Selling and Buying a Home at the Same Time with HOMEH

Are you thinking about selling your current home and buying a new one at the same time? This can feel overwhelming. But with HOMEH, you can make this process easier and more rewarding.

Key takeaways

• Understand the steps to sell and buy at once.
• Learn about the potential cashback available with HOMEH.
• Get tips on managing the timing of your sale and purchase.
• Explore financing options for a smooth transition.

Why Sell and Buy at the Same Time?

Many people find it necessary to sell their home to buy a new one. This might be for various reasons, such as a growing family, job relocation, or wanting a different neighborhood. Selling and buying at the same time can help you find a home that fits your needs without the hassle of moving twice.

How HOMEH Can Help

HOMEH is here to assist you through this process. We offer a lower listing fee of just 1%. Plus, eligible buyers can receive the industry's highest Cashback Rebate. Sellers list for 1%, or free when they also buy with HOMEH within 6 months, or $395 + HST with a Mere Posting. This can make a big difference in your overall costs.

The Benefits of Using HOMEH

• Lower selling costs with our 1% listing fee.
• Cashback options to help with your next purchase.
• Expert guidance throughout the selling and buying process.

Important Note

Always consult with a licensed professional to understand the current market and your financial options.

Timing Your Sale and Purchase

Timing is key when you sell and buy at the same time. You want to sell your current home to fund your new purchase. However, it can be tricky to align the closing dates. Here are some tips to help manage the timing:

Tips for Managing Timing

• Consider a short-term rental if your sale closes before your new home purchase.
• Negotiate a longer closing period on your new home to give you more time.
• Keep communication open with your real estate agent to adjust plans as needed.

Financing Your New Home

When buying a new home, you will need to consider how to finance it. This can include understanding your budget, mortgage options, and any down payments. Here are some key points to keep in mind:

Key Financing Points

• The minimum down payment is 5% for homes under $500,000.
• If your new home is over $1,500,000, you will need a 20% down payment.
• Consider using programs like the FHSA or RRSP Home Buyers' Plan to help with funds.

Closing Costs to Consider

When selling and buying a home, you need to think about closing costs. These can add up, so it is best to prepare. Typical closing costs in Ontario can be around 1.5%–4% of the home price. Here are some common closing costs:

Common Closing Costs

• Legal fees, which can range from $1,100 to $2,500.
• Land transfer tax, which is often the largest cost.
• Home inspection and appraisal fees.

Budget Accordingly

Make sure to budget for these costs to avoid surprises at closing.

A quick note

This article is general information only and is not legal, tax, or financial advice. Rules and figures can change — check with a licensed professional before you act.