zaindo
New Member
Have a condo thats coming up soon for occupancy (in around 2012 May) and have come across a townhouse that i like more, i will have enough money to pay for its downpayment until its built and ready mid of next year however i am in need of some advise on how to proceed.
With the pre-construction condo that i have bought, I have already paid around 50 K as per the deposit structure, I will have enough to pay for DP for this new town house, however upon occupancy i will not have a full 20% down and hence will have to pay CMHC.
I am confused as to weather if i should
Option 1: Wait until the condo closes, I sell it after that (assignment not possible) and then look for a town,
Option 2: Go get a Town now and try my best to sell the condo once its ready and closed
Condo is in North York (near Fair view mall in around 325 K range 2b) and Town house i am in love with is in Stoufville, I am not sure if selling the condo that quickly will actually put me in a loss. Just need some advise if i am overlooking any other options or am missing on some potential hazards ? I am thinking that until i wait for my condo to close and sell, the townhouse that i am looking for would have appreciated significantly in Stouffville - am i wrong in assuming that ?
I have learnt a lot on this forum and would appreciate all advise and suggestions from xperienced UB users.
Thank You in advance.
With the pre-construction condo that i have bought, I have already paid around 50 K as per the deposit structure, I will have enough to pay for DP for this new town house, however upon occupancy i will not have a full 20% down and hence will have to pay CMHC.
I am confused as to weather if i should
Option 1: Wait until the condo closes, I sell it after that (assignment not possible) and then look for a town,
Option 2: Go get a Town now and try my best to sell the condo once its ready and closed
Condo is in North York (near Fair view mall in around 325 K range 2b) and Town house i am in love with is in Stoufville, I am not sure if selling the condo that quickly will actually put me in a loss. Just need some advise if i am overlooking any other options or am missing on some potential hazards ? I am thinking that until i wait for my condo to close and sell, the townhouse that i am looking for would have appreciated significantly in Stouffville - am i wrong in assuming that ?
I have learnt a lot on this forum and would appreciate all advise and suggestions from xperienced UB users.
Thank You in advance.