Ideally you would always be able to coordinate your house closing dates so that the house you buy closes on the same day as the house you sell. In practicality, closings rarely line up, and when they do it can be extremely stressful to close and move on the same day, especially if there are delays in either of the closings.

Many people prefer to close on the purchase of their new home some time before they close on their old home. There is the added cost of obtaining “bridge financing” for the new home while still paying the mortgage of the old one but the resulting stress reduction may well be worth it. This scenario is also ideal if you want to do some cleanup, painting or renovations on the new home before moving in.

Some folks may choose to close on their old home before closing on their new one. This may appeal to those on a tight budget or adverse to risk. Obviously the big downside is that you will have to find a place to stay and store your belongings while waiting for your new home to close. You will most likely incur added moving expenses as well.

However you choose to bridge the gap between the two closings, ensure you plan well ahead and don’t forget to budget for the added expenses.

 

David Archibald

Real Estate Sales Representative

RE/MAX Aboutowne Realty Corp.

david@westendproperties.ca

416-938-9951 (direct/mobile)

905-842-7000 (office)

905-842-7010 (fax)

 

www.westendproperties.ca

 

Residential Sales - Leasing - Investment Properties

 

Your best interest is my top priority!

 

Capital Gains and The Real Estate Transaction
09/15/2011
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Capital gains tax is one of the most common areas of questioning I receive as a real estate practitioner. Capital gains typically do not apply to home sales in Canada, except where the home is not the seller’s principle residence While I am… more
Average Home Prices Across Canada in August
09/15/2011
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September 15, 2011 Average Home Prices Across Canada in August Average Home Prices Across Canada in August* A couple of surprises for me, notably Saskatoon at $309, 000 and Newfoundland at $247, 000 Canada $350, 000 Victoria $532, 000… more
Furnace Rentals
09/13/2011
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I have to say, I dislike the idea of a rental hot water tank. In Ontario rental tanks have become accepted practice - I estimate that more than 95% of homes have one. When you consider the cost of renting (about $18/month) versus the cost of buying.. more
Oakville Real Estate Market Update
09/08/2011
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Number of Homes sold in Oakville each month in 2011 Selling Price Aug Jul Jun May Apr Mar Feb Jan Less than $300, 000 26 32 36 33 27 28 17 14 $300, 000-… more
Oakville Rental Market Update
09/08/2011
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Oakville Rental Market Update - 2011 Apartments Townhomes Detached Total Current Inventory 16 26 46 88 Number of Units Rented August 22 34 37 93 July 22… more
5 Things Buyers Don't Want to See
09/08/2011
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When you show your home to prospective buyers, there is probably a long list of things you’re hoping they’ll notice. For example, the beautiful chandelier in the foyer, the spacious backyard and large deck, or the kitchen with the island… more
Inspecting Homes for Things that go Bump In The Night
08/30/2011
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Yet another new TV show on homes - this one has a difference though, inpsecting homes to see if those bumps in the night are mechanical or mystical! http://www. yourhome. ca/homes/repairsandrenovations/article/1041070--inspecting-homes-for… more
How to be a Good Landlord
08/17/2011
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When people ask me about problems with rentals they are usually surprised when I tell them that the majority of the issues I have had with rentals are caused by the Landlord Some Landlords don’t realize that a good Tenant is like money… more
Real Estate and Divorce
08/11/2011
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According to recent statistics, almost 40% of marriages end in divorce. For the majority of people, the family (matrimonial) home is the most valuable material asset of the marriage. What to do with the home upon separation or divorce can become… more
 
David_archibald_27

David Archibald

Oakville, ON

More about me…

RE/MAX Aboutowne Realty Corp

Address: 418 North Service Road East, #2, Oakville , ON, L6H5R2

Office Phone: (905) 842-7000

Cell Phone: (416) 938-9951

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