Should you sell your existing house first or wait to find a more suitable property before listing your home for sale

Homeowners that find their present home does not meet all of their needs or wants will often consider buying a new home. Occasionally, these buyers are unhappy enough with their present home and/or feel that there is ample selection of the type of home that they desire that they will sell their existing home first before looking for a replacement home. The advantage of this strategy is that they are in a better bargaining position both when they go to sell their home and when they go to purchase their new home. As well, they know exactly how much they can afford for their new home. The risks is that they can't find a suitable home in the desired time frame and price range and are forced to look at other options such as renting.

However, quite often these buyers will want to locate a new home first before selling their present home. Most of the time, they will want to make an offer immediately to guarantee that they can purchase the replacement home. The advantage of this strategy is that they don't have to move until they have found a suitable replacement. The disadvantage is that they will not be in a good bargaining position when they go to sell their home as they will either have to or at the least very much want to sell their hoome. The option exists to make their purchase offer subject to the sale of their existing home. However, this type of offer is not as attractive to the seller. So the first drawback of making this type of offer is that the seller, all things being equal, will expect more money. The second is that it is standard practice for the seller to insert a clause that requires the buyer to remove their condition within a set time frame (24 to 72 hours typically) if the seller receives another offer. The seller is more likely to accept an offer without this condition, however, the buyer will fact the risk that the property does not sell as quickly as expected or that the property sells for much less than expected.

Renting in Victoria, B.C. for newcomers

While in some other parts of Canada, realtors handle property rentals, Victoria realtors handle just the sale and purchase of properties.

Tthe vacancy rate in Victoria for rentals is still fairly low although it has gotten easier lately to find a place and may continue to ease up. But of course the ease of finding a rental will also depend on the price range you are looking at and your perceived desirability as a renter to potential landlords.

There are property management companies in Victoria that handle rentals. They primarily work for the property owners but are a source of information about properties available for rent. Properties rented through management companies tend to have stricter restrictions re pets. My real estate firm Sutton Group - West Coast Realty has a property management division. A quick google search will give you some other options to consider.

Other online sources are www.usedvictoria.com, www.kijiji.ca, and www.craigslist.com. These are ads directly from property owners. These listings are a very useful resource, however you must exercise more caution than the other sources to avoid fraud. Recently in Victoria, a tenant with an overseas landlord rented her basement suite out to more than 30 prospective tenants. While she was quickly charged by police, in the meantime, these prospective tenants lost out on the money they had paid her in advance for the suite. Again, if it looks too good to be true, it usually is.

The way that locals usually find rentals is through classified advertising in the newspaper. Our local newspaper is the Times Colonist and you can subscribe online.

Hopefully I can be of service if you plan to buy property in Victoria in the future.