Selling & Buying a Home at the Same Time

Selling & Buying a Home

Selling & Buying a Home at the Same Time

Selling & Buying a Home at the Same Time? With the changes in the Ottawa real estate market to a more balanced market and the supply of homes on the market increasing, selling your present home and purchasing your next home at the same time is becoming more the norm. More often, homeowners don’t have the financial resources to buy a home without selling their current home or don’t want to take the risk of not selling their home by the time the new home closes.  As a homeowner, there are some factors that you should take into consideration. Here are the 5 most important ones.

1) Preparation for Selling Your Home While Buying a Home

Preparing in advance is key when you are selling and buying a home at the same time. You never know when the home, condo or rural property comes along that is your dream home. Being ready will save you time and stress, not to mention time on the other end. So while your looking for your next home, fix priority items (dripping faucet, caulking in a bathroom, freshen up paint, etc.) and declutter. As you look at homes you will get a good sense of the homes that present the best, these are good example for your own home presentation. If you would like some help prioritizing feel free to contact us!

2) Timeline

Make a timeline and plan to achieve each step. There is nothing like a deadline and list of priorities to help you achieve your goals. Think about when you would like to be in your next home and steps to take to meet that timeframe. We can help with this, we have helped clients with short term (a couple of months) and long term (a year or more) plans. This is very valuable when you are preparing your home and also when you need to save for a down payment and/or leverage RRSPs.

3) Selling or Buying a Home First?

It’s challenging to find that sweet spot of selling your home while simultaneously buying a home and having the timing lined up perfectly. In case you are planning to (or have to) sell your home first or buy a new one first. Consider both options and look at the pros and cons of each.

4) Know Your Financing and Occupancy Options

Determine your home budget, get your present home evaluated using recent comparable sales. We can help you with this. Speak with your mortgage broker and bank to get a mortgage pre-approval and steps to take to ensure you are financially prepared. From deposit, down payment, inspections, appraisals, closing costs, land transfer costs, moving/storage, all should be factored into your budget. This will make getting the formal mortgage approval easier after you have an accepted offer on a property.

Ask your mortgage broker directly: do I need to sell my present home before I can purchase my next home? Knowing the answer to this question will help prioritize what to spend your time on.  Your mortgage broker may also be able to present to you different financing options, i.e. more that just a fixed and variable interest rate mortgage options, but also look at home equity line of credit, secured line of credit and purchase plus improvements loan.

5) Questions to Ask Yourself

Selling your home while buying a new one can be complicated. The key is to prepare for both transactions and work with a professional real estate team to take the right steps that help you reach your goals. You’ll want a sound plan before you get started. Ask these key questions to get started:


Selling and buying a home at the same time is a complex transaction. As experienced REALTORS® in Kanata and Ottawa, we can guide you every step of the way. We have professional contacts that can assist you, from a handyman, mortgage broker, inspectors, lawyers, etc.