Option 1: Buy and sell at the same time

Here, once you find a house you want to buy, you make an offer with a Schedule A, which makes your offer conditional on selling your current house.

Pros

  • It can make financial sense, especially if you need the money from your sale to move into the new house.

Cons

  • A common belief is that both transactions can close the same day, so you walk straight out of one house and into the next. In reality, it’s very difficult to line up both closings on the same day.
  • If your existing house closes but the new one doesn’t, you’ll need a place to stay temporarily and somewhere to store your possessions.
  • An offer with a Schedule A is less competitive — especially in multiple-offer situations — and may not be considered, which could cost you the house you really want.
  • You’re at risk of getting ‘bumped’. After your conditional offer is accepted, the seller can keep showing the house; if they get another offer without a Schedule A, they can ask you to remove your condition. If you can’t, the other buyer can bump you and you lose the house.

Option 2: Buy the new house, then sell your current one

Here you make an offer on the new house without a Schedule A and carry both mortgages until your current house sells.

Pros

  • You can make competitive offers and are more likely to get your first-choice house.
  • You can still try to line up both closings, but you don’t risk the purchase falling through based on your sale.

Cons

  • This may not be financially feasible for buyers who need the proceeds of their sale to purchase the new house.

Option 3: Sell first, then buy

Here you complete the sale of your current house first, then move somewhere temporary while you look for the new one.

Pros

  • With your house already sold, you have one less transaction to focus on when buying.
  • You’re in a stronger financial position, having completed the sale.
  • You can make competitive offers and are more likely to get your first-choice house.

Cons

  • You’ll need a temporary place to stay — but as noted, you might end up there anyway even if you try to do both at once. This time, you can plan for it and be better prepared.

My recommendation for most people is Option 3 where possible, as it puts you in the best position to get the house you want in a competitive market. If you’re thinking of selling, get in touch and we can set up a no-obligation meeting to discuss the best way forward.