Out with the old, in with the new. But which comes first? It’s never an easy call. Here’s what to weigh up when deciding if you put up the sign, or put up your hand at auction first.
Sell First
- You can wait until you get the price you’re really happy with for your existing home with no pressure.
- You can go shopping for your new home knowing exactly how much you’ve got to spend.
- You’ve got time to shop around and possibly negotiate better deals.
- You can avoid the hassle and expense of bridging finance – which you’ll need if you end up owning two properties at the same time.
- BUT if your old home sells faster than you planned, you could face the stress of having no place to live while you look for a new home.
Buy First
- You can spend as much time as you like shopping around for your ideal next home, instead of feeling pressured to take anything just so you’ll have somewhere to live.
- You don’t know exactly how much your old home will sell for, so you can’t lock in a budget for your new place.
- If your existing home doesn’t sell fast enough, you may have to get bridging finance to fund both properties while you’re changing over.
- You may feel pressured to accept a lower offer as your new home settlement gets closer.
- You may not get as much as you hoped for your existing property, and have to make up the difference with your savings or a larger loan.
*Sourced from REIQ
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