Selling And Buying At The Same Time
Bridge financing, sale conditions and timing your move without paying for two homes.
Moving up or downsizing usually means selling one home and buying another. There are a few ways to handle the overlap.
Sell First Or Buy First?
Selling first means you know exactly what you have to spend, but you might need a short-term place to land. Buying first means you get the home you want, but you're carrying risk until your current place sells.
Conditional On Sale
You can make an offer conditional on selling your current home. It protects you, but sellers often see it as a weaker offer, especially in a busy market.
Bridge Financing
If you've firmly sold your home but the new one closes first, a bridge loan can cover the gap for a short time. Ask your lender early, since they'll usually want to see a firm sale agreement.
Line Up The Dates
The cleanest move is when your sale and purchase close on the same day or a few days apart. A local agent and your lawyer can help coordinate it.
Keep Reading
First-Time Buyer Guide For Alberta
The federal programs that help with your first home, and how they fit together in Alberta.
Winterizing Your Central Alberta Home
A simple fall checklist for the furnace, outside taps, sump pump and roof, before the real cold sets in.
Moving To Central Alberta: Your Checklist
Health card, licence, utilities and settling in after a move from out of province.