estate, home search, compare homes, search for homes | Monterey Park, Calgary Real Estate | Mortgage | Mortgage Fraud | Mortgage Rates | Mortgage Registration | Mortgages | New Listing | Okotoks, Foothills Real Estate | Okotoks, Okotoks Real Estate | Open House | Pineridge, Calgary Real Estate | Pricing Your Home For Sale | QR Code | Real Estate | Real Estate App | Real Estate Forecast | Real Estate GPS QR Code | Real Estate Integrity | Real Estate QR Code | Real Estate, Chestermere Real Estate, Calgary, Buy, Sell, home | Recession | Redcarpet_Mountview, Calgary Real Estate | Rent vs Buy | Rental Property | Rental Property, Calgary Rental, First Time Home Buyers | Rosscarrock | Rosscarrock, Calgary Real Estate | Rural Rocky View MD, Rural Rocky View County Real Estate | Rural Rocky View MD, Rural Rocky View MD Real Estate | Rural Rocky View MD, Rural Rockyview County Real Estate | Rural Wheatland County, Rural Wheatland County Real Estate | Sage Hill, Calgary Real Estate | Secondary Suite | Sell Your Home | Selling Your Home | Shawnessy, Calgary Real Estate | Somerset | South Calgary, Calgary Real Estate | Southview, Calgary Real Estate | Spruce Cliff, Calgary Real Estate | Strathmore | Strathmore, Strathmore Real Estate | Suite | Sundance, Calgary Real Estate | Temple, Calgary Real Estate | Turtle Lake Real Estate | Tuscany, Calgary Real Estate | Victoria Park, Calgary Real Estate | Whitehorn | Whitehorn, Calgary Real Estate
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